Comparative Corporate Governance

Comparative Corporate GovernanceOrder Description
A CEO level report on the factors that might encourage convergence of governance practices between countries (e.g. US, UK and Germany) and also the forces that might restrict convergence.

*This will require a strong discussion around the key issues on CG.
*Good discussion on 1 and 2 tier boards and the issues surrounding culture and principle v rules based governance.
*Good relevant examples
*Extremely practical

*This will need to have a strong intro, have a strong flow throughout and a solid conclusion.

You will find it helpful to consult the following materials in the first instance:
Yoshikawa, T., and Rasheed, A. A., Convergence of Corporate Governance: Critical Review and Future Directions, Corporate Governance: An International Review, 2009, 17(3): 388–404

https://business.illinois.edu/aguilera/Teaching/ICC/YoshikawaRasheed%20CGIR2009.pdf

Textbook: Corporate Governance by Christine Mallin, 4th Edition (or 5th), Oxford University Press (2013).

Afsharipour, A., Corporate Governance Convergence: Lessons from the Indian Experience, Northwestern Journal of International Law & Business, Volume 29, Issue 2 Spring

https://scholarlycommons.law.northwestern.edu/cgi/viewcontent.cgi?article=1687&context=njilb

The corporate governance codes for Developing Countries, in English, can be obtained from the website of the European Corporate Governance Institute, available at https://www.ecgi.org/codes/all codes.php

Additional Resources

The number of papers listed below is necessarily large. (The country of study is highlighted in bold.) A good starting point for readers is:

1 Bebchuk, L.A. and M.S. Weisbach (2010) ‘The State of Corporate Governance Research’, Review of Financial Studies, Vol. 23, No. 3, 939–961.
2 Fan, J.P.H., K.C.J. Wei and X. Xu (2011) ‘Corporate Finance and Governance in Emerging Markets: A Selective Review and an Agenda for Future Research’, Journal of Corporate Finance, Vol. 17, No. 2, 207–214. International.
3 Krüger, P. (2015). Corporate goodness and shareholder wealth. Journal of Financial Economics, 115(2), 304-329.
Macro Governance

Macro governance papers consider the impact of regulatory structures, culture and law on corporations. They normally examine more than one country and compare different regulatory and governance environments. Important papers are as follows:

