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The objective of this paper is to provide a comprehensive review of the main studies that have investigated the connections between managerial ownership, board aracteristics and firm’s performance. It discusses the methodological approaches used in researching the ownership’s structure –...
Persistent link: https://www.econbiz.de/10012017036
One of the most controversial issues in corporate governance is whether the CEO of a corporation should also serve as chairman of the board. In theory, an independent board chair improves the ability of the board to oversee management. However, an independent chairman is not unambiguously...
Persistent link: https://www.econbiz.de/10011864829
We examine the prevalence and performance impact of controlling shareholders and study corporate board structures and ownership structures in 1796 Indian firms. Families (founders) are present on the boards in 63.2 (65.5) percent of the sample firms. On average, founders own over 50% of...
Persistent link: https://www.econbiz.de/10010906828
generalised method of moments (system GMM) estimator. This approach allows for controlling the potential sources of endogeneity …
Persistent link: https://www.econbiz.de/10010782002
In this paper we investigate the impact of institutional ownership on UK mergers and acquisitions. We employ a comprehensive sample of M&As conducted by UK acquirers from 2000 to 2010, thus including a full cycle of peak and trough in M&A waves. We find that institutional investors increase the...
Persistent link: https://www.econbiz.de/10011118123
endogeneity concerns (simultaneity, reverse causality and unobserved heterogeneity). The findings are robust to a wide range of …
Persistent link: https://www.econbiz.de/10010662598
between Tobin's Q and managerial ownership. To assess the effectiveness of standard econometric approaches to the endogeneity …
Persistent link: https://www.econbiz.de/10010702362
We use a well-developed dynamic panel generalized method of moments (GMM) estimator to alleviate endogeneity concerns …
Persistent link: https://www.econbiz.de/10010617610
We show that public companies frequently changed their board structures before implementation of the Sarbanes–Oxley Act, with two-thirds of firms changing board size or independence during an average two-year period. Board changes were associated with changes in firm-specific fundamentals, but...
Persistent link: https://www.econbiz.de/10010719628
Agency theory suggests that high pay-performance sensitivity (PPS) of CEO's compensation is an important motivation mechanism to the CEO to improve corporate performance. We develop a simple model that suggests that reverse causality should also be considered. Specifically, our model predicts...
Persistent link: https://www.econbiz.de/10010930943