The paper analyzes the interplay of product market competition and governance on CEO compensation in Italian listed firms from 2000 to 2011 and tests the impact of the 2007-08 financial crisis on pay-performance sensitivity. We argue that important differences both in the level of compensation...

This paper examines the relationship between CEO pay and firm performance within a sample of European publicly listed energy utilities from 2000 to 2010, focusing on the differential responses that arise from being subject to different regulatory regimes. In particular, we investigate the...

We study the impact of different regulatory and ownership regimes on the dividend policy of regulated firms. Using a panel of 106 publicly traded European electric utilities in the period 1986-2010, we link payout and smoothing decisions to the implementation of different regulatory mechanisms...

This paper investigates whether financial pressure has an impact on the performance of state-owned firms. By combining different theoretical frameworks, we explore the conditions under which debt discipline becomes effective even for state firms. Using a panel of 1318 Italian state and private...

This paper examines the relationship between CEO pay and firm performance within a sample of European publicly listed energy utilities from 2000 to 2010, focusing on the differential responses that arise from being subject to different regulatory regimes. In particular, we investigate the...

Conventional explanations of diversification and multinationality both point to size/growth related motives and firm-specific intangible assets as the driving forces. However, previous empirical studies have rarely exploited this commonality by investigating multinationality and diversification...

This paper provides empirical evidence on how EU leading firms adjusted to European economic integration with respect to the following strategic variables: entry/exit decisions in the product/geographic space (diversification/multinationality). A novel dataset, including detailed information on...

This paper investigates whether financial pressure has an impact on the performance of state-owned firms. By combining different theoretical frameworks, we explore the conditions under which debt discipline becomes effective even for state firms. Using a panel of 1318 Italian state and private...

Conventional explanations of diversification and multinationality both point to the existence of intangible assets as a driving force. Using a new database of leading EU firms in 100 NACE 3-digit industries, we devise a classificatory scheme which allows us to analyze multinationality and...