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Impact of Internal Governance on a CEO’s Investment Cycle
Brick, Ivan - 2020
This paper examines the impact of internal governance on a CEO's investment cycle. Extant literature defines internal governance as the mechanism by which senior executives help discipline the CEO to maximize shareholder value. Weisbach (1995) finds that a year or two before the CEO retires, the...
Persistent link: https://www.econbiz.de/10012826149
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CEO's commitment bias, ownership concentration, and innovation decision : behavioral management of CEO's discretion
Fadhila, Hamza; Ali, Azouzi Mohamed; Anis, Jarboui - In: Cogent economics & finance 2 (2014) 1, pp. 1-24
concentration and the CEO’s attitude and behavior, we are showing on empirical grounds the relationship between the manager’s … managers. In particular, we found that the application of a persuasion mechanism does not have a real impact on the alignment … of the manager’s attitude and behavior in key tasks, such as the innovation decision. The CEO’s real behavior was more …
Persistent link: https://www.econbiz.de/10011560769
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Interim CEO and Corporate Long-term Investment : Evidence from an Emerging Market
Wu, Fei - 2020
Building on the short-term nature of interim CEO contracts, this paper examines the effect of interim CEO appointment on corporate long-term investment measured by a firm's R&D spending. We find robust evidence that the corporate R&D investment level is significantly lower during the interim CEO...
Persistent link: https://www.econbiz.de/10012853079
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Building a better board book
Baum, Alex; Larcker, David F.; Tayan, Brian; Welch, Jacob - 2017
Board members rely on information provided by management to inform their decisions. Unfortunately, some research calls into question the adequacy of the information the board members receive and, by extension, the quality of decisions they are able to make. Based on observations by ValueAct...
Persistent link: https://www.econbiz.de/10011873105
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Firm Investments and Corporate Governance in Asian Emerging Markets
Hasan, Tanweer - 2016
The quality of corporate governance has been shown to have wide-ranging implications, e.g., on the performance of stock markets and on exchange rates. This study investigates whether the quality of corporate governance in a country impacts investment decisions made at the micro level of the...
Persistent link: https://www.econbiz.de/10013004442
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Board bias, information, and investment efficiency
Gregor, Martin; Michaeli, Beatrice - 2024
We study how interest alignment between CEOs and corporate boards influences investment efficiency and identify a novel force behind the benefit of misaligned preferences. Our model entails a CEO who encounters a project, gathers investment-relevant information, and decides whether or not to...
Persistent link: https://www.econbiz.de/10014506645
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Board Independence and Corporate Investments
Lu, Jun - 2015
This research investigates whether and how board independence influences corporate investment decisions in a Seemingly Unrelated Regression (SUR) framework, where the capital investment and the research and development (R&D) investment are examined simultaneously. We argue that the free cash...
Persistent link: https://www.econbiz.de/10013029573
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Capital Budgeting and Managerial Retention under Product Market Competition
Mon, Myat - 2012
This paper studies how division managers' access to venture capital (VC) markets affects the internal capital … allocation decision of a multi-division firm. Division managers may leave firms and seek venture financing if their project ideas … product market competition. The paper characterizes headquarters' decision to retain managers and allocate capital for …
Persistent link: https://www.econbiz.de/10013115087
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Investment Cash Flow Sensitivity and Managerial Optimism : A Literature Review Via the Classification Scheme Technique
Ben Mohamed, Ezzeddine - 2013
In this paper, we present a literature review and classification scheme for investment cash flow sensitivity under behavioral corporate finance. The former consists of all published articles between 2000 and 2011 in different journals that are appropriate outlets for BCF research. The articles...
Persistent link: https://www.econbiz.de/10013084296
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The Origins and Real Effects of the Gender Gap : Evidence from CEOs' Formative Years
Duchin, Ran - 2020
investment decisions. Male CEOs allocate more investment capital to male than female division managers. This gender gap is driven …
Persistent link: https://www.econbiz.de/10012852385