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This paper investigates whether observed executive compensation contracts are designed to provide risk-taking incentives in addition to effort incentives. We develop a stylized principal-agent model that captures the interdependence between firm risk and managerial incentives. We calibrate the...
Persistent link: https://www.econbiz.de/10011378949
We analyze a hand-collected dataset of 1682 executive compensation packages at 34 firms included in the main German stock market index (DAX) for the years 2009-2017 in order to investigate the impact of the 2009 say on pay legislation. The findings provide important insights beyond the German...
Persistent link: https://www.econbiz.de/10012061896
classes across all sectors and all EU Member States, we identify different innovation profiles based on a firm's R …&D investment and/or innovation activities. We find that "basic" firms - i.e. firms that do not engage in any type of R&D or … innovation - are more common among young SMEs, while innovators - i.e. firms that do R&D and introduce new products, processes or …
Persistent link: https://www.econbiz.de/10011900904
innovation and performance. In this paper is presented an empirical study in this direction, based on data for 743 hospitals from … and estimated econometrically five equations: one for product innovation, one for process innovation and three equations … 'soft' ICT investment), as right-hand variables, while the performance equations also included the two innovation measures …
Persistent link: https://www.econbiz.de/10010399272
The main objective of the paper is to address the question of how to foster innovation and small firm growth under … different levels of technological turbulence, flow experience, innovation and small firm growth (i.e. market share and ROI … environments in terms of the relationships of risk taking, flow at work, innovation and small firm growth. Based on a survey among …
Persistent link: https://www.econbiz.de/10012270437
The paper aims to assess how public support for innovation activities influences the economic performance of Czech … their innovation activities. The analysis was performed on the case of the Innovation Program, which was co-financed by the … European Regional Development Fund. The Innovation Program is the largest Czech program for innovation support and mainly …
Persistent link: https://www.econbiz.de/10013170626
ability. Our results are consistent with the notion that a firm's innovation activity is a trade-off between opportunity … greater is the investment in R&D. Strategic managers seek and cultivate growth opportunities to resolve the uncertainty …
Persistent link: https://www.econbiz.de/10012845564
finding suggests innovation is one such channel through which equity alignment incentives positively impact firm value. On the …
Persistent link: https://www.econbiz.de/10013069214
-pay on innovation is mainly relevant among overconfident managers than non-overconfident ones …-performance “innovation” effect for option-based compensation is higher than that for stock-based compensation. Within the options (stocks … achieve less innovation compared to those of high-growth firms. Throughout, we reveal that the effect of CEOs performance …
Persistent link: https://www.econbiz.de/10013072652
We show that academic directors significantly increase firms’ R&D investment and innovation outputs. Following an …. Consistent with an advising channel, academic directors in STEM disciplines are particularly pro-innovation. Firms with academic …. Academic directors are associated with higher firm value at firms where innovation is more important but not at other firms …
Persistent link: https://www.econbiz.de/10013322689