This paper studies the factors that influence the CEO succession decision in family firms whose incumbent CEO is a member of the controlling family. The sample includes all such firms from France, Germany and the UK. We propose a new measure of directors' independence, which adjusts for various...

This research examines the effectiveness of Family Constitution or Family Protocol agreements in mitigating each type of agency conflict in family firms. We performed a qualitative analysis, through a case study, and found that the succession process is the main driver for implementing this...

We study the effects of family control on CEO pay from the perspective of behavioral agency model (BAM), with particular focus on family firm's generational stage and CEO family ties. Using a panel of Australian listed firms, we find that family firms present lower total and variable CEO pay,...

We study the GDPR's opt-in requirement in a model with a firm that provides a digital service and consumers who are heterogeneous in their valuations of the firm's service as well as the privacy costs incurred when sharing personal data with the firm. We show that the GDPR boosts demand for the...

Fundamentalmente as empresas necessitam de recursos de capital para financiar, por um lado, a sua estrutura, e por outro a sua actividade.O financiamento da actividade será a necessidade de fundo de maneio, ou seja, o valor monetário necessário para financiar o ciclo de negócio. Este valor...

Asset markets are frequently restructured through mergers, acquisitions, and securitization. Corporate restructuring activities reallocate assets across firms. The cumulative magnitude of corporate restructuring deals is so significant and durable at the macro level that they can have the...

This article applies the concepts of opportunity cost and utilitarian ethics to corporate bailouts. When one thinks about bailing out a failing or distressed industry it is also necessary to consider alternative uses for the funds. Opportunity cost analysis concludes that the funds used for...

The shareholders of public corporations have considerable interest in the choice of individual to serve as CEO of their company. They want to be assured that the company has a viable plan in place to replace the current CEO if necessary. Historically, boards have deferred to outgoing CEO,...

Recent years have seen a push towards the separation of the roles of CEO and chairperson of the board. While many companies still maintain a combined CEO-Chair role, investors consistently express their concern that the dual CEO-Chair position jeopardizes the independence and effectiveness of...

Regulators, credit rating agencies, and securities analysts consider poor succession planning a significant business risk. However, there is surprisingly little academic research about how succession planning affects CEO turnover decisions. Using comprehensive data for U.S. public firms, we...