We find that a new compensation disclosure item on expected payouts from performance-based stock grants contains incremental information of a firm's future performance. Firms that disclose the most optimistic expected payment significantly outperform over the next two years, while the least...

Extant research examines the extent to which bankruptcy has intra-industry valuation consequences. This study broadens the investigation by examining the wealth effects of distress and bankruptcy filing for suppliers and customers of filing firms. On average, important wealth effects occur prior...

Motivated by the dual agency environment in founding family firms, we examine how family firms provide compensation incentives to nonfamily executives. Nonfamily executives receive weaker risk-taking incentives and pay-for-performance incentives when family ownership is high and when family...

We examine how incentive compensation for nonfamily executives in family firms differs from incentive compensation for executives in nonfamily firms. Nonfamily executives in family firms receive significantly less performance-based pay and equity-based pay. Family monitoring, risk aversion, and...

We use a hand-collected sample of 1,628 S&P 1500 firms and more than 12,000 executives to examine how family firms compensate nonfamily executives. Family firms comprise a large percentage of firms around the world, and most of their executives are not members of the founding family. Moreover,...

In order to cope with the increasingly severe air pollution problem around the world, all countries have adopted corresponding environmental regulation policies, which will further affect the green behavior and performance of micro enterprises. In this paper, we use the panel data of Chinese...