Corporate Governance & Management eJournal最新文献

{"title":"How Much Do TMTs Matter in Founder-led Firms?","authors":"Bradley E. Hendricks, Travis Howell, Christopher B. Bingham","doi":"10.2139/ssrn.3269647","DOIUrl":"https://doi.org/10.2139/ssrn.3269647","url":null,"abstract":"As firms mature, their founders are often replaced with seasoned executives. When founders are retained, the surrounding TMT members are viewed as critical resources in helping compensate for the founder’s managerial deficiencies. Surprisingly, however, little is known about how TMT members affect a founder-led firm’s performance later in a firm’s life. Using novel methods and a sample of over 2,000 firms, we address this gap. We find that although team structure has a significant impact on the performance of non-founder-led firms (consistent with past literature), it has little to no effect on the operating performance of founder-led firms, suggesting that founder CEOs may exert too much control. Thus, the irony is that founders are retained to propel progress but their very retention may prevent progress. Taken together, our findings add to the entrepreneurship, team, and research methods literatures.","PeriodicalId":347848,"journal":{"name":"Corporate Governance & Management eJournal","volume":"214 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-01-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132110236","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Firm Specific Factor, Macroeconomic Factor and the Profitability Performance in Kroger Company: A Case in United States","authors":"Yap Xiao Yun","doi":"10.2139/ssrn.3300501","DOIUrl":"https://doi.org/10.2139/ssrn.3300501","url":null,"abstract":"Aim of this study is to analyse Kroger Company in US food and beverage industry. The data collected from financial annual report of Kroger Company from 2013 until 2017. The measurement for profitability of Kroger Company have including credit risk, liquidity risk, market risk or also known as macroeconomic factor and operational risk to evaluate the Kroger Company performance. These study have using descriptive statistic, coefficient data, correlation data, and model summary of Beta for measure the influence of independent variable towards dependent variable of Kroger Company. After that, through the findings of these study, it shows that main variable that giving impact towards profitability of company has including the firm specific factor and internal control variable.","PeriodicalId":347848,"journal":{"name":"Corporate Governance & Management eJournal","volume":"82 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131422231","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Stock Splits and Attracting Attention: Are Investors Buying Abnormally More Around Stock Split Announcements?","authors":"Nino Papiashvili","doi":"10.2139/ssrn.3265165","DOIUrl":"https://doi.org/10.2139/ssrn.3265165","url":null,"abstract":"In this research I study whether stock splits attract market’s attention by exploring how investors are trading around event announcement dates. By employing high frequency intraday trading data from NYSE Trades and Quotes (TAQ) database I compute net abnormal buying around split announcements. The empirical tests on a matched pair sample of splitting and matching firms show that stock splits serve as attention attracting tool and investors are buying abnormally more around the announcements. Additional analysis confirms this finding – abnormal buying is significantly higher for larger splits. Furthermore, investors are more attracted to the splits that deliver higher subsequent long run stock performance.","PeriodicalId":347848,"journal":{"name":"Corporate Governance & Management eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-10-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126778150","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Deepwater Horizon: Lessons in Corporate Branding","authors":"Vikas Mittal, Kyuhong Han","doi":"10.2139/ssrn.3004910","DOIUrl":"https://doi.org/10.2139/ssrn.3004910","url":null,"abstract":"How did the 2016 film Deepwater Horizon affect BP’s corporate brand? How can a company reliably measure and track its brand for strategic planning purposes? This study provides a practical approach for measuring the effect of external events on a firm’s corporate brand. Such a measurement approach requires a consistent set of corporate-brand attributes that should be measured on an ongoing basis. Results show that the film’s release did not have the expected negative impact on corporate brand for Shell and Exxon. The impact was similarly small for BP, though BP’s corporate brand was already lower prior to the movie’s release.","PeriodicalId":347848,"journal":{"name":"Corporate Governance & Management eJournal","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-07-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128083334","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Globalization and Its Implications for Global Leadership","authors":"Dr. Kennedy M. Maranga, Dr. Rae Denise Madison","doi":"10.2139/ssrn.2980125","DOIUrl":"https://doi.org/10.2139/ssrn.2980125","url":null,"abstract":"Defining globalization and global leadership is a daunting task. Both are relatively new terms and phenomenon, yet were born out of the integration