This study extends the literature of open-market share repurchases by detailing the role of the agency problem on the information content of repurchase announcements, the actual buyback, and the subsequent operating performance of repurchasing firms. It uses management ownership to measure the...

The aim of this paper is to extend the empirical literature on the determinants of a board composition, specifically why family members participate in board of directors. Although both socioemotional wealth approach and agency theory use family-oriented objectives as an important dimension to...

This paper seeks to provide theoretical foundations to address the effects of the asymmetric information inherent to contractual relationships between teams and players in professional team sports. Particularly, a Shapiro-Stiglitz efficiency model version along with Rosen’s insight about...

This paper aims to investigate the effects performance-based compensation and autonomy on satisfaction with pay in the context of team working. I develop a complex perspective that considers the influence of different monetary and non-monetary rewards on satisfaction with pay. Drawing from the...

El objetivo de la presente investigación es explicar el proceso de formación de la reputación corporativa y, justificar, no sólo la contribución de este activo a la creación de valor, sino además la relación inversa, la repercusión que el valor de la empresa y su reparto tienen sobre el...

Dividend policy is one of the most intriguing topics in financial research. Even now, economists provide considerable attention and thought to solving the dividend puzzle, resulting in a large number of conflicting hypotheses, theories and explanations. This paper aims to determine the dividend...

We examine how firms redraw their boundaries after acquisitions using plant-level data. We find that there is extensive restructuring in a short period following mergers and full-firm acquisitions. Acquirers of full firms sell 27% and close 19% of the plants of target firms within three years of...

We examine a vertical integration decision within the commercial banking industry. During the last quarter of the 20th century, some community banks reduced their traditional reliance on correspondent banks for upstream products and services by joining bankers' banks, a form of business...

Investments in R&D can influence a firm's ability to develop new products and to create and adopt innovative technologies that may enhance productivity. However, due to uncertainty regarding the outcome, investments in R&D may lead to an agency problem between the owners and the managers of a...

The widespread practice of earnings management adversely impacts the quality of financial reports and increases information asymmetries between owners and managers. The present study investigates the effect of shareholder activism (as expressed by the proxy proposals sponsored by shareholders),...