Acquisitions enable target chief executive officers (CEOs) to remove liquidity restrictions on stock and option holdings and diminish the illiquidity discount. Acquisitions also enable acquirer CEOs to improve the long-term value of overvalued holdings. Examining all firms during 1993 to 2001, we show that CEOs with higher holdings (illiquidity discount) are more likely to make acquisitions (ge...

Family firms take a substantial fraction of economic activities and significantly influence nation’s sustainability. Despite the considerable amount research efforts to determine their performance implications, there is still lack consensus. This study aims address this dissensus in two ways. Theory-wise, we introduce interdependent contingencies that interactively relative strength positive ne...

We study the effect of a firm's acquisitions on the subsequent career of its chief executive officer (CEO) by examining a sample of executives who undertook large acquisitions between 1986 and 1988. We find that acquirers do not have significantly different compensation growth from executives who did not undertake acquisitions. Further, we find the effect of acquisitions on compensation does no...

Abstract To understand the influence of Chief Executive Officers’ (CEOs) early life experiences on their firms’ strategic decision-making, here we explore impacts CEOs’ experience Great Chinese Famine (1959–1961) cognitions and firm risk-taking. Using longitudinal data from publicly listed companies in China 2006 to 2017, found that CEOs who experienced 3-year-long famine are more risk-averse, ...

This study uses Henry Mintzberg's classification of ten work roles of managers, and narrows it down to four work roles which are most frequently performed by CEOs as they uphold academic medical centers’ missions of providing quality medical education, research and patient care. Through principal component analysis, the four roles were used to form a typology of CEOs. This typology can be used ...

Prior empirical work finds no systematic relation between CEO education and firm performance, which leads to a puzzle as to why firms hire managers with higher educational attainment. This study investigates the link between corporate innovation and managerial talent, indicated by the highest degree achievable, a Ph.D. I find that firms managed by CEOs with Ph.D. degrees (Ph.D. CEOs) produce mo...

Empirical evidence is scarce on chief executive officer (CEO) turnover in U.S. hospitals, with potentially serious implications for many of these organizations. This study, based on a nationwide survey of CEOs at non-federal general surgical and medical community hospitals conducted in the spring of 2004, reports the perceptions of hospital CEOs regarding the circumstances and impact of CEO tur...

Purpose Building on the institutional theory perspective corporate governance change and based interviews with investor relations (IR) managers in large Japanese companies, this study aims to examine IR managers’ perceptions of influence foreign shareholders Japan’s reform stakeholder-based system. The paper examines tensions, conflicts collaborations among different stakeholders involved chang...

Article history: Received 17 September 2013 Received in revised form 1 March 2014 Accepted 11 March 2014 Available online 19 March 2014 Most studies consider chief executive officer (CEO) turnover from the firm's perspective. In this paper, I suggest that the labor market conditions for CEOs affect turnover outcomes. I use CEOs' positions on corporate executive and director networks to assess t...

We study how executive compensation disclosure (ECD) is affected by the economic incentives of owners and managers in a Swedish setting where agency conflicts are not so much between owners, but controlling non-controlling owners. In our sample, control often enhanced through mechanisms such as dual share classes. The analysis relies on detailed hand-collected ECD data from 2837 annual reports....