Essays on Corporate Governance and Executive Compensation

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ISBN 13 :
Total Pages : 138 pages
Book Rating : 4.:/5 (951 download)

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Book Synopsis Essays on Corporate Governance and Executive Compensation by : Patrick Bernard Washington

Download or read book Essays on Corporate Governance and Executive Compensation written by Patrick Bernard Washington and published by . This book was released on 2016 with total page 138 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation is composed of three essays that study the interconnections between blockholders and CEO power, and the link between deferred compensation (inside debt) and financial performance/firm behavior. In the first chapter, I consider agency theory's prediction that a large shareholder, "blockholder," can serve as an effective governance mechanism when monitoring man- agers by reducing CEO dominance. However, not all blockholders are created equally. Inside blockholders with large equity stakes may be subject to CEO influence. Outside blockholders may not fear the same career concerns. Using a novel approach, I sepa- rate blockholders into insiders (officers & directors) and outsiders when considering their relationship to CEO power, which is proxied by the CEO Pay Slice (CPS). However, separating blockholders into outside and officer specifications reveals that director block- holders reduce CEO power. Economic theory suggests that firms with multiple classes of shares have weak governance structures. A significant difference in CEO dominance inside dual class share firms versus single class share firms has been documented. This paper expounds on previous research and shed's light on the effect of insiders' differential shareholder rights in dual class share firms. Evidence is provided that shows as insiders' percentage of voting rights increase then CEO power (CPS) decreases. Also, the results reveal that as insiders' percentage of cash flow rights increase then CEO power (CPS) increases. In the second chapter, I study recent literature's documentation that inside debt is widely used in executive compensation contracts. Prior research has only focused on the CEO's level of inside debt. However, the inner workings of the top executive team, and their importance for firm performance are difficult to observe and measure. In this essay, I aim to contribute to the subject by introducing new measures pertaining to the rela- tionship between the CEO and the other members of the top executive team, as well as studying the relation between these measures and the value, performance, and behavior of public firms. My novel measure is the Slice of CEO Inside Debt (SCID) -- the frac- tion of the aggregate deferred compensation (inside debt) of the top-five executive team captured by the CEO. The effects of total deferred compensation account balances, firm contributions, executive contributions, and earnings on deferred compensation accounts are examined with respect to SCID. This research provides evidence of increased CEO tenure (entrenchment) in relation to the earnings measure of SCID, reduced spending on research and development in relation to the earnings measure of SCID, increased spend- ing on capital expenditures in relation to the executive contributions measure of SCID, and a lower probability of bankruptcy in relation to the executive contributions measure of SCID. Also, this paper shows that as the CEO's slice of deferred compensation from firm contributions and executive contributions increases then firm liquidity, i.e. working capital, decreases. In the final chapter, I consider prior research that has shown firms with CEOs who have less power take less risk. Thus, theory suggests that reducing CEO power through the use of deferred compensation, "inside debt," should motivate executives to become more risk averse. This essay investigates the relationship between the Slice of CEO Inside- Debt (SCID) — the fraction of the aggregate deferred compensation (inside debt) of the top-five executive team captured by the CEO — and CEO power (CPS--CEO Pay Slice) and corporate social responsibility (CSR). The effects of firm contributions, executive contributions, and earnings on deferred compensation accounts are examined with respect to SCID in relation to CPS and CSR. This research provides evidence of increased CEO power by showing that firms with CEOs who contribute more money to their deferred compensation accounts relative to the total amount deferred by the top five executives, including the CEO, have CEOs with greater power in the following year. Additionally, this essay studies firms use of inside debt and its effect on corporate social responsibility. Empirical evidence is provided that firms with CEOs who experience increased earnings on their deferred compensation accounts relative to the account earnings of top five executives are positively correlated with being more socially responsible.

Essays in Corporate Governance and Executive Compensation

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ISBN 13 :
Total Pages : 386 pages
Book Rating : 4.:/5 (93 download)

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Book Synopsis Essays in Corporate Governance and Executive Compensation by : Fang Lin

Download or read book Essays in Corporate Governance and Executive Compensation written by Fang Lin and published by . This book was released on 2015 with total page 386 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Two Essays on Corporate Governance

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ISBN 13 :
Total Pages : 76 pages
Book Rating : 4.:/5 (67 download)

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Book Synopsis Two Essays on Corporate Governance by : Minhua Yang

