We find that Chinese CEOs with foreign experience tend to engage less in related-party transactions. This result holds through various analyses, including firm-fixed effects model estimations, propensity score matching, and instrumental variable regressions. The effect of CEO foreign experience...

In this study, we investigate whether and how trust between board members and the CEO (board–CEO trust) affects the performance of mergers and acquisitions. Contrary to conventional wisdom, we find that firms with higher levels of board–CEO trust exhibit poor M&A performance. High trust is...

Financial contracts are strongly influenced by the perception that transacting parties have of each other. Hence, if contracting counterparties such as banks perceive that there is a difference in the likelihood that CEOs with conservative and liberal political orientation will discharge their...

We examine the relation between organizational structure (public vs private) and managerial turnover in a large sample of U.S. offered mutual funds. Consistent with the hypothesis that publicly traded firms focus more on shorter term performance, we find that public sponsors are more sensitive...