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Author: Markus Schmid Publisher: ISBN: Category : Languages : en Pages : 24
Book Description
We investigate the valuation effects of leadership structure in Switzerland where, in contrast to the U.S., a separation of the CEO and chairman functions is common. Consistent with the majority of prior research focusing on the U.S., we find no evidence of a systematic and significant difference in valuation between firms with combined and firms with separated functions. We also investigate whether leadership structure is related to firm-level corporate governance characteristics and find a similar curvilinear relationship between leadership structure and managerial shareholdings as is observed between firm value and managerial shareholdings. A possible interpretation is that agency costs associated with a combined function are mitigated by a higher incentive alignment of the CEO/chairman through an adequate level of managerial shareholdings.
Author: Markus Schmid Publisher: ISBN: Category : Languages : en Pages : 24
Book Description
We investigate the valuation effects of leadership structure in Switzerland where, in contrast to the U.S., a separation of the CEO and chairman functions is common. Consistent with the majority of prior research focusing on the U.S., we find no evidence of a systematic and significant difference in valuation between firms with combined and firms with separated functions. We also investigate whether leadership structure is related to firm-level corporate governance characteristics and find a similar curvilinear relationship between leadership structure and managerial shareholdings as is observed between firm value and managerial shareholdings. A possible interpretation is that agency costs associated with a combined function are mitigated by a higher incentive alignment of the CEO/chairman through an adequate level of managerial shareholdings.
Author: Stanislav Shekshnia Publisher: Springer ISBN: 9811331979 Category : Business & Economics Languages : en Pages : 250
Book Description
This book represents the first cross-country study of the work of board chairs in Europe. It includes unique data collected through interviews with almost 200 experienced board chairs and their key stakeholders – board members, CEOs and shareholders. The book focuses on what board leaders actually do, rather than what they should do, and elaborates on a conceptual contingency framework for understanding chairs’ work in Europe. This includes a comprehensive list of chair practices – iterative behaviour strategies for getting things done, comparisons of contexts for chairs’ work and practices among nine countries, and identification of cross-European and country-specific trends that will shape the work of board leaders in the next decade. The book will benefit incumbent and future chairs, directors, shareholders, CEOs, executives and regulators in developing a systemic understanding of the work of a chair in the European business context and gaining insights into how the leader of the board deals with specific challenges.
Author: Andreas M. Fleckner Publisher: Cambridge University Press ISBN: 1107355117 Category : Law Languages : en Pages : 1252
Book Description
The business corporation is one of the greatest organizational inventions, but it creates risks both for shareholders and for third parties. To mitigate these risks, legislators, judges, and corporate lawyers have tried to learn from foreign experiences and adapt their regulatory regimes to them. In the last three decades, this approach has led to a stream of corporate and capital market law reforms unseen before. Corporate governance, the system by which companies are directed and controlled, is today a key topic for legislation, practice, and academia all over the world. Corporate scandals and financial crises have repeatedly highlighted the need to better understand the economic, social, political, and legal determinants of corporate governance in individual countries. Comparative Corporate Governance furthers this goal by bringing together current scholarship in law and economics with the expertise of local corporate governance specialists from twenty-three countries.
Author: Intan Marzita Saidon Publisher: Springer Nature ISBN: 9811518807 Category : Business & Economics Languages : en Pages : 191
Book Description
This book brings together research works, ideas, critical reviews and strategic proposals encompassing various ethical and corporate governance issues in workplaces and organizations around the globe. For the most part, organizations are managed by policies, guidelines and systems. Good ethics and solid corporate governance help to tie these three elements together so that an effective and successful organization is established. Alongside corporate governance, ethics play an integral role in ensuring the long term survival of businesses. Multidisciplinary in approach, this book provides a platform for scholars and researchers from various backgrounds and interdisciplinary expertise to showcase their research work, ideas, critical review and strategic proposals on the ethical aspects, governance and risk management issues in organizations. The book includes discussions of ethical issues in a variety of organizations around the globe including the non-profit and non-governmental sector and also provides readers with ideas, guidelines and strategic recommendations for handling such issues.
