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Shareholder Primacy and the Trajectory of UK Corporate Governance

Armour, John; Deakin, Simon; Konzelmann, Suzanne J. - ESRC Centre for Business Research - 2003

Core institutions of UK corporate governance, in particular those relating to takeovers, board structure and directors’ duties, are strongly orientated towards a norm of shareholder primacy. Beyond the core, in particular at the intersection of insolvency and employment law, stakeholder...

Persistent link: https://www.econbiz.de/10005687992

The cost of sin: The effect of social norms on audit pricing

Leventis, Stergios; Hasan, Iftekhar; Dedoulis, Emmanouil - Suomen Pankki - 2013

In this paper we provide evidence for the effects of social norms on audit pricing by studying companies belonging to the alcohol, firearms, gambling, military, nuclear power, and tobacco industries, which are often described as “sin” companies. We hypothesize that the disparities between...

Persistent link: https://www.econbiz.de/10010818972

Professors in the boardroom and their impact on corporate governance and firm performance

Francis, Bill B.; Hasan, Iftekhar; Wu, Qiang - Suomen Pankki - 2014

investigates the effects of academic directors on corporate governance and firm performance. We find that companies with directors … from academia are associated with higher performance and this relation is driven by professors without administrative jobs …. Specifically, our results show that the presence of academic directors is associated with higher acquisition performance, higher …

Persistent link: https://www.econbiz.de/10010818982

Descriptive analysis of Finnish equity, bond and money market returns

Nyberg, Peter; Vaihekoski, Mika - Suomen Pankki - 2011

This paper gathers the longest available historical monthly return series for the Finnish equity, bond and money markets as well as inflation. The series are analysed to calculate the statistical characteristics of the returns investors would have received in these markets. We also survey...

Persistent link: https://www.econbiz.de/10009643485

Globalisation and Its Impact on Competitiveness: the Case of the British and German Pharmaceutical Industry

Lane, Christel; Probert, Jocelyn - ESRC Centre for Business Research - 2003

This paper assesses the degree of financial and economic globalisation of British and German pharmaceutical companies during 1990 and 2001 and explores the changing balance between globalisation and national embeddedness. It tries to explain both the much lower degree of globalisation of German...

Persistent link: https://www.econbiz.de/10005549425

Central bank institutional structure and effective central banking: cross-country empirical evidence

Hasan, Iftekhar; Mester, Loretta - Suomen Pankki - 2008

pointing out the potential role institutional form can play in central bank performance, little empirical work has been done to … investigate the hypothesis that institutional form is related to performance. This paper attempts to help fill this void. …

Persistent link: https://www.econbiz.de/10005648956

Inequity Aversion in Tournaments

Demougin, Dominique; Fluet, Claude - Centre Interuniversitaire sur le Risque, les Politiques … - 2003

We consider the cost of providing incentives through tournaments when workers are inequity averse and performance … envy depending on the costs of assessing performance. More envious employees are preferred when these costs are high, less …

Persistent link: https://www.econbiz.de/10005696268

Social Networks and Peer Effects at Work

Beugnot, Julie; Fortin, Bernard; Lacroix, Guy; … - Centre Interuniversitaire sur le Risque, les Politiques … - 2013

This paper extends the standard work effort model by allowing workers to interact through networks. We investigate experimentally whether peer performances and peer contextual effects influence individual performances. Two types of network are considered. Participants in Recursive networks are...

Persistent link: https://www.econbiz.de/10010687449

Explaining the Structure of CEO Incentive Pay with Decreasing Relative Risk Aversion

Chaigneau, Pierre - Centre Interuniversitaire sur le Risque, les Politiques … - 2012

It is established that the standard principal-agent model cannot explain the structure of commonly used CEO compensation contracts if CRRA preferences are postulated. However, we demonstrate that this model has potentially a high explanatory power with preferences with decreasing relative risk...

Persistent link: https://www.econbiz.de/10010615162

Peer Pressure, Incentives, and Gender: an Experimental Analysis of Motivation in the Workplace

Bellemare, Charles; Lepage, Patrick; Shearer, Bruce - Centre Interuniversitaire sur le Risque, les Politiques … - 2009

We present results from a real-effort experiment, simulating actual work-place conditions, comparing the productivity of workers under fixed wages and piece rates. Workers, who were paid to enter data, were exposed to different degrees of peer pressure under both payment systems. The peer...

Persistent link: https://www.econbiz.de/10005015232