Download or read book Two Essays on Corporate Governance written by Minhua Yang and published by . This book was released on 2009 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation is composed by two essays that explore the changes in corporate governance around the passage of Sarbanes-Oxley (SOX) 2002. In the first essay, I examine the relation between board structure and compensation as a bargaining game between the board and the CEO. Bargaining game theories describe an endogenous process of determining the structure of director and CEO compensation. The Sarbanes-Oxley Act (SOX) altered the equilibrium of power between the board and CEO by changing the monitoring role of the board. SOX essentially provides a natural experiment to test how a shock to the bargaining game alters the balance of power between directors and the CEO. Using the ratio of director compensation to CEO compensation to proxy for bargaining power, I find a significant increase following the passage of SOX, consistent with directors gaining bargaining advantage. Moreover, firms with strong shareholder rights exhibit even greater evidence of power shifting to the directors. Overall, the results suggest that directors gain more power relative to the CEO in determining compensation plans and strong shareholder rights help firms to align directors' incentives with those of shareholders. In the second essay, I examine the relation between CEO compensation structure and acquirer returns. In the literature, researchers find that executive compensation structures influence corporate acquisition decisions. Equity-based executive compensation should reduce the non-value-maximizing behavior of acquiring managers. A series of corporate reforms such as SOX and the FASB expensing rule affected the structure of CEO equity-based compensation. I find a significant increase in CEO restricted stock compensation and a significant decrease in CEO option-based compensation following these reforms. I also find that CEOs with strong managerial power are more likely to receive more restricted stock in their compensation package after the 2002 reforms. Finally, I find a significant positive relation between the restricted stock compensation of acquiring firm CEOs and abnormal stock returns after 2002. This provides empirical support on the effectiveness of the shift away from options towards restricted stock in executive compensation packages. Restricted stock is associated with better merger decisions.

Three Essays in Executive Compensation and Corporate Governance

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ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (876 download)

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Book Synopsis Three Essays in Executive Compensation and Corporate Governance by : Swarnodeep Homroy

Download or read book Three Essays in Executive Compensation and Corporate Governance written by Swarnodeep Homroy and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Comparative Corporate Governance

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Publisher : Walter de Gruyter GmbH & Co KG
ISBN 13 : 3110905043
Total Pages : 372 pages
Book Rating : 4.1/5 (19 download)

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Book Synopsis Comparative Corporate Governance by : Klaus J. Hopt

Download or read book Comparative Corporate Governance written by Klaus J. Hopt and published by Walter de Gruyter GmbH & Co KG. This book was released on 2015-02-06 with total page 372 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate governance has become an important issue in all industrial economies. This text has grown out of a conference entitled Comparative Corporate Governance, An International Conference, United States - Japan - Western Europe which considered the subject.

Three Essays on Corporate Restructurings, Executive Compensation and Corporate Governance Mechanisms

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ISBN 13 :
Total Pages : 244 pages
Book Rating : 4.:/5 (858 download)

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Book Synopsis Three Essays on Corporate Restructurings, Executive Compensation and Corporate Governance Mechanisms by : Juan M. Sanchez

Download or read book Three Essays on Corporate Restructurings, Executive Compensation and Corporate Governance Mechanisms written by Juan M. Sanchez and published by . This book was released on 2006 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Three Essays on Corporate Governance and Control

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Publisher :
ISBN 13 :
Total Pages : 198 pages
Book Rating : 4.:/5 (33 download)

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Book Synopsis Three Essays on Corporate Governance and Control by : Susan Christine Sassalos

Download or read book Three Essays on Corporate Governance and Control written by Susan Christine Sassalos and published by . This book was released on 1994 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Essays on Corporate Governance and the Labor Market for Corporate Directors

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ISBN 13 :
Total Pages : 87 pages
Book Rating : 4.:/5 (892 download)

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Book Synopsis Essays on Corporate Governance and the Labor Market for Corporate Directors by : Egor V. Matveyev

Download or read book Essays on Corporate Governance and the Labor Market for Corporate Directors written by Egor V. Matveyev and published by . This book was released on 2012 with total page 87 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This thesis consists of two essays that examine issues related to the labor market for corporate directors and executive compensation. The first chapter develops and estimates an equilibrium model that identifies the key factors explaining the allocation of directors across firms. The approach is based on a two-sided matching model that allows an identification of director and appointing firm preferences. The findings indicate that directors choices are driven by their desire to expand their social network. Likewise, firms choose directors that increase the connectedness of their boards the most. The model is used to estimate the compensating differentials needed to attract directors with more attractive skill levels and higher quality connections. The evidence also suggests that CEO directors have lower propensity to expand their network, and choose firms with better records of recent performance. The performance of a CEO's firm does not affect his future prospects in the labor market for directorships. Second chapter examines the relation between executive and director compensation at the firm level. After controlling for monitoring proxies and manager-specific heterogeneity, there is no evidence of significant correlation between the excess compensation of directors and executives, contrary to previous research. The observed high levels of correlation between executive and director compensation are driven by underlying positive assortative matching between executive and director talent. Top-quality managers retain exceptional directors, and better directors choose to work for executives with excellent track records. This is consistent with a theory that assumes complementarity in production between director and executive skills"--Page iv-v.