Author: Coral Ingley and James Lockhart Publisher: Academic Conferences and Publishing Limited ISBN: 1910309850 Category : Business & Economics Languages : en Pages : 342
Book Description
The conference committee encourages contributions on this wide range of topics through the use of a variety of rigorous approaches, including theoretical and empirical papers employing qualitative, quantitative and critical methods. Action-based research, case studies and work-in-progress/posters are enthusiastically welcomed. PhD research, proposals for roundtable discussions, practitioner contributions and product demonstrations based on the conference themes are also invited.
Author: Publisher: ISBN: Category : Languages : en Pages :
Book Description
The study at hand explores the application of the concept of CEO duality in Swiss firms developed since the publication of the several corporate governance reports around the turn of the century, in particular the Swiss Code of Best Practice for Corporate Governance and the Sarbanes-Oxley Act, both of which were published in the year of 2002. It uses a logistic regression to analyse the 258 firms listed at the Swiss Performance Index between 2003 and 2014. It finds support for the hypothesis that small and medium-sized firms are more likely to have a unified leadership structure based on their size-dependent characteristics. Based on the results of a multiple regression conducted in a second step, it further finds that having a CEO who is simultaneously chairman of the board tends to cause said firms to experience lower growth rates, supporting agency theory in showing that CEO duality affects firm performance negatively. Nevertheless, the results obtained suggest that having the CEO on the board is indeed helpful, just not in the key role of the chairman.
Author: Dora Vell Publisher: Vell Executive Search Inc. ISBN: 0980249449 Category : Business & Economics Languages : en Pages : 65
Book Description
How to structure the leadership of large corporations - and specifically whether to split or combine the roles of Chairman and CEO - remains an active and often controversial question.Under recent shareholder pressure, Walt Disney Company preemptively amended its corporate governance guidelines to require the board of directors to provide annual justification whenever the roles are combined, as they currently are. At Disney and an increasing number of major corporations, the board is obligated to revisit the structure question on a regular basis.One of a board's most fundamental responsibilities is putting in place the best leadership team possible, and there's no easy answer to the structure question. The trend is toward splitting the Chairman and CEO roles, as activist shareholders and corporate governance monitors generally prefer. But there are very successful companies with firm allegiance to keeping the roles combined. And less successful companies have compounded their business problems by changing the structure at each wrong turn.In order to cast new and up-to-date light on the question of whether and when to change the Chairman-CEO structure, we studied the experience of the Fortune 100 over the last decade and more. In this report we share our observations, conclusions, and recommendations regarding leadership structure, including the increasingly important role of independent Lead Director whenever the Chairman and CEO roles are combined. I hope you find this report informative and useful, and welcome the opportunity to discuss its findings and implications.
Author: Sarah Bassam Awad Publisher: GRIN Verlag ISBN: 3656067708 Category : Business & Economics Languages : en Pages : 53
Book Description
Essay from the year 2010 in the subject Business economics - Business Management, Corporate Governance, grade: ''-'', University of Essex (Essex Business School), course: Cases in Corporate Governance, language: English, abstract: The author's opinion and arguments regarding the duality of power within a company, citing evidence relevant for each parties.
Author: Olubunmi Faleye Publisher: ISBN: Category : Languages : en Pages : 40
Book Description
Recent corporate scandals have led to renewed campaigns for governance reforms, including calls for the separation of CEO and chairman positions. This paper cautions that the push toward a common corporate leadership structure may be detrimental if differences in individual organizational circumstances affect the appropriateness of separating or combining chairman and CEO duties. I propose three hypotheses on firm characteristics that might explain leadership structure choice and test these hypotheses on a sample of 2,166 firms. I find that organizational complexity and CEO reputation increase the probability of vesting the two positions in the same individual. Similarly, CEO duality is more likely when insider ownership is relatively large and the board is small. These results suggest that firms do consider the costs and benefits of alternative leadership structures and that pushing all firms to separate CEO and chairman duties may be counterproductive.
Author: Markus Schmid
Author: Markus Schmid
Author: Stanislav Shekshnia
Author: Andreas M. Fleckner
Author: Intan Marzita Saidon
Author: Coral Ingley and James Lockhart
Author: 
Author: Dora Vell
Author: Sarah Bassam Awad
Author: Olubunmi Faleye
Author: Lex Donaldson