of diverse constructs. The challenge to global leaders is in properly contextualizing the meaning and expression of globalization in their organizational lives. The advent of rapid communication and knowledge transfer technologies has given rise to a tightly integrated global economy, which serves as a proxy definition of globalization. This global economy, however, must interface with more antiquated geopolitical infrastructures. Supranational institutions, such as the World Bank, World Trade Organization, International Monetary Fund, European Union, and North American Trade Organization (NATO) all represent attempts to resolve the discord between the economic and political realities of the global landscape. Analyzing contemporary literature on the matter identifies that global leadership must also straddle the political and economic realities of globalization to act as an interface mechanism to build sustainable and humanistic organizational lives for individuals who are experiencing a greater array of identities as social spaces close and cultures collide.","PeriodicalId":347848,"journal":{"name":"Corporate Governance & Management eJournal","volume":"50 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-06-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132136501","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"In Sickness and in Health: Firm Performance and Managerial Health","authors":"Sara B. Holland, Ugur Lel","doi":"10.2139/ssrn.2155756","DOIUrl":"https://doi.org/10.2139/ssrn.2155756","url":null,"abstract":"This paper examines the importance of CEO characteristics for firm valuation and policies using the insight that managerial effort depends in part on the health of the manager and health is part of human capital. We use CEO health shocks as a time-varying and physical managerial attribute that can change the degree of managerial effort. Using hand-collected data on CEO deaths and medical leaves to identify large health shocks, we find that firm value is considerably lower and corporate financial policies are largely less precarious (lower cash holdings, leverage, and return volatility) in the years preceding the death of the manager compared to a matched sample of firms. Chronic health conditions and weak governance environments primarily produce these effects. Stock prices also decline by about 2% when top managers take medical leaves. Overall, our results suggest that CEO health has important consequences for the performance and financial policies of firms.","PeriodicalId":347848,"journal":{"name":"Corporate Governance & Management eJournal","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-06-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129755693","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Ownership Contingent Influence of Governance Structure on CEO Compensation: Need for Change in Governance Paradigm","authors":"B. Balasubramanian, S. Barua, D. Karthik","doi":"10.2139/ssrn.2975677","DOIUrl":"https://doi.org/10.2139/ssrn.2975677","url":null,"abstract":"The study examines the need for changes in the standard governance structure through investigation of the moderating effect of ownership identity and ownership concentration on the influence of standard governance structure on CEO compensation in companies with dominant owners in control. \u0000Using data from companies listed on the National Stock Exchange (NSE) of India that were a part of the diversified 100 stock index for the period 2007-2012, we find that the influence of standard governance structure on CEO compensation is indeed contingent on identity of the owner and concentration of ownership. Duality is the only governance measure that directly influences CEO compensation in family owned domestic private companies. Gender diversity and proportion of non-executive independent directors directly influence CEO compensation in corporate owned foreign private companies. The direction of influence of non-executive independent directors however supports the possibility of board capture by CEOs. In case of government companies, none of the governance measures directly influences CEO compensation. The key finding of the study are the meagre and in one instance an inappropriate (from governance point of view) influence of standard governance measures. As the decision on CEO compensation in case of companies with dominant owners in de facto control of board and executive management implies ‘principal-principal’ rather than ‘principal-agent’ conflict of interest, the results from the study suggest a re-think on the standard governance framework that is designed to deal with the latter conflict. A 2013 legislative initiative disenfranchising interested shareholders from voting on related party transactions including CEO compensation is a step in the right direction but much else remains to be done. \u0000Corporate governance frameworks across the world are derived from the frameworks proposed in the US and UK context of dispersed ownership. The framework is designed to deal essentially with ‘principal-agent’ conflict of interest. This ‘one size fits all’ approach may not ensure governance effectiveness in several situations that arise in functioning of organizations that require dealing with ‘principal-principal’ conflict. Our study on CEO compensation in the Indian