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Cornelli, Francesca; Kominek, Zbigniew; Ljungqvist, … - C.E.P.R. Discussion Papers - 2009

with detailed ‘hard’ information about the board’s performance expectations and ‘soft’ information about board and CEO … actions and the board’s beliefs about CEO competence in 473 mostly private-sector companies backed by private equity funds … for making 'honest mistakes.' Following forced CEO turnover, companies see performance improvements and their investors …

Persistent link: https://www.econbiz.de/10008491717

Director Independence as Strategic Behavior

WAGNER, Alexander F. - 2007

behaves loyally to a CEO when it agrees to a negative NPV-project, giving the CEO private benefits. While the CEO benefits … easier to obtain from a less competent board. The model implies that shareholders face a tradeoff between higher CEO pay and …

Persistent link: https://www.econbiz.de/10005162986

Gobierno corporativo, diversificación estratégica y desempeño empresarial en México

Ruiz-Porras, Antonio; Steinwascher, William - Volkswirtschaftliche Fakultät, … - 2007

We study the empirical relationships among corporate governance, strategic diversification and financial performance in Mexico. The study uses data from 99 non-financial firms listed in the BMV (Mexican Stock Market) during 2004. The main relationships found are: Firms which property is...

Persistent link: https://www.econbiz.de/10005619695

What Do Independent Directors Know? Evidence from Their Trading

Ravina, Enrichetta; Sapienza, Paola - C.E.P.R. Discussion Papers - 2007

We compare the trading performance of independent directors and other officers of the firm. We find that independent directors earn positive and substantial abnormal returns when they purchase their company stock, and that the difference with the same firm's officers is relatively small at most...

Persistent link: https://www.econbiz.de/10005656249

Board changes and CEO turnover: The unanticipated effects of the Sarbanes–Oxley Act

Dah, Mustafa A.; Frye, Melissa B.; Hurst, Matthew - In: Journal of Banking & Finance 41 (2014) C, pp. 97-108

. For firms that decrease independence, the CEO turnover performance sensitivity significantly decreases following SOX. We …

Persistent link: https://www.econbiz.de/10010744373

Smokescreen: How Managers Behave When They Have Something to Hide

Artiga González, Tanja; Schmid, Markus; Yermack, David - School of Finance, Universität St. Gallen - 2013

We study financial reporting and corporate governance in 216 U.S. companies accused of price fixing by antitrust authorities. We document a range of strategies used by these firms when reporting financial results, including frequent earnings smoothing, segment reclassification, and restatements....

Persistent link: https://www.econbiz.de/10010686706

Corporate governance when founders are directors

Li, Feng; Srinivasan, Suraj - In: Journal of Financial Economics 102 (2011) 2, pp. 454-469

We examine chief executive officer (CEO) compensation, CEO retention policies, and mergers and acquisition (M …&A) decisions in firms in which founders serve as a director with a nonfounder CEO (founder-director firms). We find that founder … CEOs in founder-director firms is higher and the level of pay is lower than that of other CEOs. CEO turnover sensitivity to …

Persistent link: https://www.econbiz.de/10010571671

Ownership, board compensation and company performance in sub-Saharan African countries

Munisi, Gibson Hosea; Mersland, Roy - Centre Emile Bernheim, Solvay Brussels School of … - 2013

ownership and CEO ownership are positively associated while state ownership and concentrated ownership are negatively associated …

Persistent link: https://www.econbiz.de/10010711787

The problem of causality in corporate governance research: The case of governance indexes and firm valuation

Saravia, Jimmy A.; Saravia-Matus, Silvia - UNIVERSIDAD EAFIT - 2015

In recent years the problem of the determination of causality has become an increasingly important question in the field of corporate governance. This paper reviews contemporary literature on the topic and finds that the current approach is to attempt to determine causality empirically and that...

Persistent link: https://www.econbiz.de/10011147554

Methods for multicountry studies of corporate governance: Evidence from the BRIKT countries

Black, Bernard; Carvalho, Antonio Gledson de; Khanna, … - In: Journal of Econometrics 183 (2014) 2, pp. 230-240

We discuss empirical challenges in multicountry studies of the effects of firm-level corporate governance on firm value, focusing on emerging markets. We assess the severe data, “construct validity”, and endogeneity issues in these studies, propose methods to respond to those issues, and...

Persistent link: https://www.econbiz.de/10011077587