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Purpose – The purpose of this paper is to present novel empirical findings regarding the shareholder-management agency problem. Design/Methodology/Approach – The paper presents new evidence regarding the shareholder-management agency problem. It expands the set of factors that may cause...
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We study the impact of freezing defined benefit (DB) pension plans and replacing them with defined contribution (DC) plans on liquidity, financial leverage, investment, and market value of a sample of firms over 2001-2008. We find evidence that the pension freeze tends to attenuate the drain on...
Persistent link: https://www.econbiz.de/10013110269
This paper examines how pension plans affect employee behavior and firm performance. Theoretically, the impact of pensions on firm performance cannot be predicted. Firms with pensions should have lower turnover rates and more efficient retirement decisions; their employees will be less likely to...
Persistent link: https://www.econbiz.de/10013240642
This paper examines how pension plans affect employee behavior and firm performance. Theoretically, the impact of pensions on firm performance cannot be predicted. Firms with pensions should have lower turnover rates and more efficient retirement decisions; their employees will be less likely to...
Persistent link: https://www.econbiz.de/10012476802
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Whilst pension assets (liabilities) are often neglected by external investors when making investment decisions, pension assets (liabilities) have a stealthy effect on the evaluation of corporates' performance. This paper studied the question of how pension assets (liabilities) are correlated...
Persistent link: https://www.econbiz.de/10012836139
Using a large new data set we present results from the first econometric study of the effects of pensions on firm performance in Germany. We find evidence for positive effects on wages, reduction of labor trunover, training, and profits.
Persistent link: https://www.econbiz.de/10001688437