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CEO Characteristics and Value of Cash Holdings

Mun, Seongjae - 2017

This study examines the effect of CEO characteristics on the value of excess cash using the listed firm data in Korea. We find that firms with business major CEO have significantly higher value of excess cash compared to the other firms, but science and engineering major have no significant...

Persistent link: https://www.econbiz.de/10012949554

Companies’ Financial Outcomes in Nigeria : Does Chief Executive Officer Nationality Matter?

Badru, Bazeet - 2017

better alignment of interests of shareholders and managers, which increases a company's competitive advantage. Thus, the …

Persistent link: https://www.econbiz.de/10012950041

Takeovers and (Excess) CEO Compensation

Feito-Ruiz, Isabel - 2017

We study if a CEO's equity-based compensation affects the expected value generation in takeovers. When the objectives of management and shareholders are more aligned, as proxied by the use of equity-based compensation, more value-maximizing acquisitions are expected. Whereas in widely-held firms...

Persistent link: https://www.econbiz.de/10012951091

How Do Independent Directors Influence Corporate Risk-Taking? Evidence from a Quasi-Natural Experiment

Jiraporn, Pornsit - 2017

prevents managers from taking excessive risk. Additional analysis based on propensity score matching also confirms our results …

Persistent link: https://www.econbiz.de/10012953971

Ten Adverse Outcomes When Managers Focus on Creating Shareholder Value : A Review

Di Miceli da Silveira, Alexandre - 2015

This paper surveys the literature criticizing the view that managers should run companies aiming to create shareholder …

Persistent link: https://www.econbiz.de/10013021580

Financial Constraints, Managerial Incentives and the Scope of the Firm

Hong, Jieying - 2015

The recent seminal work of Gabaix (2011) raises a puzzling question: If centralization-putting different projects under the same roof-reduces diversification for investors, how does this situation reconcile with the seemingly contradictory fact that it also boosts a firm's borrowing capacity? To...

Persistent link: https://www.econbiz.de/10013025002

Compensation and Insider Selling During IPO

Chua, Ansley - 2015

This study examines executives and directors' motivation to sell their holdings during the IPO process. We find that a strong motivating factor that drive insider selling is consistent with their liquidity needs: insiders sell their shares when they are undercompensated, especially cash...

Persistent link: https://www.econbiz.de/10013025534

CEO Pay Disparity : Efficient Contracting or CEO Entrenchment?

Vo, Thi - 2015

This paper investigates whether CEO pay disparity reflects efficient contracting or CEO entrenchment by exploiting an exogenous event which mandated option expensing, namely, the introduction of FAS 123R. Using a difference-in-difference approach, we find supportive evidence for the entrenchment...

Persistent link: https://www.econbiz.de/10013026043

Executive Compensation When a Firm is a Business Group Member

Kim, Hyungseok - 2015

controlling family. We find that this link is stronger to the performance of others that are more likely to benefit from tunneling … (firms in which the controlling family has cash flow rights greater than those of the subject firm) and in firms that are … more likely to suffer from tunneling (firms in which the controlling family has control-ownership disparity above the …

Persistent link: https://www.econbiz.de/10013027335

The Effect of CEO Power on the Informativeness of Stock Prices : An Empirical Note

Withisuphakorn, Pradit - 2015

Motivated by agency theory, we explore how powerful CEOs influence the extent of stock price informativeness. Using idiosyncratic volatility to measure stock price informativeness, we find that firms with more powerful CEOs experience a more opaque information environment. This is consistent...

Persistent link: https://www.econbiz.de/10013029449