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Author: Bang Dang Nguyen Publisher: ISBN: Category : Languages : en Pages : 32
Book Description
This paper investigates whether ownership structure and board characteristics determine CEO turnover in a sample of largest French-listed firms from 1994 to 2001. The results show that CEO turnover is negatively and significantly related to prior accounting and stock performance. Controlling for prior performance, ownership structure, and characteristics of boards of directors impacts the sensitivity of CEO turnover to prior performance. Firms with blockholders, high government ownership, two-tier boards, and larger boards are less likely to dismiss CEOs for poor performance. Institutional investors, and their co-existence with large blockholders, do not impact the sensitivity of CEO turnover to prior performance.
Author: Bang Dang Nguyen Publisher: ISBN: Category : Languages : en Pages : 32
Book Description
This paper investigates whether ownership structure and board characteristics determine CEO turnover in a sample of largest French-listed firms from 1994 to 2001. The results show that CEO turnover is negatively and significantly related to prior accounting and stock performance. Controlling for prior performance, ownership structure, and characteristics of boards of directors impacts the sensitivity of CEO turnover to prior performance. Firms with blockholders, high government ownership, two-tier boards, and larger boards are less likely to dismiss CEOs for poor performance. Institutional investors, and their co-existence with large blockholders, do not impact the sensitivity of CEO turnover to prior performance.
Author: Steen Thomsen Publisher: Djøf Forlag ISBN: 8771983058 Category : Business & Economics Languages : en Pages : 415
Book Description
Corporate Governance and Board Decisions takes the reader on an exciting journey through the principles and practice of corporate governance. Written by two internationally respected experts, this book explains how corporate governance contributes to value creation for both business and society, and how transparency, checks and balances, incentive alignment, and stewardship are essential when trying to reduce decision errors and opportunism. This advanced introduction is aimed at master’s level courses in corporate governance. It addresses students who wish to understand both corporate governance and the directors who practice it. It combines academic rigor with practical recommendations in an informal style. Corporate Governance and Board Decisions is a thoroughly revised and updated replacement of Corporate Governance: Mechanisms and Systems (2012).
Author: Sabri Boubaker Publisher: ISBN: Category : Languages : en Pages : 40
Book Description
This study investigates the effects of some characteristics of the French corporate governance model - deemed to foster entrenchment and facilitate private benefits extraction - on the extent of analyst following. The results show that analysts are more likely to follow firms both with high discrepancy level between ownership and control and those controlled through pyramiding. These findings provide empirical support to the argument that minority shareholders value private information on firms with high expropriation likelihood, asking thence for more analyst services. Additional findings show that analysts are reticent to follow firms managed by controlling family members. This is, in part, explained by these firms' reliance on private communication channels rather than public disclosure, producing a poor informational environment.
Author: Ismail Lahlou Publisher: Springer ISBN: 3030050173 Category : Business & Economics Languages : en Pages : 204
Book Description
Corporate governance, a subject that a few decades ago escaped the attention of all but a handful of academics and shareholders, has gradually become a central concern worldwide. This book contributes to the existing literature on the structure and effectiveness of corporate boards. It comprises three topics that address distinct research questions on board structure, the deployment of board resources to monitoring and advisory duties, and the use of equity-based incentives in the compensation packages of directors. Firstly, the book provides strong new evidence on the importance of corporate board functions in value creation. Secondly, it provides some evidence of the potential conflict between the two primary functions of corporate boards. The results indicate that while the board’s advising quality weakens when the board is principally devoted to monitoring duties, the presence of advisory directors on the board does not have any impact on the effectiveness of board oversight, which offers a more complete view on the tradeoffs between the board’s two major functions. Finally, the results suggest that the closer directors' compensation is tied to the firm's stock, the more consistent corporate acquisition decisions are with shareholder interests.
Author: David G Collings Publisher: Oxford University Press ISBN: 0191075841 Category : Business & Economics Languages : en Pages : 584
Book Description
The Oxford Handbook of Talent Management offers academic researchers, advanced postgraduate students, and reflective practitioners a state-of-the-art overview of the key themes, topics, and debates in talent management. The Handbook is designed with a multi-disciplinary perspective in mind and draws upon perspectives from, inter alia, human resource management, psychology, and strategy to chart the topography of the area of talent management and to establish the base of knowledge in the field. Furthermore, each chapter concludes by identifying key gaps in our understanding of the area of focus. The Handbook is ambitious in its scope, with 28 chapters structured around five sections. These include the context of talent management, talent and performance, talent teams and networks, managing talent flows, and contemporary issues in talent management. Each chapter is written by a leading international scholar in the area and thus the volume represents the authoritative reference for anyone working in the area of talent management.
