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This study aims at (1) developing an index to measure CEO risk tolerance using publicly available data, and (2) examining the association between this index and investment in risky projects. Using relative pay-at-risk as a proxy for risk preference (tolerance) is a new proposition and is...
Persistent link: https://www.econbiz.de/10013006448
This study examines whether and how female directors enhance innovation performance. Based on a sample of U.S. firms … innovation output and productivity. Our results show that a higher number of female directors are associated with higher … innovation output (measured by the sensitivity of patents and patent citations to R&D) and higher R&D productivity (measured by …
Persistent link: https://www.econbiz.de/10013237113
competitive markets and are a good match for firms' innovation-based competition strategy …
Persistent link: https://www.econbiz.de/10013213645
We provide evidence that CEO equity incentives, especially stock options, influence stock liquidity risk via information disclosure quality. We document a negative association between CEO options and the quality of future managerial disclosure policy. Contributing to the literature on CEO...
Persistent link: https://www.econbiz.de/10011963233
Influenced by their compensation plans, CEOs make their own luck through decisions that affect future firm risk. After adopting a relative performance evaluation (RPE) plan, total and idiosyncratic risk are higher, and the correlation between firm and industry performance is lower. The opposite...
Persistent link: https://www.econbiz.de/10011968863
governance policies, such as managerial pay, and curbing competition. We study a model where managers can exert unobservable cost …
Persistent link: https://www.econbiz.de/10011734901
, faster new product introductions, and more novel new product introductions. For new product managers, these results carry …
Persistent link: https://www.econbiz.de/10014198604
&D) department and central management, conflict alleviation and the choice of ‘open’ versus ‘closed’ innovation, in the context of a …’) innovation approach, may help serve the twin purpose of shifting constraints to growth and increasing firm profitability, by …
Persistent link: https://www.econbiz.de/10014205958
This paper examines whether CEOs with shorter initial contract lengths suffer from greater pressure and consequently engage in more visible efforts via mergers and acquisitions (M&As). By using CEO initial fixed-term contracts and exploiting U.K. corporate governance reform as an exogenous...
Persistent link: https://www.econbiz.de/10013240457
This paper asks whether adversity spurs the introduction of process innovations and increases the use of managerial incentives by firms. Using a large panel data set of workplaces in Canada, our identification strategy relies on exogenous variation in adversity arising from increased border...
Persistent link: https://www.econbiz.de/10010352076