Corporate Opportunity Waiver (COW) laws permit firms to suspend fiduciary duties related to corporate opportunities. Fich, Harford, and Tran (2023) argue that these laws reduced firm innovation and lowered corporate valuation for research-intensive firms. However, we find that over 90% of the...

This study investigates how greenwashing affects firm value and whether corporate governance can mitigate its negative impact. The analysis is based on 760 companies in the energy, basic materials, and industrial sectors in Indonesia during 2020-2024. Moderated regression analyses using a random...

This thesis represents a qualitative study analyzing a comprehensive interview dataset of long-standing target executives, investment bankers, and activist specialists to improve our understanding of the effects of hedge fund activism on target firms. Hedge funds possess a broad set of tools to...

Does shareholder visibility affect firms' prosocial behavior? What implications for other shareholders? Exploiting quasi-experimental variation from media coverage around Annual General Meetings and major crises (COVID-19 pandemic and Russian invasion of Ukraine), we show that prominent...

From where does management acquire its authority to act in the name of the corporation? The orthodoxy that shareholders alone authorise management is frequently criticised for treating the corporation as the property of shareholders, rather than as a distinct legal person in its own right...

This paper investigates the determinants influencing banks’ decisions to disclose P&L misconduct-related charges and assesses the extent to which these P&L charges can predict future misconduct penalty announcements. Previous research has largely focused on the penalty announcements as the...

Bonus banks are multiyear performance plans for deferring bonus payments and enhancing pay‐for‐performance by facilitating downward corrections of bonuses. These compensation schemes have become widely accepted among practitioners and regulators in recent years with the aim to reduce...

This study examines the impact of mergers and acquisitions (M&As) on the financial performance of firms listed in Germany's DAX 40 index. Although M&As are a widely used strategic tool intended to create value through synergies and market expansion, existing research provides conflicting...

Recent international studies on CEO pay in Europe, Japan, and South Korea reveal significant differences from the U.S. in the use and effectiveness of equity-based CEO compensation, raising questions about the ability of conventional contracts based on agency theory to align with actual CEO...

This paper investigates the relative and incremental information content of KPMG's recently developed metric for shareholder value creation: earnings less risk-free interest charge (ERIC). We assess if ERIC has a better ability to predict stock returns than earnings, cash flow from operations...

This study looks into a theoretical model exploring the effects of ownership shares and directors’ proportions as majority shareholders on earnings management. Furthermore, the primary objective of this research is to investigate the moderating role of board meeting frequency between ownership...

I collect 1,186 reported estimates of long-run value creation from 49 studies and present the first meta-analysis of the literature on shareholder activism and its effect on firm value in the longrun. This synthesis is necessary because shareholder activism is increasing over time and across...

The central task of contemporary strategic management is to look for sources of value and to achieve above- average firm performance. The effective implementation of a value creation strategy requires a comprehensive approach, including the creation of a systemic management structure aimed at...