Author: Jennifer Francis Publisher: Now Publishers Inc ISBN: 1601981147 Category : Business & Economics Languages : en Pages : 97
Book Description
This review lays out a research perspective on earnings quality. We provide an overview of alternative definitions and measures of earnings quality and a discussion of research design choices encountered in earnings quality research. Throughout, we focus on a capital markets setting, as opposed, for example, to a contracting or stewardship setting. Our reason for this choice stems from the view that the capital market uses of accounting information are fundamental, in the sense of providing a basis for other uses, such as stewardship. Because resource allocations are ex ante decisions while contracting/stewardship assessments are ex post evaluations of outcomes, evidence on whether, how and to what degree earnings quality influences capital market resource allocation decisions is fundamental to understanding why and how accounting matters to investors and others, including those charged with stewardship responsibilities. Demonstrating a link between earnings quality and, for example, the costs of equity and debt capital implies a basic economic role in capital allocation decisions for accounting information; this role has only recently been documented in the accounting literature. We focus on how the precision of financial information in capturing one or more underlying valuation-relevant constructs affects the assessment and use of that information by capital market participants. We emphasize that the choice of constructs to be measured is typically contextual. Our main focus is on the precision of earnings, which we view as a summary indicator of the overall quality of financial reporting. Our intent in discussing research that evaluates the capital market effects of earnings quality is both to stimulate further research in this area and to encourage research on related topics, including, for example, the role of earnings quality in contracting and stewardship.
Author: Benjamin Hermalin Publisher: Elsevier ISBN: 0444635408 Category : Business & Economics Languages : en Pages : 762
Book Description
The Handbook of the Economics of Corporate Governance, Volume One, covers all issues important to economists. It is organized around fundamental principles, whereas multidisciplinary books on corporate governance often concentrate on specific topics. Specific topics include Relevant Theory and Methods, Organizational Economic Models as They Pertain to Governance, Managerial Career Concerns, Assessment & Monitoring, and Signal Jamming, The Institutions and Practice of Governance, The Law and Economics of Governance, Takeovers, Buyouts, and the Market for Control, Executive Compensation, Dominant Shareholders, and more. Providing excellent overviews and summaries of extant research, this book presents advanced students in graduate programs with details and perspectives that other books overlook. - Concentrates on underlying principles that change little, even as the empirical literature moves on - Helps readers see corporate governance systems as interrelated or even intertwined external (country-level) and internal (firm-level) forces - Reviews the methodological tools of the field (theory and empirical), the most relevant models, and the field's substantive findings, all of which help point the way forward
Author: Andrea M. Maechler Publisher: International Monetary Fund ISBN: 1451874170 Category : Business & Economics Languages : en Pages : 47
Book Description
We bring to bear a hand-collected dataset of executive turnovers in U.S. banks to test the efficacy of market discipline in a 'laboratory setting' by analyzing banks that are less likely to be subject to government support. Specifically, we focus on a new face of market discipline: stakeholders' ability to fire an executive. Using conditional logit regressions to examine the roles of debtholders, shareholders, and regulators in removing executives, we present novel evidence that executives are more likely to be dismissed if their bank is risky, incurs losses, cuts dividends, has a high charter value, and holds high levels of subordinated debt. We only find limited evidence that forced turnovers improve bank performance.
Author: Dieter Bos Publisher: Oxford University Press on Demand ISBN: 9780198283690 Category : Business & Economics Languages : en Pages : 315
Book Description
The trend towards privatization has been particularly strong in the 1980s and 1990s. In the UK, some of the most important public utilities such as telecommunications, gas, and electricity have been privatized. Following unification, Germany is having to privatize an entire economy. This book examines the form of privatization, a topic which has not previously been subjected to rigorous economic analysis, and provides a comprehensive and thorough survey of arguments both for and against it. Both positive and welfare-economic approaches to deal with the complex problems of thetransition from public to private ownership are discussed. The author also examines the central issues of privatization such as why efficiency increases can be expected as a result of privatization, whether full privatization coupled with subsequent regulation is better than partial privatizationwith the government regulating from within the firm. He also looks at the role of trade unions in the privatization process.
Author: Bang Dang Nguyen
Author: Bang Dang Nguyen
Author: Steen Thomsen
Author: Sabri Boubaker
Author: Ismail Lahlou
Author: David G Collings
Author: Jennifer Francis
Author: Gregory Francesco Maassen
Author: Benjamin Hermalin
Author: Andrea M. Maechler
Author: Dieter Bos