We examine whether involuntary CEO replacements pay off by improving firm prospects. We find CEO successors' acquisition investments to be associated with significantly higher shareholder gains relative to their predecessors and the average CEO. This improvement in post-turnover acquisition...

We develop a model of internal governance where the self-serving actions of top management are limited by the potential reaction of subordinates. We find that internal governance can mitigate agency problems and ensure firms have substantial value, even without any external governance. Internal...

This paper analyzes the independence of boards of directors as an optimally chosen, non-contractible behavior. A board behaves loyally to a CEO when it agrees to a negative NPV-project, giving the CEO private benefits. While the CEO benefits from competent directors because they help him make...

Many companies in Germany must provide information beyond financial figures in their annual reports. For some years now, legislators have increasingly required information on non-financial aspects, such as the shares of women in leadership positions. Using a quantitative text analysis of annual...

There was a significant increase in the number of women on executive boards of large companies in Germany from 2020 to 2021 after years of slow progress: In fall 2021, there were 139 women on the executive boards of the 200 largest companies, 38 more than in 2020. This is an increase of a good...

This second report in the DIW Berlin Women Executives Barometer 2022 explores the designs and effects of gender quotas across Europe, coming to the conclusion that they are an effective instrument for increasing the share of women in top positions at large companies. Furthermore, the quotas...

The upward trend in women’s representation on executive and supervisory boards of major companies in Germany continued in 2022, although the overall momentum has slowed yet again. Growth on executive boards in particular has slowed, as the most recent DIW Berlin Women Executives Barometer...

In 2024, the share of women on the top decision-making boards of the largest companies in Germany increased. A solid 19 percent of all executive board members at the 200 largest companies are now women, and almost 26 percent of members at the 40 largest listed companies are women. The financial...

Over the past year, the proportion of women serving on the executive and supervisory boards of the top 100 largest banks in Germany rose slightly to almost nine and 23 percent, respectively. However, growth has come to a halt in the 60 largest insurance companies: on both executive and...