Download or read book Corporate Governance Board Oversight and CEO Turnover written by Volker Laux and published by Now Publishers. This book was released on 2014-10-06 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt: One of the primary roles of corporate boards is to control the processes by which top executives are assessed and if necessary replaced. CEO turnover cannot be viewed in isolation because it affects the behavior of the involved players and hence interacts with other organizational goals. This monograph seeks to synthesize recent research that analyzes these interactions. I focus on a number of recurring themes, including the implications of CEO assessment and replacement on optimal contracting, board monitoring, project selection, financial reporting, and CEO selection.
Download or read book Governance and CEO Turnover written by Raymond J. Fisman and published by . This book was released on 2011 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: Shareholder delegation of the power to fire the CEO to the board of directors is central to corporate governance. While the board ideally acts as desired by shareholders, board entrenchment may insulate a poorly performing manager from shareholders agitating for her removal. The conventional 'costly firing' model of managerial entrenchment views this protection from shareholders as purely negative. Yet recent anecdotal evidence on managerial turnover suggests an alternative view of entrenchment: If shareholders misattribute poor performance to the CEO rather than to circumstance, then insulating management from the whims of shareholders may lead to better firing decisions. We propose that entrenchment has an inherent trade-off. We present a model that directly incorporates both sides of this trade-off, and generates a set of empirical predictions that we explore using recently collected data on governance statutes and on the dismissals of CEOs of large U.S. corporations. Our results demonstrate that governance is a very important mediating factor in the relationship between performance and firing. Furthermore, we find support for the 'misguided shareholder' view of entrenchment. Fundamentally this paper explores whether, in caving in to shareholder demands, boards act in the best interests of shareholders or simply respond to their whims: Do they do just do something, or do they do the right thing?
Download or read book Governance and CEO Turnover written by Raymond Fisman and published by . This book was released on 2005 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: Shareholder delegation of the power to fire the CEO to the board of directors is central to corporate governance. While the board ideally acts as desired by shareholders, board entrenchment may insulate a poorly performing manager from shareholders agitating for her removal. The conventional 1costly firing2 model of managerial entrenchment views this protection from shareholders as purely negative. Yet recent anecdotal evidence on managerial turnover suggests an alternative view of entrenchment: If shareholders misattribute poor performance to the CEO rather than to circumstance, then insulating management from the whims of shareholders may lead to better firing decisions. We propose that entrenchment has an inherent trade-off. We present a model that directly incorporates both sides of this trade-off, and generates a set of empirical predictions that we explore using recently collected data on governance statutes and on the dismissals of CEOs of large U.S. corporations. Our results demonstrate that governance is a very important mediating factor in the relationship between performance and firing. Furthermore, we find support for the 'misguided shareholder' view of entrenchment. Fundamentally this paper explores whether, in caving in to shareholder demands, boards act in the best interest of shareholders or simply respond to their whims: Do they do just do something, or do the right thing?
Download or read book Governance Directors and Boards written by Mahmoud Ezzamel and published by Edward Elgar Publishing. This book was released on 2005 with total page 560 pages. Available in PDF, EPUB and Kindle. Book excerpt: This unique volume brings together contributions on corporate governance published in various disciplines, including accounting, economics, finance and management. Mahmoud Ezzamel presents a collection of seminal papers that focus on the relationship between boards of directors and corporate governance. Governance, Directors and Boards investigates such important issues as the composition of boards of directors, their key overall roles as mechanisms of governance, the impact of the board on the nature of decision making in contemporary organisations, and the role of the relationship between the board and the determination of executive remuneration.
Download or read book The Board of Directors written by Ettore Croci and published by Springer. This book was released on 2018-12-04 with total page 167 pages. Available in PDF, EPUB and Kindle. Book excerpt: Boards of directors are a central feature of any corporate governance regime. The role of directors and how they affect firm value and policies is examined in depth in academic literature. However, it is easy to get both lost and overwhelmed when searching through the literature review that investigates several characteristics, often one at the time. This book provides a careful and concise look at corporate finance literature, specifically with regard to the board of directors, summarizing the main findings and reconciling them. This book documents the pros and cons associated with the various attributes of the board and the directors as found in the current literature and provides sections geared specifically to practitioners in this space, as well, allowing for a better and more comprehensive description of this important corporate governance mechanism. The resulting book aims to facilitate the interpretation of changes in corporate governance through the lens of the recent academic literature.
Download or read book Corporate Board of Directors written by Ismail Lahlou and published by Springer. This book was released on 2018-12-26 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Governance in the Digital Age written by Brian Stafford and published by John Wiley & Sons. This book was released on 2019-04-09 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt: A new edition of the #1 text in the human computer Interaction field! This book seeks to chart the technology-fueled changes taking place in the field of corporate governance and describes the impact these changes are having on boards and the enterprises they govern. It also describes what the future could look like once companies truly embrace the power of technology to change governance. Additionally, this book will provide a set of "suggested action steps" for companies and their boards focused on ways they can leverage technology tools to enhance governance immediately. Through a review of the latest governance research, interviews with key thought leaders, and case studies of enterprises that have embraced governance technology, readers will be armed with new insights and approaches they can take to enhance the work of their boards and senior leaders to reach new levels of performance. Explains how to use design and evaluation techniques for developing successful interactive technologies Demonstrates, through many examples, the cognitive, social and affective issues that underpin the design of these technologies Provides thought-provoking design dilemmas and interviews with expert designers and researchers Uses a strong pedagogical format to foster understanding and enjoyment An accompanying website contains extensive additional teaching and learning material including slides for each chapter, comments on chapter activities, and a number of in-depth case studies written by researchers and designers.
