The Sarbanes-Oxley Act (SOX) provides a natural experiment for examining how stock ownership and executive pay structure adapt to a change in regulatory environment. Using annual compensation data of Samp;P 1500 firms in 1994-2005, we examine the impact of SOX on stock ownership and...

Purpose – The purpose of this paper is to investigate the impact of the Sarbanes-Oxley Act (SOX) on market-based measures of earnings quality and cost of capital. Design/methodology/approach – The paper uses empirical data to determine measures for the market's perception of earnings quality...

Purpose – Research has shown that firms successfully pursuing either a cost leadership or a differentiation strategy are better able to gain competitive advantages over other firms and accordingly achieve superior performance. Thus, if firms actually do realize superior performance based on...

We investigate the relationship between firm strategy and the use of performance measures in executive compensation. Our analysis shows that there is an increased emphasis on sales in the determination of executive compensation for firms pursuing a cost leadership strategy, which seek to achieve...

This book argues that the capacity of a country to develop, and the levels of economic and social development achieved, depend more on the institutional parameters within which the development policies are implemented than on the policies themselves. It contends that forces of globalisation...