12期

最新文章

• Shareholder influence over director nomination via proxy access: Implications for agency conflict and stakeholder value AI翻译
  作者：Campbell, Joanna Tochman; Campbell, T. Colin; Sirmon, David G.; Bierman, Leonard; Tuggle, Christopher S.
  作者单位：University of Arkansas System; University of Arkansas Fayetteville; University System of Ohio; Miami University; University of Washington; University of Washington Seattle; Texas A&M University System; Texas A&M University College Station; Mays Business School; University of Nebraska System; University of Nebraska Lincoln
  摘要：Corporate governance research indicates that corporate boards of directors may be overly beholden to management, which can be detrimental to firm value creation. Drawing upon agency theory and the governance law literature, we examine the effects of a new SEC rule designed to lessen managerial power by increasing large, long-term shareholders' influence in the director nomination process. We predict and find support for a positive overall market reaction to the rule's announcement as well as a...
• The dynamics of wealth, profit, and sustainable advantage AI翻译
  作者：Jacobides, Michael G.; Winter, Sidney G.; Kassberger, Stefan M.
  作者单位：University of London; London Business School; University of Pennsylvania; Frankfurt School Finance & Management
  摘要：This paper shows how idiosyncratic resources can drive sustained profitability and persistent heterogeneity under competitive conditions. Generic inputs purchased in the market become idiosyncratic resources as the result of firms' investments in customization. Analytically, we show how heterogeneous firms coexist in equilibrium as a function of customization costs. Computationally, we show that sustainable profits can emerge without monopolistic imperfections. We consider how capability heter...
• Heterogeneity in turnover: The effect of relative compensation dispersion of firms on the mobility and entrepreneurship of extreme performers AI翻译
  作者：Carnahan, Seth; Agarwal, Rajshree; Campbell, Benjamin A.
  作者单位：University System of Maryland; University of Maryland College Park; University System of Ohio; Ohio State University
  摘要：We explore the strategic implications of firm compensation dispersion on the heterogeneous turnover outcomes of employee mobility and entrepreneurship. We theorize that individuals' turnover decisions are affected by the interaction of individual performance with the firm's compensation dispersion relative to its competitors. We test our theory using linked employer-employee data from the legal services industry. We find that individuals with extreme high performance are less likely to leave f...
• Who bribes? Evidence from the United Nations' oil-for-food program AI翻译
  作者：Jeong, Yujin; Weiner, Robert J.
  作者单位：American University; George Washington University
  摘要：How do managers react in an environment where bribery is likely to bring high rewards, but also presents high risks? We examine the supply side (firms' illicit payments) of bribery in a global setting, using the United Nations' (UN) Oil-for-Food Program, part of UN sanctions on Iraq. Some companies helped Iraq circumvent UN sanctions through bribe payments in the form of illicit surcharges. Our transaction-level analysis of factors affecting bribe payments draws on the economic theory of crime...