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Ownership Reform, State Ownership, Corporate Governance, and Agency Costs : The Case of Chinese Listed Companies

Vijayakumaran, Ratnam - 2019

corporate governance mechanisms and agency costs for Chinese listed firms. Based on a large panel of Chinese listed firms, we … effective governance mechanisms to reduce agency costs only for private-controlled firms in the post reform period. Therefore …, our study concludes that the effectiveness of corporate governance mechanisms differ between state and private controlled …

Persistent link: https://www.econbiz.de/10012867655

Do CEOs make their own luck? : relative versus absolute performance evaluation and firm risk

Wruck, Karen H.; Wu, Yi Lin - 2017 - Current Draft: 10/5/17

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

An Agency Cost Approach to Public Sector Corruption

McKoy, Derrick V. - 2007

There is an identifiable and distinct body of law and administrative regulations on state enterprise governance … the emerging regime on anticorruption and state enterprise governance …

Persistent link: https://www.econbiz.de/10012728857

Insider Trading Activity, Tenure Length, and Managerial Compensation

Inci, A. Can - 2016

In this study, insider trading activity is used as part of a managerial compensation structure. The wage structure changes with the tenure duration of the insider. Managers with shorter tenure rely more on insider profits as part of their compensation. On the other hand, managers with longer...

Persistent link: https://www.econbiz.de/10013001353

Specific Knowledge and Performance Measurement

Raith, Michael - 2008

I examine optimal incentives and performance measurement in a model where an agent has specific knowledge (in the sense of Jensen and Meckling) about the consequences of his actions for the principal. Contracts can be based both on "input" measures related to the agent's actions, and an "output"...

Persistent link: https://www.econbiz.de/10014047410

Private Information and Performance Measurement Bias with Multiple Agents

Rothenberg, Naomi - 2015

This paper studies the effect of performance measurement error and bias on the principal's choice of whether to appoint a supervisor who signals private, pre-decision, productivity information to a subordinate. Without a supervisor, both agents are privately informed and relative performance...

Persistent link: https://www.econbiz.de/10013036616

Optimal Information Asymmetry and Team Performance Measurement

Rothenberg, Naomi - 2010

This paper studies the effect of agents’ access to pre-decision information, depending on whether only group performance is rewarded or individual performance is rewarded. Pre-decision information only affects agents’ incentives, which in turn depend on the type of performance evaluation...

Persistent link: https://www.econbiz.de/10014192463

Interim Performance Measures and Private Information

Hofmann, Christian; Rothenberg, Naomi - 2014

This study investigates whether having an upstream or downstream agent privately observe an interim performance measure and disseminating this measure to the other agent is valuable to the principal. The signal is informative about the upstream agent’s action and positively correlated with...

Persistent link: https://www.econbiz.de/10014042852

CEO Duality and Corporate Stewardship : Evidence from Takeovers

Ghazal, Victor - 2015

Many scholars have been quick to criticize the merits of CEO duality, a situation where a company's Chief Executive Officer is also the Chairman of the Board, by claiming that CEO duality undermines the board's ability to effectively monitor and constrain self-interested CEOs. These criticisms...

Persistent link: https://www.econbiz.de/10013021327

Agency Costs, Ownership, and Internal Governance Mechanisms : Evidence From Chinese Listed Companies

Vijayakumaran, Ratnam - 2019

In recent years, there has been an increasing interest in assessing the effectiveness of corporate governance in China …. This paper examines the impact of internal governance mechanisms such as ownership structure and board characteristics and … debt financing work as effective corporate governance mechanisms for Chinese listed firms to mitigate agency conflicts and …

Persistent link: https://www.econbiz.de/10012894146