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Director Diversity, Turnover, and Promotion

Chidambaran, N.K. - 2019

We test whether a director's diversity relative to the rest of the board explains two important labor market outcomes, retention and promotion. We find that the results are asymmetric across diversity dimensions and outcomes. Retention is more likely but promotion is less likely for...

Persistent link: https://www.econbiz.de/10012897913

Managerial Control Benefits and Takeover Market Efficiency

Wang, Wenyu - 2019

dark side, managers' private benefits of control distort firms' takeover incentives and hinder the reallocation role of the … takeover market. On the bright side, fear of a takeover induces underperforming managers to exert more effort and enhances the …

Persistent link: https://www.econbiz.de/10012898784

Inventor CEOs

Islam, Emdad - 2019

One-in-five U.S. high-technology firms are led by CEOs with hands-on innovation experience as inventors. Firms led by “Inventor CEOs” are associated with higher quality innovation, especially when the CEO is a high-impact inventor. During an Inventor CEO's tenure, firms file a greater number...

Persistent link: https://www.econbiz.de/10012899676

Disciplining Entrenched Managers Through Corporate Governance Reform : Implications for Risk-Taking Behavior

Pryshchepa, Oksana - 2019

Prior studies find that entrenched managers destroy firm value by choosing lower risk negative NPV projects. In this … firms with entrenched management following SOX. I find that, by imposing an additional layer of discipline on managers, SOX … increased managers' willingness to take on riskier, but more value-enhancing projects that were previously stifled in entrenched …

Persistent link: https://www.econbiz.de/10012899865

CEO Inside Debt and Insider Trading

Brisker, Eric R. - 2018

compensation contract in order to align managers' interests with those of both shareholders and debtholders of the firm. However …

Persistent link: https://www.econbiz.de/10012935519

CEO Attributes, Compensation, and Firm Value : Evidence from a Structural Estimation

Page, T. Beau - 2018

I present and estimate a dynamic model of chief executive oﬃcer (CEO) compensation and eﬀort provision. I ﬁnd that variation in CEO attributes explains the majority of variation in compensation (equity and total) but little of the variation in ﬁrm value. The primary drivers of...

Persistent link: https://www.econbiz.de/10012935607

Value-Risk Tradeoffs and Managerial Incentives

Tsui, David - 2018

managers' incentive compensation packages. I find that shareholder value increases with risk and therefore managerial risk … aversion creates potential agency conflicts between managers and shareholders. I also find that firms provide managers with … idiosyncratic (rather than systematic) risk and managers are more risk-averse. Collectively, these results suggest that firms …

Persistent link: https://www.econbiz.de/10012936802

The Face of Risk : CEO Facial Masculinity and Firm Risk

Kamiya, Shinichi - 2018

We examine whether a male CEO's facial masculinity, measured by facial width-to-height ratio (fWHR), predicts the riskiness of his firm. Using the face pictures of 1,162 CEOs in the Execucomp database, we find supporting evidence. Firms with more masculine-faced CEOs have higher stock return...

Persistent link: https://www.econbiz.de/10012937523

Board Structure and Role of Outside Directors in Private Firms

Gao, Huasheng - 2018

We examine the board composition and the role of outside directors in U.S. private firms. We find that compared with public firms, private firms have a higher proportion of outside directors on the boards and select their outside directors in a more responsive way to their advisory and...

Persistent link: https://www.econbiz.de/10012938168

Agency Conflicts for Outside Directors During CEO Selection

Nagel, Gregory Leo - 2018

This paper shows outside directors have an increased chance of obtaining new positions (CEO, COB, directorships) during a CEO turnover year in firms that hire a CEO externally. The new positions are determined by outside directors' CEO hiring source choice (internal or external), not their...

Persistent link: https://www.econbiz.de/10012938304