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Good and Bad Banks? Governance, Human Capital of Top Managers and Performance
García-Cestona, Miguel - 2014
managers. Some authors have pointed out that neither the formal governance institutions (i.e. the composition of the different …
Persistent link: https://www.econbiz.de/10013046348
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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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Say on Pay Laws, Executive Compensation, Pay Slice, and Firm Value around the World
Correa, Ricardo - 2014
Using a sample of about 90,000 observations from 38 countries over the 2001-2012 period, we provide three novel findings regarding say on pay (SoP) laws. First, we find robust evidence that SoP laws reduce CEO pay growth rates at firms. Second, such laws decrease the portion of total top...
Persistent link: https://www.econbiz.de/10013062816
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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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Blockholders and Corporate Governance
Edmans, Alex - 2018
This paper reviews the theoretical and empirical literature on the channels through which blockholders (large shareholders) engage in corporate governance. In classical models, blockholders exert governance through direct intervention in a firm's operations, otherwise known as “voice.” These...
Persistent link: https://www.econbiz.de/10012938447
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Stewardship Code, Institutional Investors, and Firm Value : International Evidence
Shiraishi, Yutaro - 2019
This study investigates whether the stewardship code mitigates the free-rider problem of institutional investors. We construct panel data of listed firms in 56 countries and examine the effects of the introduction of stewardship codes in 13 countries using a difference-in-differences approach....
Persistent link: https://www.econbiz.de/10012861969
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When does corporate governance matter? : evidence from across the corporate life-cycle
O'Connor, Thomas G.; Byrne, Julie - In: Managerial finance 41 (2015) 7, pp. 673-691
Persistent link: https://www.econbiz.de/10011336619
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How Much do Firms Pay as Bribes and What Benefits do They Get? Evidence from Corruption Cases Worldwide
Cheung, Stephen Yan-Leung - 2012
We analyze a hand-collected sample of 166 prominent bribery cases, involving 107 publicly listed firms from 20 stock markets that have been reported to have bribed government officials in 52 countries worldwide during 1971-2007. We focus on the initial date of award of the contract for which the...
Persistent link: https://www.econbiz.de/10013115172
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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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Why Did Some Banks Perform Better during the Credit Crisis? A Cross-Country Study of the Impact of Governance and Regulation
Beltratti, Andrea - 2010
Though overall bank performance from July 2007 to December 2008 was the worst since at least the Great Depression, there is significant variation in the cross-section of stock returns of large banks across the world during that period. We use this variation to evaluate the importance of factors...
Persistent link: https://www.econbiz.de/10013152303