4 Aggarwal, R., I. Erel, R. Stulz and R. Williamson (2009) ‘Differences in Governance Practices between US and Foreign Firms: Measurement, Causes, and Consequences’, Review of Financial Studies, Vol. 22, No. 8, 3131–3169. International.
5 Aggarwal, R., I. Erel, M. Ferreira and P. Matos (2011) ‘Does Governance Travel around the World? Evidence from Institutional Investors’, Journal of Financial Economics, Vol. 100, No. 1, 154–181. International.
6 Andres, C. and E. Theissen (2008) ‘Setting a Fox to Keep the Geese: Does the Comply-or-Explain Principle Work?’ Journal of Corporate Finance, Vol. 15, No. 3, 289–301.
7 Atanassov, J. and E.H. Kim (2009) ‘Labor and Corporate Governance: International Evidence from Restructuring Decisions’, Journal of Finance, Vol. 64, No. 1, 341–374.
8 Ayyagari, M., A. Demirguc-Kunt and V. Maksimovic (2011) ‘Firm Innovation in Emerging Markets: The Role of Finance, Governance, and Competition’, Journal of Financial and Quantitative Analysis, Vol. 46, No. 6, 1545–1580. International.
9 Borisova, G. and W.L. Megginson (2011) ‘Does Government Ownership Affect the Cost of Debt? Evidence from Privatization’, Review of Financial Studies, Vol. 24, No. 8, 2693–2737. International.
10 Bortolotti, B. and M. Faccio (2009) ‘Government Control of Privatized Firms’, Review of Financial Studies, Vol. 22, 2907–2939.
11 Brockman, P. and E. Unlu (2009) ‘Dividend Policy, Creditor Rights, and the Agency Costs of Debt’, Journal of Financial Economics, Vol. 92, No. 2, 276–299. International.
12 Cornelli, F., Kominek, Z., & Ljungqvist, A. (2013). Monitoring managers: Does it matter?. The Journal of Finance, 68(2), 431-481.. Central and Eastern Europe.
13 Cuñat, V., Gine, M., & Guadalupe, M. (2012). The vote is cast: the effect of corporate governance on shareholder value. The journal of finance, 67(5), 1943-1977.
14 Doidge, C., G.A. Karolyi and R. Sultz (2007) ‘Why Do Countries Matter so Much for Corporate Governance?’, Journal of Financial Economics, Vol. 86, No. 1, 1–39.
15 Doidge, C., G.A. Karolyi, K.V. Lins, D.P. Miller and R. Sultz (2009) ‘Private Benefits of Control Ownership and the Cross-Listing Decision’, Journal of Finance, Vol. 64, No. 1, 425–466.
16 Donghui, L., F. Moshirian, P.K. Pham and J. Zein (2006) ‘When Financial Institutions Are Large Shareholders: The Role of Macro Corporate Governance Environments’, Journal of Finance, Vol. 61, No. 6, 2975–3007.
17 Dyck, A. and L. Zingales (2004) ‘Private Benefits of Control: An International Comparison’, Journal of Finance, Vol. 59, No. 2, 537–600.
18 Erkens, D.H., M. Hung and P. Matos (2012) ‘Corporate Governance in the 2007–2008 Financial Crisis: Evidence from Financial Institutions Worldwide’, Journal of Corporate Finance, Vol. 18, No. 2, 389–411. International.
19 Ge, W., J-B. Kim and B.Y. Song (2012) ‘Internal Governance, Legal Institutions and Bank Loan Contracting around the World’, Journal of Corporate Finance, Vol. 18, No. 3, 413–432. International.
20 Giannetti, M. and Y. Koskinen (2010) ‘Investor Protection, Equity Returns, and Financial Globalization’, Journal of Financial and Quantitative Analysis, Vol. 45, No. 1, 135–168. International.
21 Goergen, M. and L. Renneboog (2008) ‘Contractual Corporate Governance’, Journal of Corporate Finance, Vol. 15, No. 3, 166–182.
22 Guiso, L., P. Sapienza and L. Zingales (2008) ‘Trusting the Stock Market’, Journal of Finance, Vol. 63, No. 6, 2557–2600.
23 Hillier, D., V. Pereira de Queiroz, J. Pindado and C. De la Torre (2010) ‘The Impact of Country-level Corporate Governance on Research and Development’, Journal of International Business Studies, Vol. 42, No. 1, 76–98.
24 John, K., L. Litov and B. Yeung (2008) ‘Corporate Governance and Risk-Taking’, Journal of Finance, Vol. 63, No. 4, 1679–1728.
25 Kim, K.A. P. Kitsabunnarat-Chatjuthamard and J.R. Nofsinger (2007) ‘Large Shareholders, Board Independence, and Minority Shareholder Rights: Evidence from Europe’, Journal of Corporate Finance, Vol. 13, No. 5, 859–880.
26 La Porta, L., F. Lopez-de-Silanes, A. Shliefer and R. Vishney (2000) ‘Investor Protection and Corporate Governance’, Journal of Financial Economics, Vol. 58, Nos. 1 and 2, 3–27.
27 Laeven, L. and R. Levine (2008) ‘Complex Ownership Structures and Corporate Valuations’, Review of Financial Studies, Vol. 21, No. 2, 579–604.
28 Laeven, L. and R. Levine (2009) ‘Bank Governance, Regulation and Risk Taking’, Journal of Financial Economics, Vol. 93, No. 2, 259–275. International.
29 Lel, U. (2012) ‘Currency Hedging and Corporate Governance: A Cross-country Analysis’, Journal of Corporate Finance, Vol. 18, No. 2, 221–237. International.
30 Leuz, C., K.V. Lins and F.E. Warnock (2009) ‘Do Foreigners Invest Less in Poorly Governed Firms?’, Review of Financial Studies, Vol. 22, No. 8, 3245–3285. International.
31 Lin, C., Y. Ma, P. Malatesta and Y. Xuan (2011) ‘Ownership Structure and the Cost of Corporate Borrowing’, Journal of Financial Economics, Vol. 100, No. 1, 1–23. International.
32 Martynova, M. and L. Renneboog (2011) ‘Evidence on the International Evolution and Convergence of Corporate Governance Regulations’, Journal of Corporate Finance, Vol. 17, No. 5, 1531–1557. International.
33 Morck, R., M.D. Yavuz and B. Yeung (2011) ‘Banking System Control, Capital Allocation, and Economy Performance’, Journal of Financial Economics, Vol. 100, No. 2, 264–283. International.
34 Spamann, H. (2010) ‘The “Antidirector Rights Index” Revisited’, Review of Financial Studies, Vol. 23, No. 2, 467–486. International.

