Focusing on the Spanish setting, characterized by high ownership concentration and a regulatory framework that traditionally has given more priority to the avoidance of proprietary and competition costs related to disclosure than to promoting transparency, this paper aims to identify the main...

Interlocking directorships are a pervasive element of the corporate landscape. Academic literature documents many examples of spreading business practices and strategic outcomes through this form of inter-organizational connectedness. Yet, the findings on the long debated relationship between...

This study investigates whether information about Chief Executive Officer (CEO) incentives is useful for predicting future earnings. We find that in companies with higher CEO equity incentives, current year earnings are more informative of future earnings than in other companies. Additionally,...

This paper argues that conflicting incentives among managers may impede potential knowledge-sharing benefits from vertical integration. I study knowledge-based agency costs from vertical integration in car leasing, where manufacturer-owned captive lessors compete with independent lessors. Both...

Since 1989 and the regionalization of public transports in Belgium, the Société des transports intercommunaux de Bruxelles (STIB), i.e. the public operator of urban transport in Brussels, has undergone many changes, both structural and organizational. Meanwhile, the company has managed to...

Are there country-level differences in the use of pay-for-performance in executive compensation contracts? We investigate how formal country-level institutions affect pay-for-performance directly and if institutions have a moderating effect on the relation between ownership structure and...

Common reasons mentioned for a firm's internationalization are related to advantages for the firm. However, if firms are conceptualized as political coalitions, this view does not seem to be sufficient to explain why and to what extent firms internationalize. A principal-agent theoretical...

This study evaluates the impact of family ownership on the firm’s performance during 2004 and 2009 considering a sample of 29 manufacturing firms listed at KSE-100 index in the Pakistani capital market. The dependent variable is performance which is measured by Return on Asset (ROA), Return on...

Drawing from relational exchange, dependence, and agency theories the authors explain that it is not only the type of governing mechanisms but also the proper sequencing of them that improves a manufacturer-distributor relationship and performance. Dependence affected relationship continuity...

This paper reconsiders the issue of share price reactions to dividend announcements. Previous papers rely almost exclusively on a naive dividend model in which the dividend change is used as a proxy for the dividend surprise. We use the difference between the actual dividend and the analyst...