An important question for firms in dynamic industries is how to induce a CEO to reveal information that the firm should change its strategy, in particular when a strategy change might cause his own dismissal. We show that the uniquely optimal incentive scheme from this perspective consists of options, a base wage, and severance pay. Option compensation minimizes the CEO’s expected on-the-job pa...

Prior research on CEO succession has omitted consideration of a critical institutional reality: some exiting CEOs do not fully depart the scene but instead remain as board chairs. We posit that predecessor retention restricts a successor’s discretion, thus dampening his or her ability to make strategic changes or deliver performance that deviates from pre-succession levels. In short, a predeces...

Supply Chain Finance (SCF) represents an innovative opportunity to reduce working capital. Its underlying mechanism is reverse factoring making the technique buyerrather than supplier-centric. Implementing SCF is a difficult and time-consuming task that requires top management attention. Yet, it promises significant savings. Our survey results show that, on average, companies reduce working cap...

According to agency theory, the interests of shareholders are safeguarded only where different people occupying the two positions of the Chief Executive Officer (CEO) and the chairman of the board of directors. This implies that CEO duality (i.e. the CEO serves also as the board chairman) is negatively associated with corporate performance. However, empirical evidence is mixed with respect to t...

This research addresses a simple question: what becomes of charismatic CEOs once they have reached their apogee? Building on some neglected aspects of Max WeberÕs analysis of charisma and the work done by Janice Beyer on charismatic leadership, this paper offers two contributions. First, it provides a theoretical introduction to the concept of charismatic routinization (i.e. the inevitable tran...

This thesis examines anomalies related to the discretionary accruals usage during the tenures of CEOs in listed U.S. companies since the implementation of Sarbanes-Oxley Act. The approach used in this thesis is quantitative in nature. Four well-known discretionary accruals models: Healy model, DeAngelo model, Jones model and modified Jones are used in to separate discretionary accruals from the...

We extend the original work of Malmendier and Tate (2008) to cover the full spectrums of firm size, and a recent time period that includes the 1998-2001 merger wave. In particular, we explore the impact of target firm CEO overconfidence on firm M&A performance and the general impact of CEO overconfidence on firm long run post-M&A stock returns. We also examine the differential impact of CEO ove...

BACKGROUND AND AIMS Current chemical methods may not efficiently disinfect dental stone casts. The aim of this study was to investigate if microwave irradiation is effective for disinfection of stone casts. MATERIALS AND METHODS In this laboratory study, three groups (n = 162) of prepared spherical stone beads as carriers with a diameter of 10 mm were inoculated by separately soaking in three...

The purpose of this study is to examine the impact of board size, the CEO (Chief Executive Officer) duality, and corporate liquidity on the profitability of Canadian service firms. This study also seeks to extend the findings of Kajola [1] and Gill [2]. A sample of 75 Canadian service firms listed on Toronto Stock Exchange (TSX) for a period of 3 years (from 2008-2010) was selected. This study ...