We investigate whether CEO compensation is influenced by the strength of shareholder rights. Our evidence reveals that CEOs of firms where shareholder rights are weak obtain more favorable compensation. It is also found that higher CEO pay is associated with a higher degree of potential...

Prior research reports that financial performance of firms that hire interim CEO successors is worse following interim CEO appointments than those that hire permanent successors. We find that this underperformance occurs only following voluntary turnover interim appointments, which represent a...

Although scholars have studied outside executive succession for decades, there is still no clear definition of the term “outsider”. We focus on a new dimension of outsiderness, the industrial background of executives hired from outside the firm into a CEO position. This paper examines the...

We investigate the impact of regulation on shareholder rights and corporate governance. We gauge the strength of shareholder rights by measuring the number of restrictive governance provisions that suppress shareholder rights - the more restrictive the governance, the weaker the shareholder...

Based on Brickley’s (2003) call for research on the CEO/turnover relation, we examine determinants of CEO age at succession. Utilizing the similarity–attraction paradigm, we propose that board members will select new CEOs that are similar to their own age. We find a strong positive relation...

In this paper we hypothesize that CEOs will be motivated to manage earnings prior to a turnover decision. This motivation comes from the horizon problem for CEOs nearing retirement age and for CEOs whose profit-based bonus is a large portion of their total compensation. We find that firms in...

Intro -- FINANCIAL FORECASTING AND DECISION MAKING -- TABLE OF CONTENTS -- Chapter 1 FORECASTING PREREQUISITES -- LEARNING OBJECTIVES -- An Overview of the Forecasting Process -- KNOWLEDGE CHECK -- More on the Forecasting Process -- PURPOSE OF FORECASTING -- FIRST-PASS FORECAST -- SIMULATION --...

"Whether firms pursue shareholder value maximization or the maximization of stakeholder welfare is a controversial issue whose outcomes seem irreconcilable. We propose that firms are likely to compensate their executives for pursuing the firm's goal be it shareholder value maximization or the...