Journal ArticleDOI
The CEO pay slice
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In this article, the authors investigate the relation between the CEO Pay Slice (CPS) and the value, performance, and behavior of public firms and find that, controlling for all standard controls, CPS is negatively associated with firm value as measured by industry-adjusted Tobin's q.About:
This article is published in Journal of Financial Economics.The article was published on 2011-10-01. It has received 566 citations till now. The article focuses on the topics: Executive compensation.read more
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Socially responsible firms
TL;DR: The authors found that well-governed firms that suffer less from agency concerns (less cash abundance, positive pay-for-performance, small control wedge, strong minority protection) engage more in CSR.
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The acquisitiveness of youth: CEO age and acquisition behavior.
TL;DR: In this article, the authors demonstrate that acquisitions are accompanied by large, permanent increases in Chief Executive Officer (CEO) compensation, which create strong financial incentives for CEOs to pursue acquisitions earlier in their career.
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CEO Connectedness and Corporate Fraud
TL;DR: In this paper, the authors find that connections CEOs develop with top executives and directors through their appointment decisions increase the risk of corporate fraud and increase the likelihood of committing fraud and decrease the likelihood for detection.
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CEO Overconfidence and Stock Price Crash Risk
TL;DR: This paper examined the association between chief executive officer (CEO) overconfidence and future stock price crash risk and found that firms with overconfident managers overestimate the returns to their investment projects and misperceive negative net present value (NPV) projects as value creating.
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CEO network centrality and merger performance
TL;DR: In this article, the authors study the effects on M&A outcomes of CEO network centrality, which measures the extent and strength of a CEO's personal connections, and find that high-centrality CEOs are able to avoid the discipline of the markets for corporate control and the executive labor market, and that the mitigating effect of internal governance on CEO actions is limited.
References
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Management Ownership and Market Valuation: An Empirical Analysis
TL;DR: This article investigated the relationship between management ownership and market valuation of the firm, as measured by Tobin's Q. In a 1980 cross-section of 371 Fortune 500 firms, they found evidence of a significant nonmonotonic relationship.
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Higher market valuation of companies with a small board of directors
TL;DR: In this paper, the authors present evidence consistent with theories that small boards of directors are more effective, using Tobin's Q as an approximation of market valuation, and find an inverse association between board size and firm value in a sample of 452 large U.S. industrial corporations.
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The Structure of Corporate Ownership: Causes and Consequences
Harold Demsetz,Kenneth Lehn +1 more
TL;DR: In this paper, the authors argue that the structure of corporate ownership varies systematically in ways that are consistent with value maximization, and they find no significant relationship between ownership concentration and accounting profit rates for a set of firms.
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Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints?
Steven N. Kaplan,Luigi Zingales +1 more
TL;DR: In this article, the authors investigated the relationship between financing constraints and investment-cash flow sensitivities by analyzing the firms identified by Fazzari, Hubbard, and Petersen as having unusually high investment cash flow sensitivity.
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Additional evidence on equity ownership and corporate value
John J. McConnell,Henri Servaes +1 more
TL;DR: The authors investigated the relation between Tobin's Q and the structure of equity ownership for a sample of 1,173 firms for 1976 and 1,093 firms for 1986 and found a significant curvilinear relation between Q and common stock owned by corporate insiders.