There has also been a lot of research at the firm level in single countries. Researchers have examined a wide range of issues, but the general theme considers how governance structures or regulation affect the performance of firms and their strategic decisions. Another important area relates to ownership structure and how that affects a corporation. The listings below are categorized by general subject.
Board Characteristics

35 Acharya, V.V., S.C. Myers and R.G. Rajan (2011) ‘The Internal Governance of Firms’, Journal of Finance, Vol. 66, No. 3, 689–720. US.
36 Adams, R.B. and D. Ferreira (2009) ‘Women in the Boardroom and their Impact on Governance and Performance’, Journal of Financial Economics, Vol. 94, No. 2, 291–309. US.
37 Aggarwal, R. (2009) ‘Differences in Governance Practices between U.S. and Foreign Firms: Measurement, Causes, and Consequences’, Review of Financial Studies, Vol. 22, No. 8, 3131–3169. International.
38 Armstrong, C. S., Core, J. E., & Guay, W. R. (2014). Do independent directors cause improvements in firm transparency?. Journal of Financial Economics, 113(3), 383-403.
39 Bebchuk, L., A. Cohen and A. Ferrell (2009) ‘What Matters in Corporate Governance?’, Review of Financial Studies, Vol. 22, No. 2, 783–827. US.
40 Bebchuk, L. A., Cohen, A., & Wang, C. C. (2013). Learning and the disappearing association between governance and returns. Journal of Financial Economics, 108(2), 323-348. US.
41 Belot, F., Ginglinger, E., Slovin, M. B., & Sushka, M. E. (2014). Freedom of choice between unitary and two-tier boards: an empirical analysis. Journal of Financial Economics, 112(3), 364-385. France.
42 Bennedsen, M., H.C. Kongsted and K.M. Nielsen (2008) ‘The Causal Effect of Board Size in the Performance of Small and Medium Sized Firms’, Journal of Banking and Finance, Vol. 32, No. 6, 1098–1109. Denmark.
43 Bhagat, S. and B. Bolton (2008) ‘Corporate Governance and Firm Performance’, Journal of Corporate Finance, Vol. 15, No. 3, 257–273. US.
44 Andriy Bodnaruk, Massimo Massa, Andrei Simonov, Alliances and corporate governance, Journal of Financial Economics, Volume 107, Issue 3, March 2013, Pages 671-693. US
45 Chikh, S. and J-Y. Filbien (2011) ‘Acquisitions and CEO Power: Evidence from French Networks’, Journal of Corporate Finance, Vol. 17, No. 5, 1221–1236. France.
46 Chung, K.H., J. Elder and J-C. Kim (2009) ‘Corporate Governance and Liquidity’, Journal of Financial and Quantitative Analysis, Vol. 45, 265–291. US.
47 Dahya, J. and J.J. McConnell (2007) ‘Board Composition, Corporate Performance, and the Cadbury Committee Recommendation’, Journal of Financial and Quantitative Analysis, Vol. 42, No. 3, 535–564. UK.
48 Doukas, J., M. Holmen and N. Travlos (2002) ‘Diversification, Ownership and Control of Swedish Corporations’, European Financial Management, Vol. 8, 281–314. Sweden.
49 Duchin, R., J.G. Matsusaka and O. Ozbas (2010) ‘When Are Outside Directors Effective?’, Journal of Financial Economics, Vol. 96, No. 2, 195–214. US.
