Despite an emerging literature on political determinants of economic performance in China, little is known about whether standing committees of the Communist Party, an institution of collective leadership, matters for economic development. Using Chinese provincial level data for 1997-2011, we...

US CEOs hold a large amount of equity that is not explicitly constrained by ownership guidelines or vesting requirements. Although the average CEO receives a risk premium in his annual pay for holding unconstrained equity, most CEOs hold more equity than is compensated by the risk premium in...

In this study, we examine the existence and performance of cognitive groups. In accordance with the attention-based view of managerial cognition, cognitive groups are defined as groups of firms in which the CEOs focus their attention on similar strategic elements when seeking to maximize their...

When does business support the expansion of social policy in the developing world? Existing work on managers preferences has tended to concentrate on the developed world, where governments can credibly commit to policy, tax evasion is constrained, and mechanisms exist to hold the bureaucracy...

This paper investigates the relation between CEO narcissism and a firm's propensity to adopt earnings manipulation. There is growing evidence that narcissistic leaders over-identify themselves with the organizations they lead and expend considerable resources to achieve their goals, including...

This paper examines whether high-ability managers’ earnings smoothing is motivated by the need to mitigate the adverse effects of heightened information asymmetry, triggered by mergers and acquisitions (M&As), on managers’ reputation capital (job loss) and firm value. We document that...

Prior work has documented that incoming CEOs make accounting decisions which reduce reported firm performance. It is however unclear what motivates this so-called “big bath” behavior. For one, it might serve to give a more accurate representation of actual firm performance, when the prior...

Drawing on voluntary disclosure theory and using data from 236 Latin American firms over the period 2015-2019, examines the relationship between environmental innovation performance and environmental innovation disclosure and the moderating role of CEO power in this relationship. Descriptive...

Using CEOs’ early-life experience during China’s Cultural Revolution (1966–1976) to distinguish the trust level of CEOs, we employ a difference-in-differences identification strategy to show that the CEO’s trust level exhibits significantly positive impacts on corporate innovation. We...

We examine the extent to which deferred vesting of stock and option grants (deferred pay) helps firms retain executives. To the extent an executive forfeits all deferred pay if they leave the firm, deferred vesting will increase the cost (to the executive) of an early exit. The impact of...