To gain insights about the quality of board's firing decisions, we investigate abnormal stock returns and operating performance around CEO-turnover announcements in a new hand- collected sample of 208 “clean” turnover events between January 1998 and June 2009. Unlike the majority of previous...

The legal environment is one important determinant of corporate governance. However, within legal families, also cultural differences can explain the level of corporate governance to some extent. We analyze this relationship for the case of Switzerland. Swiss firms are mainly located in two...

This paper outlines the foundations of corporate governance. The discussion includes a review on the modern corporation, transaction costs theory, agency costs theory, legal investor protection, investor protection by corporate governance and its various mechanisms, as well as an overview of the...

This study provides evidence suggesting that CEOs' physical fitness has a positive impact on firm value, consistent with the beneficial effects of fitness on, e.g., cognitive functions, stress coping and job performance. For each of the years 2001 to 2011, we define S&P 1500 CEOs as fit if they...

It is widely recognized that most economic activities show a tendency to agglomerate in space and, therefore, economic interactions among firms are likely to be influenced by their geographical proximity. Recently, the literature (Boschma, 2005) has remarked that other dimensions of proximity...

This paper focuses on how corruption affects an important internationalization behavior of firms: the extent of control - wholly owned subsidiary or equity participation - exercised by firms involved in cross-border mergers and acquisitions (M&A). Recently, scholars have recommended studying the...

In past literature, most studies discussed organizational fit from a single perspective instead of examining the positive and negative effects of high and low organizational fit through a comprehensive and concrete narrative and integrated concept. Furthermore, most studies attempted to explain...

Arguments for increasing gender diversity on boards of directors range from ensuring equal opportunity to improving firm performance, but the empirical results are mixed and often negative. Current research does not justify gender quotas on grounds of economic efficiency. Furthermore, in most...

Taxing capital gains is an important obstacle to the efficient allocation of resources because it imposes a transaction cost on the vendor which locks in appreciated assets by raising the vendor's reservation price in prospective transactions. For M&As, this effect has been intensively studied...

In a bold and risky political move the Greek prime minister Alexis Tsipras called for a referendum on June 27 2015 quitting ongoing negotiations with Greece's creditors in Brussels. The referendum framed as a yes or no question asked the Greek voters to decide whether or not they approve or...