A rarely studied trend in corporate governance is the increasing tendency to fill CEO openings through external hires rather than through internal promotions: Kevin J. Murphy and Jaacute;n Zaacute;bojniacute;k (2004) show that the proportion of outside hires has doubled and their pay premium almost...

Am Beispiel der Schweizer Justizinitiative zeigen wir auf, dass eine qualifizierte Losauswahl keineswegs irrational ist, sondern zu einer Rationalität auf einer übergeordneten, institutionellen Ebene führen kann. Sie erhöht die Wahrscheinlichkeit, ausgezeichnete Kandidierende für eine...

Current reforms in the public sector are characterized by the introduction of businesslike incentive structures, in particular the introduction of “pay for performance” schemes in public institutions. However, the public sector has some specific characteristics, which might restrict the...

The corporate governance structure of monasteries is analyzed to derive new insights into solving agency problems of modern corporations. In the long history of monasteries, some abbots and monks lined their own pockets and monasteries were undisciplined. Monasteries developed special systems to...

Mergers and Acquisitions (Mamp;A) aim to increase wealth for shareholders of the acquiring company, in particular by creating synergies. It is often assumed that relatedness is a source of synergies. Our study distinguishes between business, cultural, technological and size relatedness. It...

The financial crisis is a crisis of governance as well. In search of answers and solutions many scholars and practitioners recommend improved output control, i.e. better external incentives or even stricter regulations. Monasteries demonstrate that alternative models may be more suitable to...