Download or read book Top Management Turnover Firm Performance and Corporate Governance in Political Economy written by 胡方 and published by . This book was released on 2009 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Firm Performance Governance Structure and Top Management Turnover in a Transitional Economy written by Michael Firth and published by . This book was released on 2005 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent research has argued that political and regulatory environments have a significant impact on corporate governance systems. In particular, countries with poor investor protection laws and weak law enforcement have low levels of corporate governance that manifests itself in substandard financial performance, management entrenchment, and the expropriation of minority shareholders. One implication of this research is that China will have poor corporate governance and entrenched managers, as its legal system is relatively underdeveloped and inefficient. However, using data on top management turnover in China's listed firms, our results refute the prediction of entrenched management. We find evidence of very high turnover of company chairmen and there are many cases that we interpret to be forced departures. Our results show that chairman turnover is related to a firm's profitability but not to its stock returns. Turnover-performance sensitivity is higher if legal entities are major shareholders but the proportion of non-executive directors perversely affects it. We find no evidence that profitability improves after a change in chairman and this suggests that a firm's governance structure is ineffective as it is unable to recruit suitable replacements that can turn around its financial performance.
Download or read book The Oxford Handbook of Corporate Law and Governance written by Jeffrey Neil Gordon and published by Oxford University Press. This book was released on 2018 with total page 1217 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate law and governance are at the forefront of regulatory activities worldwide, and subject to increasing public attention in the wake of the Global Financial Crisis. Comprehensively referencing the key debates, the Handbook provides a much-needed framework for understanding the aims and methods of legal research in the field.
Download or read book Individual and Organizational Factors Surrounding Top Executive Turnover written by Stephanie Brecht-Bergen and published by Logos Verlag Berlin GmbH. This book was released on 2018 with total page 226 pages. Available in PDF, EPUB and Kindle. Book excerpt: The author analyzes the multi-faceted phenomenon of top executive turnover from various theoretical angles and empirically shows how individual and organizational factors such as performance, compensation and gender relate to it. Managerial implications on how to deal with turnover in times of talent shortage are derived. The book contributes to turnover research in three distinct ways. From a corporate governance perspective, it inspects potential antecedents and consequences of top executive dismissal with a focus on firm performance consequences. Taking a labor economics view, it scrutinizes compensation structure as a likely antecedent of voluntary turnover. From an OB and HRM angle, it examines gender as a characteristic of top executives and possible antecedent of turnover.
Download or read book Government Incentives Top Management Turnover and Accounting Information written by Fang Hu and published by . This book was released on 2009 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates control mechanism and accounting information used for control mechanism, shaped by government incentives for business. Using a sample of China's state-owned enterprises (SOEs) from 2001 to 2005, it finds that the likelihood of top management turnover in China's SOEs, which is an important aspect of corporate control mechanism, is inversely associated with two types of accounting information of firm performance, firm-specific accounting performance and relative accounting performance, which is induced by the interests of Chinese government for the economic performance and political competition. Further, this paper finds that relative accounting performance, especially regional relative accounting performance, receives more weight in turnover decisions if a SOE is a local monopolistic firm or in local monopoly, because relative performance measure could offer a relatively simple benchmark for local government to assess manager's quality and provide stronger incentive scheme in China's political environment. By seeking deeper understanding into government incentives, the findings imply that induced by government incentives, effective corporate governance which is based on distinguished characteristics of accounting information exists in an economy highly involved by government.
Download or read book firm performance and the political economy of corporate governance survey evidence for bulgaria hungary slovakia and slovenia written by patrick paul walsh and ciara whelan and published by . This book was released on 2000 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Executive Defense written by Michael Useem and published by Harvard University Press. This book was released on 1993 with total page 322 pages. Available in PDF, EPUB and Kindle. Book excerpt: A quiet revolution came to corporate America during the late 1980s and early 1990s. Large shareholders - pension funds, insurance companies, money managers, and commercial banks - exercised new-found muscle, pressuring senior managers to improve disappointing financial results by reshaping their organizations. Michael Useem reveals how those investor pressures have transformed the inside structures of many corporations, better aligning them with shareholder interests. Useem draws on numerous sources, including interviews with senior managers and intensive studies of seven large corporations representing a range of restructuring experiences and industries - including pharmaceuticals, transportation, chemicals, retailing, and financial services. He shows that organizational changes have affected many areas of corporate life: headquarters staffs have been reduced, authority has filtered down to operating units, and compensation has become more closely tied to performance. Change also extends to corporate governance, where managers have fought back by seeking legal safeguards against takeovers and by staggering board terms. They've also put significant resources into building more effective relations with shareholders. As Useem demonstrates, this revolution has reached beyond the corporation, influencing American politics and law. As increasing ownership concentration has caused companies to focus more attention on shareholders, corporate political agendas have shifted from fighting government regulation to resisting shareholder intrusion. This book will be important reading for managers, economists, lawyers, financial analysts, and all observers of American business.