Essays on Corporate Governance

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ISBN 13 :
Total Pages : 83 pages
Book Rating : 4.:/5 (669 download)

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Book Synopsis Essays on Corporate Governance by : Tih Koon Tan

Download or read book Essays on Corporate Governance written by Tih Koon Tan and published by . This book was released on 2010 with total page 83 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation is composed by two essays that explore corporate governance issues in S & P firms. The first essay examines changes in corporate governance after a firm gets added to the S & P 500 index? Using firms added from 1994 to 2007, this paper examines how governance mechanisms change for these firms. Specifically, I look at both the overall governance and details on how each mechanism changes. I find that governance improves after being added to the index. Controlling for firm size, leverage, prior firm performance, and growth opportunities, the market reacts positively to governance improvements as a whole. In addition, changes in governance are positively associated with changes in operating performance. In the second essay, the departure of a CEO often raises questions about who will replace him/her. This study examines the homogeneity/heterogeneity nature of the internal labor market using a novel measure, a heterogeneity index, which captures the concentration of executive compensation levels. I find that a more homogeneous internal labor market is associated with (1) a greater likelihood of an internal replacement, (2) a higher probability of a CEO turnover, and (3) a bigger tournament prize. In addition, the negative performance-turnover relationship is strengthened by a more homogeneous internal labor market. The heterogeneity index seems to proxy for internal labor market competition.

Research Handbook on Executive Pay

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Publisher : Edward Elgar Publishing
ISBN 13 : 1781005109
Total Pages : 553 pages
Book Rating : 4.7/5 (81 download)

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Book Synopsis Research Handbook on Executive Pay by : John S. Beasley

Download or read book Research Handbook on Executive Pay written by John S. Beasley and published by Edward Elgar Publishing. This book was released on 2012-01-01 with total page 553 pages. Available in PDF, EPUB and Kindle. Book excerpt: Research on executive compensation has exploded in recent years, and this volume of specially commissioned essays brings the reader up-to-date on all of the latest developments in the field. Leading corporate governance scholars from a range of countries set out their views on four main areas of executive compensation: the history and theory of executive compensation, the structure of executive pay, corporate governance and executive compensation, and international perspectives on executive pay. The authors analyze the two dominant theoretical approaches – managerial power theory and optimal contracting theory – and examine their impact on executive pay levels and the practices of concentrated and dispersed share ownership in corporations. The effectiveness of government regulation of executive pay and international executive pay practices in Australia, the US, Europe, China, India and Japan are also discussed. A timely study of a controversial topic, the Handbook will be an essential resource for students, scholars and practitioners of law, finance, business and accounting.

Three Essays on Corporate Governance of Family Firms

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ISBN 13 :
Total Pages : 171 pages
Book Rating : 4.:/5 (113 download)

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Book Synopsis Three Essays on Corporate Governance of Family Firms by : Tarek El Masri

Download or read book Three Essays on Corporate Governance of Family Firms written by Tarek El Masri and published by . This book was released on 2018 with total page 171 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation is comprised of three essays on issues related to the corporate governance of family firms. The first essay explores how owners-managers of family firms conceptualize and define their firms. Understanding the essence of a family firm helps us better understand their governance and behaviour. This essay contributes to the family business literature by presenting the seven most important criteria in identifying a family business (Handler 1989; Shanker & Astrachan 1996), namely: family ownership, control, involvement, succession, long-term vision, founders' legacy, and extended family of employees. The essay also contributes a familiness measurement tool that can be used in future research aiming at better understanding the family firm. The second essay investigates how management control technologies are calibrated in accordance with the sometimes conflicting economic and noneconomic goals resulting from the dual identities of family firms. The results show that family firms calibrate pervasive management control technologies, such as calculative, family-centric or procedural controls to strengthen the business identity and reduce the family identity of their family business. In comparison, the minimal use, or perceived absence, of management control technologies suggest that it accentuates and fosters family identity. Hence, reverting to management control technologies becomes related in a unilateral way to the business identity of the firm, despite the dual control ambition of family firms. The third essay analyzes CEO and TMT compensation practices to identify patterns that can explain the gap between family firms and the pool of external highly qualified executives. The data analysis highlights a connection between the degree of family ownership, the composition of the BOD, and the identity of the CEO. The results also show that family firms rely more heavily on cash-based awards than on equity-based awards as a form of CEO and TMT compensation. Family firms are reluctant to use option-based rewards and the use of share-based awards is also kept at a minimum. Other evidence point towards a role that institutional ownership plays in restructuring the compensation packages of the TMTs at family firms. Keywords: Family Firms, Definition of Family Firms, Family Firm Identity, Management Control Technologies, Corporate Governance, Executive Compensation.

