This study examines the moderation effects of corporate governance provisions on the link between family involvement (i.e., family ownership and family management) in publicly-traded firms and firm performance by drawing upon agency theory, with a focus on principal-principal agency issues, and the extant family governance literature. We develop and test the hypotheses on 386 of the S&P 500 fir...

I am particularly glad to introduce the discussions of this panel today. Establishing the banking union constitutes a key step to reinforce the European integration and marks a major milestone in European history. The National Bank of Belgium strongly supports the banking union and its single supervisory mechanism which, if well implemented, will lead to a sound and robust supervisory model and...

This paper is to explore that if ownership structure exactly affects on earnings management, especially on how to constrain executive compensation motivation to earnings management in the emerging market of China. We use five variables to quantify various corporate governance mechanisms including ownership structure and executive compensation for 1024 listed firms sample within two years. We fi...

The initial sample of firm-quarter observations are derived from a September 2009 extract of the fundamentals quarterly table from Compustat. We include any U.S. firm (fic = “USA”) outside of the financial industry (sic outside of 6000 to 6999) and all firm-quarter observations with nonmissing information on total assets (atq), total sales (saleq), common shares outstanding (cshoq), closing sha...

Separation between CEO and Chairman of the Board is typically viewed as evidence of good corporate governance. Surprisingly, the literature has failed so far to uncover any significant relation between CEO/Chairman duality and firm performance. By distinguishing between periods with and without CEO turnover, we empirically identify two offsetting effects: the correlation between duality and per...

Using a unique cross-national survey of publicly traded firms in Indonesia, Korea and Thailand, we provide the first systematic cross-national evidence on the incidence, diffusion, nature, and scope of Joint Labor-Management Committees (JLMCs) and shed light on the potential role of employee stakeholders in corporate governance in Asia. We find insofar as publicly traded firms in these three co...

A model of corporate governance must explain (i) why governance matters; (ii) variation in governance across firms (i.e., be responsive to the Demsetz and Lehn, 1985, critique); and (iii) the positive correlations found empirically between quality of corporate governance and corporate performance. The model presented here satisfies these three criteria. It assumes exogenous variation in firm po...