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Impact of Internal Governance on a CEO’s Investment Cycle
Brick, Ivan - 2020
This paper examines the impact of internal governance on a CEO's investment cycle. Extant literature defines internal governance as the mechanism by which senior executives help discipline the CEO to maximize shareholder value. Weisbach (1995) finds that a year or two before the CEO retires, the...
Persistent link: https://www.econbiz.de/10012826149
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Impact of Internal Governance on a CEO’s Investment Cycle
Brick, Ivan - 2020
The investment cycle literature suggests that older CEOs with short investment horizon may be myopic and as result incur agency costs as they try to extract rents by under-investing. Acharya, Myers and Rajan (2011) theorize that internal governance may mitigate the CEO horizon problem. We find...
Persistent link: https://www.econbiz.de/10012827146
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Trade, technologies, and the evolution of corporate governance
Schymik, Jan Simon - 2015
their managers. Increases in managerial reservation wages lead to a reduction in corporate governance investments and a rise … in performance compensation since monitoring managers becomes less efficient. Using data on CEO compensation and …
Persistent link: https://www.econbiz.de/10011345788
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Trade, technologies, and the evolution of corporate governance
Schymik, Jan Simon - 2015
their managers. Increases in managerial reservation wages lead to a reduction in corporate governance investments and a rise … in performance compensation since monitoring managers becomes less efficient. Using data on CEO compensation and …
Persistent link: https://www.econbiz.de/10010529476
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Are forced turnovers good or bad news?
Kind, Axel; Schläpfer, Yves - 2011
To gain insights about the quality of board's firing decisions, we investigate abnormal stock returns and operating performance around CEO-turnover announcements in a new hand-collected sample of 208 "clean" turnover events between January 1998 and June 2009. Unlike the majority of previous...
Persistent link: https://www.econbiz.de/10009565583
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Boards of a Feather : Homophily in Foreign Director Appointments around the World
Barrios, John Manuel - 2020
We examine whether similarities in legal, sociological, and cultural characteristics between countries (country-pair homophily) affect foreign director appointments. Our results from estimating a gravity model, which includes economic and geographic country characteristics, indicate that...
Persistent link: https://www.econbiz.de/10012839223
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Explaining Top Management Turnover in Private Corporations : The Role of Cross-Country Legal Institutions and Capital Market Forces
Lel, Ugur - 2018
terminate poorly performing managers. This finding is consistent with our hypothesis that governance problems in private firms … performing managers. Comparing private firms to their public counterparts, we find that private firms have a lower propensity to … replace poorly performing managers than public firms do and that public firms' exposure to capital market forces (the market …
Persistent link: https://www.econbiz.de/10012938429
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Say on Pay Laws, Executive Compensation, Pay Slice, and Firm Valuation around the World
Correa, Ricardo - 2016
Using a large sample of firms from 38 countries over the 2001-2012 period, we find evidence that following say on pay (SoP) laws, CEO pay growth rates decline and the sensitivity of CEO pay to firm performance improves. These changes are mostly concentrated on firms with high excess pay and...
Persistent link: https://www.econbiz.de/10013006494
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Foreign Independent Directors and the Quality of Legal Institutions
Miletkov, Mihail K. - 2016
Foreign directors can affect firm value through their advising and monitoring functions. However, the demand for these directors, as well as their effect on firm performance is likely to be influenced by firm- and country-level characteristics. In a large sample of non-U.S. firms, we find that...
Persistent link: https://www.econbiz.de/10013008195
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Executives' Horizon, Internal Governance and Stock Market Liquidity
Jain, Pawan - 2016
In this article, we examine whether internal governance, the process through which subordinate managers effectively … managers. Our results are robust to inclusion of conventional governance measures, alternative model specifications, and …
Persistent link: https://www.econbiz.de/10013008502