Download or read book International Cross listing Firm Performance and Top Management Turnover written by Ugur Lel and published by . This book was released on 2006 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Corporate Performance Corporate Governance and Top Executive Turnover in Finland written by Benjamin Maury and published by . This book was released on 2006 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper empirically investigates how corporate governance forces and firm performance affect top executive turnover in Finnish listed companies. I document an increase in CEO, top management, and board turnover in response to poor stock price performance and operating income losses. The sensitivity of the relation between stock price performance and CEO turnover is significantly higher in firms with a two-tier board structure (when the CEO is not the Chairman), but significantly lower when the CEO or a board member is the controlling shareholder. These results suggest that both the ownership structure and the board design have implications for the disciplining of managers.
Download or read book The Handbook of the Economics of Corporate Governance written by Benjamin Hermalin and published by Elsevier. This book was released on 2017-09-18 with total page 762 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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
Download or read book Corporate Governance and Finance written by Mark Hirschey and published by Elsevier. This book was released on 2003-06-20 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: Includes papers that focus upon corporate governance, defined as the system of controls that helps the corporation effectively manage, administer and direct economic resources. This work describes the design and control of effective organizations structure by the vertical and horizontal relationships among the firm, its customers and suppliers.
Download or read book Pay Without Performance written by Lucian A. Bebchuk and published by Harvard University Press. This book was released on 2004 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt: The company is under-performing, its share price is trailing, and the CEO gets...a multi-million-dollar raise. This story is familiar, for good reason: as this book clearly demonstrates, structural flaws in corporate governance have produced widespread distortions in executive pay. Pay without Performance presents a disconcerting portrait of managers' influence over their own pay--and of a governance system that must fundamentally change if firms are to be managed in the interest of shareholders. Lucian Bebchuk and Jesse Fried demonstrate that corporate boards have persistently failed to negotiate at arm's length with the executives they are meant to oversee. They give a richly detailed account of how pay practices--from option plans to retirement benefits--have decoupled compensation from performance and have camouflaged both the amount and performance-insensitivity of pay. Executives' unwonted influence over their compensation has hurt shareholders by increasing pay levels and, even more importantly, by leading to practices that dilute and distort managers' incentives. This book identifies basic problems with our current reliance on boards as guardians of shareholder interests. And the solution, the authors argue, is not merely to make these boards more independent of executives as recent reforms attempt to do. Rather, boards should also be made more dependent on shareholders by eliminating the arrangements that entrench directors and insulate them from their shareholders. A powerful critique of executive compensation and corporate governance, Pay without Performance points the way to restoring corporate integrity and improving corporate performance.
Download or read book Corporate Governance and Corporate Finance written by Ruud A.I. van Frederikslust and published by Routledge. This book was released on 2007-12-18 with total page 780 pages. Available in PDF, EPUB and Kindle. Book excerpt: Pt. 1. Alternative perspectives on corporate governance systems -- pt. 2. Equity ownership structure and control -- pt. 3. Corporate governance, underperformance and management turnover -- pt. 4. Directors' remuneration -- pt. 5. Governance, performance and financial strategy -- pt. 6. On takeover as disciplinary mechanism.
Download or read book A History of Corporate Governance around the World written by Randall K. Morck and published by University of Chicago Press. This book was released on 2007-11-01 with total page 700 pages. Available in PDF, EPUB and Kindle. Book excerpt: For many Americans, capitalism is a dynamic engine of prosperity that rewards the bold, the daring, and the hardworking. But to many outside the United States, capitalism seems like an initiative that serves only to concentrate power and wealth in the hands of a few hereditary oligarchies. As A History of Corporate Governance around the World shows, neither conception is wrong. In this volume, some of the brightest minds in the field of economics present new empirical research that suggests that each side of the debate has something to offer the other. Free enterprise and well-developed financial systems are proven to produce growth in those countries that have them. But research also suggests that in some other capitalist countries, arrangements truly do concentrate corporate ownership in the hands of a few wealthy families. A History of Corporate Governance around the World provides historical studies of the patterns of corporate governance in several countries-including the large industrial economies of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States; larger developing economies like China and India; and alternative models like those of the Netherlands and Sweden.
Download or read book Corporate Governance at the Crossroads written by Marleen Willekens and published by Intersentia nv. This book was released on 2005 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book discusses the effectiveness of four traditional corporate governance mechanisms: board of directors, audit committee, internal control and audit, external audit) as monitoring and (to a lesser extent) entrepreneurial devices.
Download or read book The Convergence of Corporate Governance written by Abdul Rasheed and published by Springer. This book was released on 2012-06-12 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt: Takes readers through an in-depth examination of many leading industrialized nations and identifies both the drivers that propel corporations towards convergence and the major impediments that stand in the way of convergence. Also examines many mechanisms of convergence such as governance codes, MNCs, and IPOs.
Download or read book Complementarities in Corporate Governance written by Ralph P. Heinrich and published by Springer Science & Business Media. This book was released on 2002-06-04 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate governance reform is currently on the agenda in the European Union, the United States, Japan and in emerging market economies. This book takes a fresh look at the reform debate by focusing on the trade-offs involved in reconciling the diverging interests of shareholders, creditors and managers. It shows how effective corporate governance systems exploit complementarities between the incentives generated by the capital structure, the ownership structure, investor monitoring, takeover threats, and management compensation to minimize the sum of all agency costs facing the public corporation. The book combines a general theoretical treatment with a detailed study of the institutions of corporate governance in Germany, Japan and the United States and a critical assessment of recent reforms.
