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CEO succession at many companies occurs in a black box. Shareholders are not privy to boardroom discussions prior to the announcement of a CEO departure, and press releases announcing the change contain boilerplate language that does not make it clear whether the CEO stepped down voluntary or...
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equity-based compensation as the magnitude of the layoff increases. Consistent with the predicted substitution, we find that … whether these compensation adjustments vary with CEO power, we find that as layoff magnitude increases, relative to less … comparable increases equity compensation. Finally, we report evidence that post-layoff market performance of firms led by more …
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This study focuses on the impact of social relations on the efficiency of the governance structure. Social capital which accrues from the dyadic and network relationships between the CEO, the board of directors and corporate owners is argued to have multiple and very different effects on the...
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