The question of why individual investors want dividends is investigated by submitting a questionnaire to a Dutch consumer panel.The respondents indicate that they want dividends, partly because the transaction costs of cashing in dividends are lower than the transaction costs involved in selling...

We simultaneously analyze two mechanisms of the managerial labor market: CEO turnover and monetary remuneration schemes.Sample selection models and hazard analyses applied to a random sample of 250 firms listed on the London Stock Exchange over a six-year pre-Cadbury period show that managerial...

We study price competition in heterogeneous markets where price decisions are delegated to agents. Principals implement a revenue sharing scheme to which agents react by commonly charging a sales price. The results of our model exemplify the importance of both intrafirm- and interfirm...

We study interfirm competition on a product market where effort decisions are delegated to the firms' workers. Intrafirm organization is captured by a principal-multiagent framework where firm owners implement alternative compensation schemes for the workers. We show that the value of delegation...

This paper replicates and extends the empirical work of Boyd’s 1995 article: CEO Duality and Firm Performance: A Contingency Model. We retest Boyd’s hypotheses using a database of over 11,000 Swedish firms from the year 2005 to 2009. Similar to Boyd, we find that CEO duality is positively...

This paper offers an investigation at a micro-level of entrepreneurship in the business environment. More precisely, we conduct an empirical study of the relationship between corporate entrepreneurship and corporate governance in the case of the Romanian non-financial listed companies. We use...

Ownership structure is one of the key determinants constituting internal corporate governance, which is especially crucial in emerging markets. This study explores the effects of insider shareholding, an obvious characteristic of ownership structure, on corporate governance. The empirical...

This paper examines the market responses to four cash payout methods: regular dividend increases, special dividends, tender-offer repurchases and open market repurchases. We also investigate the reasons why firms choose one payout form over another. We use relative, and discounted relative,...

This paper examines the long-term wealth effect of 948 share repurchase announcements in the Taiwan market. We also investigate what factors determine the wealth effect of share repurchases. Our findings show that share repurchases induce positive buy-and-hold abnormal returns during the...