Two Essays on Governance at the National and Corporate Level

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ISBN 13 :
Total Pages : 342 pages
Book Rating : 4.:/5 (928 download)

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Book Synopsis Two Essays on Governance at the National and Corporate Level by : Laura S. Miller

Download or read book Two Essays on Governance at the National and Corporate Level written by Laura S. Miller and published by . This book was released on 2014 with total page 342 pages. Available in PDF, EPUB and Kindle. Book excerpt: ESSAY 2: Highly publicized governance failures in recent years have renewed research efforts to investigate the consequences of specific governance mechanisms. A better understanding of executive compensation contracts, specifically golden parachutes, is especially critical given their notorious status in the corporate governance debate. Instead of examining the explicit incentive role of golden parachutes (GPs) in influencing managerial behavior, we study their role as a tool for screening and recruiting reputable CEOs in a situation where recruitment would otherwise be difficult---severe financial distress that eventually leads to Chapter 11 bankruptcy. If GPs enable distressed firms to recruit reputable CEOs, there should be an observable link between the presence of GPs in employment contracts for newly hired CEOs and value-preserving firm outcomes. For our sample of firms, all of which filed for bankruptcy, this can be measured by the outcome of the bankruptcy proceedings, specifically the avoidance of liquidation. Thus, we hypothesize a negative relationship between the presence of GPs for newly hired CEOs and the probability of liquidation in bankruptcy. Consistent with this hypothesis, we find that firms led by newly hired CEOs with GPs are liquidated less often than other firms. This suggests that, regardless of their efficacy as corporate governance mechanisms, GPs can create value for shareholders.

Essays in Ownership Structure and Corporate Governance

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ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (929 download)

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Book Synopsis Essays in Ownership Structure and Corporate Governance by :

Download or read book Essays in Ownership Structure and Corporate Governance written by and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: These results indicate that insiders are using insider trading as a substitute to cash compensation, and keeping the total direct compensation level less volatile than previous research relied on. This effect is robust to exogenous shock to insider trading return, such as Sarbanes-Oxley Act of 2002. The result suggests the importance to take into account of insider trading profit in context of executive compensation.

U.S. Corporate Governance

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Publisher : Columbia University Press
ISBN 13 : 0231519982
Total Pages : 385 pages
Book Rating : 4.2/5 (315 download)

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Book Synopsis U.S. Corporate Governance by : Donald H. Chew

Download or read book U.S. Corporate Governance written by Donald H. Chew and published by Columbia University Press. This book was released on 2009-08-25 with total page 385 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate governance constitutes the internal and external institutions, markets, policies, and processes designed to help companies maximize their efficiency and value. In this collection of classic and current articles from the Journal of Applied Corporate Finance, thought leaders such as Michael Jensen and Robert Monks discuss the corporate mission of value maximization and the accomplishments and limitations of the U.S. governance system in achieving that end. Essays address the elements driving corporate value: the board of directors, compensation for CEOs and other employees, incentives and organizational structure, external ownership and control, role of markets, and financial reporting. They evaluate best practice methods, challenges in designing equity plans, transferable stock options, the controversy over executive compensation, the values of decentralization, identifying and attracting the "right" investors, the evolution of shareholder activism, creating value through mergers and acquisitions, and the benefits of just saying no to Wall Street's "earnings game." Grounded in solid research and practice, U.S. Corporate Governance is a crucial companion for navigating the world of modern finance.

Essays on CEO Compensation and Corporate Governance

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ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (16 download)

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Book Synopsis Essays on CEO Compensation and Corporate Governance by : Zhifang Zhang

Download or read book Essays on CEO Compensation and Corporate Governance written by Zhifang Zhang and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Essays in Corporate Governance

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ISBN 13 :
Total Pages : 356 pages
Book Rating : 4.:/5 (741 download)

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Book Synopsis Essays in Corporate Governance by : Houston Shawn Mobbs

Download or read book Essays in Corporate Governance written by Houston Shawn Mobbs and published by . This book was released on 2008 with total page 356 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Essays on Top Management and Corporate Behavior

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Publisher : Rozenberg Publishers
ISBN 13 : 9036101913
Total Pages : 196 pages
Book Rating : 4.0/5 (361 download)

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Book Synopsis Essays on Top Management and Corporate Behavior by : Hui-Ting Wu

Download or read book Essays on Top Management and Corporate Behavior written by Hui-Ting Wu and published by Rozenberg Publishers. This book was released on 2010 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt: