This paper examines the impact of managerial ownership on cash holding decisions of the firms listed in Borsa Istanbul 100 index between 2005 and 2013. Main aim of the study is to analyse whether there is any evidence for managerial alignment or managerial entrenchment effect on the corporate...

This paper examines how the institutional features of emerging economies (i.e., government ownership, political connections, and market reform) influence CEO pay-dispersion incentives. Consistent with our expectation, we find that CEO pay dispersion generally provides a tournament incentive in...

Despite developments of recent theoretical and numerous empirical studies on the policies effectively adopted by companies, the dividend distribution policy (DDP) remains largely unexplained. In this regard, the main purpose of the current study is to empirically examine the effects of both CEO...

This study examines the managerial power-hypothesis of selective hedging, which holds that selective hedging is observed more frequently in companies where managers have greater latitude to execute hedging proposals without serious scrutiny or questioning. The hypothesis is tested using...

Board composition is central to the worldwide corporate governance reforms that have taken place in recent years. The strong emphasis on director independence and board leadership is now part of all corporate governance regimes, including the regimes which has been introduced in Malaysia. It is...

Based on behavioral finance theory, we discuss the influence of managers' herd behavior on corporate financialization from the perspective of managers' behavioral preferences. Empirical testing was conducted using data from nonfinancial listed firms on the Shanghai and Shenzhen A-shares from...

During times of distress, companies are compelled to reassess operational policies and reengineer strategic formulations to discern value maximising uses for limited resources. The executive’s agility to react to financial distress determines the probability of bankruptcy. Proper governance...

This study conjectures and shows that the level of top management stock ownership is non-monotonically associated with managers' propensity to manage earnings. Increasing ownership from low levels decreases earnings management while ownership at high levels increases earnings management....