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High-profile corporate scandals earlier in this decade provoked outrage and legislative action, however corporate …-authors on corruption, ethical leadership, and social contracts theory, and relates that literature to corrupt activities by … corporate executives. Corruption is defined broadly to encompass executive self-dealing, which harms their firms. The specific …
Persistent link: https://www.econbiz.de/10013157410
recommendation. We provide strong evidence that analyst notes are informative for capital market participants. Specifically, we find …
Persistent link: https://www.econbiz.de/10013159465
We exploit an influential 1991 Delaware court ruling to examine simultaneously two types of conservatism that play important roles in resolving creditor-owner agency conflicts: contracting conservatism and reporting conservatism. The ruling expanded managerial fiduciary duties in favor of...
Persistent link: https://www.econbiz.de/10012835513
Executives confront potentially conflicting pressures - to maximize shareholder wealth in the long term and to appease shareholders in the near term. Because near-term pressures must be addressed to preserve tenure and to realize the potential benefits of long-term strategies, executives are...
Persistent link: https://www.econbiz.de/10012722568
Over the years since airline deregulation five of the remaining U.S. legacy carriers lost money on mergers that cost them a total of $29.6 billion. The combined market cap of these carriers at the end of 2007 was $15.5 billion. In other words, their return on merger investments was -48%. Why?...
Persistent link: https://www.econbiz.de/10012723970
Enron's demise and the corporate investigations that ensued have reinvigorated the debate on managerial fiduciary duty … misreporting information to bolster performance figures and executive stock option values extended widely within the corporate … to a proprietary one. In the former, managers functioned as teams to sustain the firm and to promote social welfare. In …
Persistent link: https://www.econbiz.de/10012738850
corporate goal because it is the best among all available alternatives for governing the corporation and, therefore, one that … the shareholder value maximization view. To support our position we trace the origins of the corporate governance debate … from the late nineteenth century and its resulting implications for accepted corporate law and practice of corporate …
Persistent link: https://www.econbiz.de/10012739142
Stock option grants to top managers have largely contributed to the dramatic increase in US executive pay in recent years. In this paper it is argued that stock options, compared to other forms of compensation, have created strong incentives for managers to engage in lobbying activities for...
Persistent link: https://www.econbiz.de/10012739195
Concern over issues of corporate social responsibility and corporate governance persists, fueled, in large part, by … recent (and ongoing) corporate scandals of one sort or another. The debate over the nature of the corporation - and … capital from equity markets, the policy proposals drawn from the Aristotelian understanding are enabling rather than mandatory …
Persistent link: https://www.econbiz.de/10012772481
The article examines the mandatory requirement under state corporate law and stock exchange listing standards that … the various proposed corporate governance reforms (e.g., shareholder proxy access, proxy contest reimbursement, majority …
Persistent link: https://www.econbiz.de/10012779972