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Executive Compensation : Investor Preferences During Say-on-Pay Votes and the Role of Proxy Voting Advisors
Gomtsian, Suren - 2023
Shareholder say-on-pay votes allow institutional investors to influence the incentives of managers and, consequently, corporate behaviour. Surprisingly, the preferences of investors on executive compensation have been largely overlooked in the ongoing debates on sustainable corporate behaviour....
Persistent link: https://www.econbiz.de/10014254709
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Information Conduit or Agency Cost : Top Management and Director Interlock between Acquirers and Targets
Wu, Qingqing - 2017
This paper investigates the role of top management and board interlocks between acquirers and targets. I hypothesize that an interlock may exacerbate agency problems due to conflicting interests and lead to value-decreasing acquisition. An interlock may also serve as a conduit of information and...
Persistent link: https://www.econbiz.de/10012975768
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The consequences to directors of deploying poison pills
Johnson, William C.; Karpoff, Jonathan M.; Wittry, … - 2019 - First complete draft: August 30, 2019
We examine the labor market consequences for directors who adopt poison pills. Directors who become associated with pill adoption experience significant decreases in vote margins and increases in termination rates across all their directorships. They also experience a decrease in the likelihood...
Persistent link: https://www.econbiz.de/10012120332
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The Power to Decide on Takeovers : Directors or Shareholders, What Difference Does It Make?
Gatti, Matteo - 2014
contribution is to show who actually has power in a takeover and what factors are at work to give such power. Although directors … are traditionally considered to be in charge in deciding the outcome of a hostile takeover of a Delaware corporation … lack the power to determine the outcome of a takeover bid, the reason for that is not embedded in the takeover regime …
Persistent link: https://www.econbiz.de/10014153473
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Outside Director Liability : German Stock Corporation Law in Transatlantic Perspective
Roth, Markus - 2010
The role of outside directors is one of the key features in the transatlantic corporate governance debate. As their importance rises, their liability is also attracting attention. Since there are only a few cases internationally in which outside directors of listed companies have been held...
Persistent link: https://www.econbiz.de/10013137966
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Managerial Entrenchment and Shareholder Wealth Revisited : Theory and Evidence from a Recessionary Financial Market
Kesten, Jay - 2012
climate, such as firm profitability, takeover frequency, and valuation of takeover premiums. The mainstream view, both of …
Persistent link: https://www.econbiz.de/10013116368
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Bid Resistance by Takeover Targets : Managerial Bargaining or Bad Faith?
Bates, Thomas W. - 2015
This paper examines management's motives for rejecting takeover bids and the associated shareholder wealth effects. We …
Persistent link: https://www.econbiz.de/10013036846
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Shareholder Directions and FTSE100 Directors’ General Powers to Manage the Company and its Business
Sheehan, Kym - 2018
Persistent link: https://www.econbiz.de/10012928905
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Boards' Response to Shareholders' Dissatisfaction : The Case of Shareholders' Say on Pay in the UK
Alissa, Walid - 2015
In 2002, the United Kingdom adopted a regulation allowing shareholders to cast non-binding (advisory) votes on their firm's Directors' Remuneration Report during annual general meetings (the 'Say-on-Pay' rule). This study evaluates a decade of this regulation and examines how it affected the...
Persistent link: https://www.econbiz.de/10014207510
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Managerial Control Benefits and Takeover Market Efficiency
Wang, Wenyu - 2019
How and to what extent do managerial control benefits shape the efficiency of the takeover market? We revisit this … dark side, managers' private benefits of control distort firms' takeover incentives and hinder the reallocation role of the … takeover market. On the bright side, fear of a takeover induces underperforming managers to exert more effort and enhances the …
Persistent link: https://www.econbiz.de/10012898784