context underlines the need for governance based on minority-shareholder-centered governance framework.","PeriodicalId":347848,"journal":{"name":"Corporate Governance & Management eJournal","volume":"38 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-05-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122347218","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Book Review: An Alternative to Business as Usual: Evangelical Christian Executives: A New Model for Business Corporations","authors":"Kathleen A. McKee","doi":"10.2139/SSRN.2778765","DOIUrl":"https://doi.org/10.2139/SSRN.2778765","url":null,"abstract":"This is a review of Lewis Solomon's book, EVANGELICAL CHRISTIAN EXECUTIVES which examines an alternative model for business corporations in which the business founders integrate faith in their day-to-day operation of their businesses and define corporate responsibility to encompass shareholders, employees, customers, and the community. Solomon uses an individual case study approach. The individual case studies examine a number of different aspects of these businesses. Among them are the leadership styles of the chief executive officers, the core values of each business, the challenges faced by each business, and how these businesses have resolved external controversies.","PeriodicalId":347848,"journal":{"name":"Corporate Governance & Management eJournal","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-12-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122526807","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Organizational Learning and Innovation as sources of Strategic Fit","authors":"Ignacio Tamayo-Torres, L. Gutierrez, F. J. L. Montes, F. Martínez-López","doi":"10.1108/IMDS-12-2015-0518","DOIUrl":"https://doi.org/10.1108/IMDS-12-2015-0518","url":null,"abstract":"Purpose \u0000 \u0000 \u0000 \u0000 \u0000The purpose of this paper is to analyze the roles played by organizational learning (OL) and innovation in organizations immersed in the processes of adaptation and strategic fit in dynamic and turbulent environments. The authors analyze whether OL and innovation act as sources of strategic fit, and whether strategic fit positively affects performance. \u0000 \u0000 \u0000 \u0000 \u0000Design/methodology/approach \u0000 \u0000 \u0000 \u0000 \u0000The authors use data from a survey of a representative sample of 204 respondents from European firms active in high-technology sectors (response rate: 10.42 percent) and structural equation modeling (using the EQS 6.1 program) to undertake a transversal study. \u0000 \u0000 \u0000 \u0000 \u0000Findings \u0000 \u0000 \u0000 \u0000 \u0000The model confirms that OL and the capacity to innovate positively influence managers’ decisions to adapt their organizations to changes in dynamic environments. The achievement of strategic fit, in turn, improves organizational performance. The authors propose considering the innovation climate as a facilitator of new product and process development, although the innovation climate is not a direct antecedent of fit. \u0000 \u0000 \u0000 \u0000 \u0000Research limitations/implications \u0000 \u0000 \u0000 \u0000 \u0000This study is limited by the fact that the analysis is cross-sectional and by the fact that all measures used are based on managers’ perceptions. \u0000 \u0000 \u0000 \u0000 \u0000Practical implications \u0000 \u0000 \u0000 \u0000 \u0000Managers should create and support an entrepreneurial culture that stresses continuous learning. They should also foster programs aimed at developing abilities, and promote the development of capabilities that facilitate acceptance of organizational change. Investments in building certain capabilities, such as OL and the capacity to innovate, are strategically justified, especially in turbulent environments. \u0000 \u0000 \u0000 \u0000 \u0000Originality/value \u0000 \u0000 \u0000 \u0000 \u0000This study is one of the first to investigate the complex interactions among OL, innovation, strategic fit, and performance. The results improve our understanding of the links between strategic fit and performance.","PeriodicalId":347848,"journal":{"name":"Corporate Governance & Management eJournal","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132217536","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Women in Finance","authors":"Renée B. Adams, Tom Kirchmaier","doi":"10.2139/ssrn.2798571","DOIUrl":"https://doi.org/10.2139/ssrn.2798571","url":null,"abstract":"Across countries, banks have less gender diverse boards than other firms. Bank board diversity is particularly low in countries with greater gender gaps in PISA math scores and lower average math scores. We find similar results using state-level NAEP math scores in the United States. The influence of math scores appears to transcend standard cultural explanations. Female directors are more likely to have an MBA in banks, especially in countries with greater gender gaps in math scores. Our evidence suggests that differences in educational outcomes for boys and girls may have long-lasting implications for their career development.","PeriodicalId":347848,"journal":{"name":"Corporate Governance & Management eJournal","volume":"43 10","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114136020","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}