作者：Hope, Ole-Kristian; Lu, Haihao; Saiy, Sasan
作者单位：University of Toronto; BI Norwegian Business School; University of Waterloo
摘要：This paper examines whether independent directors' compensation is associated with related party transactions. We focus both on directors' total compensation and their equity-based compensation. Employing hand-collected data for S&P 1500 firms, we find that independent directors' compensation is significantly associated with related party transactions. Specifically, we find that the level of compensation is positively related to these transactions, but we do not find equity-based compensation ...
作者：Baldenius, Tim; Michaeli, Beatrice
作者单位：Columbia University; University of California System; University of California Los Angeles
摘要：Integrated ownership is often seen as a way to foster specific investments. However, even in integrated firms, managers invest to maximize their compensation, which is chiefly driven by divisional income. Thus it is not clear that integration has any effect on investments in a world of decentralized decision-making. Building on recent findings that efficiency-enhancing investments raise not only the expected value of a project but also its variance, we show that, under plausible conditions, in...
