In this paper we analyze the effects of corporate governance reforms on interlocking directorship, and assess the relationship between interlocking directorships and company value for the main Italian companies listed on the stock exchange over 1998-2007. Using a unique dataset that includes two...

Previous studies have shown that product market competition has an important effect on corporate strategies and internal governance mechanisms. Using a sample of China’s listed firms from 2004 to 2009, we explore the relationship between product market competition and normal related party...

The most influential approach of corporate governance, the view of shareholders' supremacy does not take into consideration that the key task of modern corporations is to generate and transfer firm-specific knowledge. It proposes that, in order to overcome the widespread corporate scandals, the...

This article aims to analyze under theory of graphs assumptions, small worlds approach, how the configuration of the global network of relations among board members of public companies listed in the Brazilian between 2004 and 2007 evolved. To verify the validity of small world approach, the...

This paper illustrates why some firms hire compensation consultants while others do not, and the implications for CEO compensation. We consider a matching model of firms and CEOs, in which firms are governed by effective boards that act on behalf of shareholders, non-conflicting consultants...

Blockchain technology, along with distributed ledger technologies (DLT), has gained recognition as a potential game-changer in corporate governance. Proponents argue that it has the capability to enable the creation of decentralized autonomous organizations (DAOs) that operate without...

This case provides background material about the takeover attempt of one of the world's largest automobile manufacturers, Volkswagen, by the small sports car manufacturer, Porsche. It covers the period from spring 2005 through August 2009. This drama ends in a complete reversal, the acquisition...

Equity ties between businesses change the division of the firms joint profits, thereby affecting incentives for relation-specific investments and other strategic actions. Depending on which side owns the equity and how readily the equity can be resold, we find that the changed incentives can...

Material private information transmits through social networks. Using manually collected information on networks of alumni reunion cohorts, we show that hedge fund managers connected to directors of firms engaged in merger deals increase call option holdings on target firms before deal...

We construct a director network for 972 SPACs that raised $271 billion from investors. First, we show that SPAC's investors receive lower returns and redeem more shares when directors sit on the board of another SPAC that IPOed later but found a target earlier. Second, we show that conflicted...