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This paper explores how motivating an incumbent CEO to make investments that improve the effectiveness of the firm organization under his management interacts with the replacement policy of the board of directors. We characterize the optimal compensation package (including severance pay) under...
Persistent link: https://www.econbiz.de/10005123708
This paper provides empirical evidence consistent with the facts that (1) social networks may strongly affect board composition and (2) social networks may be detrimental to corporate governance. Our empirical investigation relies on a unique dataset on executives and outside directors of...
Persistent link: https://www.econbiz.de/10005124038
In this Paper we analyse the impact of product market competition and ownership structure on corporate performance. We … the separate effects of competition and ownership concentration on firm level productivity growth. Next, we investigate … bias that could affect the productivity levels and productivity growth. Our results show that product market competition …
Persistent link: https://www.econbiz.de/10005661646
; corporate governance; market structures and competition; and financial constraints. We conclude that private ownership and …
Persistent link: https://www.econbiz.de/10005666814
I analyse the effects of competition on R&D effort (in a non-tournament context) and obtain robust results that hold … either price or quantity competition. The approach encompasses models of direct investment to reduce costs as well as models … where cost reduction arises because the agency problem between managers and owners in an asymmetric information context (X …
Persistent link: https://www.econbiz.de/10005791300
foreign and domestic competition, the consequences of soft budgets, and the role of managerial incentives and managerial human …
Persistent link: https://www.econbiz.de/10005504282
We assess the influence of competition and capital regulation on the stability of the banking system. We particularly … competitive environment affect bank monitoring choices and the effectiveness of capital regulation? Our approach deviates from the … requirements can lead to more entry into banking, essentially by reducing the competitive strength of lower quality banks. We also …
Persistent link: https://www.econbiz.de/10005666421
instrument for addressing the agency problem between managers and shareholders but also as part of the agency problem itself … managers. As a result, managers wield substantial influence over their own pay arrangements, and they have an interest in … reducing the saliency of the amount of their pay and the extent to which that pay is de-coupled from managers’ performance. We …
Persistent link: https://www.econbiz.de/10005662270
increase further in the future. Our findings have significant implications for corporate governance, regulatory competition …
Persistent link: https://www.econbiz.de/10005123946
constraints that act on these processes, leave managers with considerable power to shape their own pay arrangements. Examining the …
Persistent link: https://www.econbiz.de/10005114260