We use over 22,000 firm-year observations from 1995-2010 to investigate whether combining roles of CEO and board-chair causes poor performance. Our research design allows us to reconcile disagreement in the literature about whether CEO-chair duality impacts shareholder value. CEOs are awarded...

We use a novel dataset to follow the evolution of family ownership, firm value, and firm policies for up to 25 years post IPO. Firm value, measured by Tobin’s Q, increases as family ownership decreases over time. Firms with higher family ownership invest less in R&D and have greater R&D...

We investigate simultaneously the impact of promotion-based tournament incentives for VPs and equity-based (alignment) incentives for VPs and the chief executive officer (CEO) on firm performance. We find that tournament incentives, as measured by the pay differential between the CEO and VPs,...