Gemeinwohlorientiertes Handeln (Corporate Citizenship) ist nicht allein ein Anliegen aktiver Unternehmerinnen und Unternehmer. Auch viele ehemalige Unternehmer und Führungskräfte betätigen sich weiterhin ehrenamtlich. Eine Variante ehrenamtlicher Tätigkeit wurde in dieser Studie näher...

We examine the influence of proxy advisors on firms’ shareholder engagement behavior. Our analyses exploit a quasi-natural experiment using Say-On-Pay voting outcomes near a threshold that triggers a review of engagement activities by Institutional Shareholder Services (ISS). Firms receiving...

We provide fresh evidence regarding the relation between compensation consultants and CEO pay. First, firms that employ consultants have higher-paid CEOs—this result is robust to firm fixed-effects and matching on economic and governance variables. Second, while this relation is partly due to...

We develop a measurement-error framework for assessing the quality of relative-performance metrics designed to filter out the systematic component of performance, and analyze relative total shareholder return (rTSR)-the predominant metric market participants use to isolate managers'...