The prevailing agency theory framework in executive compensation studies highlights the conflict of interest between managers and shareholders. Our study extends the literature by examining the incorporation of debt-related performance metrics (DPMs), such as credit ratings and debt-to-EBITDA...

We examine a specific channel through which director connectedness may improve monitoring: financial reporting quality. We find that the connectedness of independent, non-co-opted audit committee members has a positive effect on financial reporting quality and accounting conservatism. The effect...

Conventional wisdom suggests that family shareholders should exit their large, concentrated equity stakes in publicly-traded firms and seek benefits arising from diversification. To provide insights into families' puzzling investment decision, we consider a model with risk - and ambiguity -...