This paper studies, both theoretically and empirically, how subordinates to CEOs can discipline the CEOs' self-serving activities. I predict that, because CEOs' self-serving activities hurt the subordinates through the subordinates' stakes in the firms, the subordinates who observe these...

This study integrates the new global value chain (GVC) accounting method that explicitly considers the difference in the production functions of multinational enterprises (MNEs) and domestically-owned firms into existing production- and consumption-based CO2 emissions measures. This enables us...