Download or read book Essays in Corporate Governance written by Lixiong Guo and published by . This book was released on 2012 with total page 203 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Corporate Governance written by Alexandros Mantzoukis and published by . This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Trouble With Too Much Board Oversight written by Olubunmi Faleye and published by . This book was released on 2013 with total page 4 pages. Available in PDF, EPUB and Kindle. Book excerpt: The high-profile scandals of the late 1990s have transformed the corporate governance landscape and increased the oversight duties of independent directors. New mandates, such as the Sarbanes-Oxley Act of 2002, have had substantial effects on corporate boards. For one thing, they dramatically increased the workload of directors serving on audit, compensation and nominating committees. In addition, the number of independent directors serving on multiple committees has expanded greatly, from 48% in 2000 to 61% in 2011. The shift toward increased monitoring raises two important questions. First, has the increased focus on board oversight helped to improve the quality of board monitoring? Second, can board oversight become excessive and ultimately detrimental to desirable objectives? The goal of board oversight, the authors note, is to ensure that executives manage their companies in the best interests of shareholders in light of the fact that CEOs and other top executives typically own only a minuscule percentage of their companies' shares. Since board oversight has many facets, the authors focused on three distinct aspects of oversight responsibility: design and implementation of suitable executive compensation packages; removal of underperforming CEOs; and disclosure of earnings that reflect the company's true financial conditions. In a study of S & P 1500 companies, the authors found that boards were able to perform these functions most effectively when they devoted significant resources to managerial oversight. Board oversight improved when independent directors devoted the time and resources envisaged by the new regulatory regime. However, the authors' research also found that the most favorable conditions for innovation occurred when the board did not monitor the CEO intensely but focused on strategic advising, thereby encouraging the CEO to pursue valuable but high-risk innovation projects. Conversely, corporate innovation suffered when the board monitored intensely. Companies with such boards invested less in R & D, received fewer patents overall and received fewer influential patents as measured by the frequency of citations of the patents they received. The authors also found that company value was lower when the board devoted greater time to oversight.
Download or read book An International Comparison of Corporate Governance Models written by Gregory Francesco Maassen and published by Gregory Maassen. This book was released on 1999 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The International Corporate Governance System written by F. Lessambo and published by Springer. This book was released on 2016-01-26 with total page 476 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a comprehensive approach to Corporate Governance, Audit Process and Risk Management. Furthermore, it provides an analytical and comprehensive approach of the issues facing governance directors, internal and external auditors, risk managers, and public officials conducting assessments based upon the Report on Standards and Codes.
Download or read book Corporate Governance Matters written by David Larcker and published by FT Press. This book was released on 2020-10-07 with total page 561 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Definitive Guide to High-Performance Corporate Governance Fully updated for the latest research, trends, and regulations, Corporate Governance Matters, Third Edition, offers comprehensive and objective information for everyone seeking to improve corporate governance—from directors to institutional investors to policymakers and researchers. To help you design highly effective governance, David Larcker and Brian Tayan thoroughly examine current options, reviewing what is and isn't known about their impact on organizational performance. Throughout, they take a strictly empirical and non-ideological approach that reflects rigorous statistical and research analysis and real-life examples. They address issues ranging from board structure, processes, operations, and functional responsibilities to institutional investors, outside stakeholders, and alternative forms of governance. New discussions of: Environmental, Social, and Governance (ESG) activity and ratings Stakeholder interests CEO activism CEO misbehavior Cybersecurity risks Extensively revised coverage of: Executive compensation Leadership and succession planning Director recruitment, evaluation, turnover, and more The authors' balanced approach provides useful tools for making better, more informed decisions on governance.
Download or read book Cadbury committee corporate performance and top management turnover written by Jay Dahya and published by . This book was released on 1999 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Incentive Compensation for Outside Directors and CEO Turnover written by Tod Perry and published by . This book was released on 2014 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: As monitors of management, independent outside directors play an important oversight and monitoring role in corporate governance. By providing directors with a financial stake in the performance of the firm through incentive-based compensation, firms can align the interests of directors and shareholders. In this paper, I examine whether the structure of director compensation affects CEO turnover, a specific corporate event where directors play a crucial role. I document a substantial increase in the use of incentive-based compensation for directors. I also find that incentive compensation for directors influences the level of monitoring by the board. When directors of independent boards receive incentive compensation, the like lihood of CEO turnover following poor performance increases. I also find that the likelihood of a firm adopting a stock-based incentive plan for directors is positively related to the fraction of independent directors on the board and institutional ownership of the firm, which is consistent with firms adopting option and stock plans for directors to provide financial incentives for directors to monitor management.
Download or read book Internal Corporate Governance and Forced CEO Turnover written by Murali Jagannathan and published by . This book was released on 1996 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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:
