We investigate CEO compensation for completing M&A deals. We find that CEOs who have more power to influence board decisions receive significantly larger bonuses. We also find a positive relation between bonus compensation and measures of effort, but not between bonus compensation and deal performance. CEOs with more power also tend to engage in larger deals relative to the size of their own fi...

This study investigates how personal values may affect strategic decisions of board members in dilemmas involving shareholders and other stakeholders. In a survey of the entire population of directors and CEOs in all public corporations in one country, we use vignettes that are based on seminal court cases to identify a general factor of shareholderism (vs. stakeholderism). Directors and CEOs e...

When the founder is no longer CEO of firm he controls, can entrust position either to a family member or professional non-family CEO. Our study examines how founder-controlled firms compensate CEOs versus CEOs. Using regression analyses on sample large Canadian listed Toronto Stock Exchange (S&P/TSX) over 7-year period (2002 2008), we find that total compensation lower than CEOs, especi...

We used the results from Financial World’s widely publicized certification contest, CEO of the Year, to investigate the impact of such contests on firm performance and executive compensation. A certification contest ranks actors on performance criteria that key stakeholders accept as credible and legitimate. We found that certified CEOs received higher compensation than noncertified CEOs when p...

We develop a theory of board-directed strategic change in which directors (1) conceive changes in corporate strategy that reflect the strategies of their own home companies, and (2) select new CEOs who have prior experience with similar strategies to facilitate implementation. The findings show that, while the experience of new CEOs appears to predict corporate strategic change, these effects d...

Twenty years ago Michael (1993) refined and extended the concept of the conditioned establishing operation (CEO). With this paper he updated his previous treatment of the topic (Michael, 1982) by providing terminological refinements and conceptually clear descriptions of the reflexive and transitive CEOs. In the 20 years since the publication of that paper there has been an increase in the appl...

How does the appointment of an outside CEO affect hiring firm’s performance? Prior research reports that CEOs tend to underperform compared inside CEOs, with high performance varianc...

Baby boomers dominate hospital boards today. Here's how CEOs and board leaders are attracting younger trustees, who can offer fresh perspectives and maintain continuity when older members leave.