50 Fahlenbrach, R., A. Low and R.M. Stulz (2010) ‘Why Do Firms Appoint CEOs as Outside Directors?’, Journal of Financial Economics, Vol. 97, No. 1, 12–32. US.
51 Falato, A., Kadyrzhanova, D., & Lel, U. (2014). Distracted directors: Does board busyness hurt shareholder value?. Journal of Financial Economics, 113(3), 404-426.
52 Fich, E.M. and A. Shivdasani (2006) ‘Are Busy Boards Effective Monitors?’, Journal of Finance, Vol. 61, No. 2, 689–724. US.
53 Field, L., Lowry, M., & Mkrtchyan, A. (2013). Are busy boards detrimental?. Journal of Financial Economics, 109(1), 63-82. US.
54 Ginglinger, E., W. Megginson and T. Waxin (2011) ‘Employee Ownership, Board Representation, and Corporate Financial Policies’, Journal of Corporate Finance, Vol. 17, No. 4, 868–887. France.
55 Goergen, M. and L. Renneboog (2011) ‘Managerial Compensation’, Journal of Corporate Finance, Vol. 17, No. 4, 1068–1077. International.
56 Guest, P.M. (2008) ‘The Determinants of Board Size and Composition: Evidence from the UK’, Journal of Corporate Finance, Vol. 15, No. 1, 51–72. UK.
57 Hafsi, T., and G. Turgut, ‘Boardroom Diversity and its Effect on Social Performance: Conceptualization and Empirical Evidence’, Journal of Business Ethics, 2013, Vol 112, No. 3, p. 463-479.
58 Hermalin, B.E. and M.S. Weisbach (2012) ‘Information Disclosure and Corporate Governance’, Journal of Finance, Vol. 67, No. 1, 195–234. US.
59 Hillier, D. and P. McColgan (2006) ‘An Analysis of Changes in Board Structure during Corporate Governance Reforms’, European Financial Management, Vol. 12, No. 4, 575–607. UK.
60 Huang, J., & Kisgen, D. J. (2013). Gender and corporate finance: Are male executives overconfident relative to female executives?. Journal of Financial Economics, 108(3), 822-839.
61 Jens Hilscher, Elif Sisli-Ciamarra, Conflicts of interest on corporate boards: The effect of creditor-directors on acquisitions, Journal of Corporate Finance, Volume 19, February 2013, Pages 140-158. US
62 Kaplan, S. N., Klebanov, M. M., & Sorensen, M. (2012). Which CEO characteristics and abilities matter?. The Journal of Finance, 67(3), 973-1007.
63 Lauterbach, B. and Y. Yafeh (2011) ‘Long-term Changes in Voting Power and Control Structure Following the Unification of Dual Class Shares’, Journal of Corporate Finance, Vol. 17, No. 2, 215–228. Israel.
64 Li, F. and S. Srinivasan (2011) ‘Corporate Governance when Founders Are Directors’, Journal of Financial Economics, Vol. 102, No. 2, 454–469. US.
65 Masulis, R. W., & Mobbs, S. (2014). Independent director incentives: Where do talented directors spend their limited time and energy?. Journal of Financial Economics, 111(2), 406-429. US.
66 Masulis, R. W., Wang, C., & Xie, F. (2012). Globalizing the boardroom—The effects of foreign directors on corporate governance and firm performance. Journal of Accounting and Economics, 53(3), 527-554. US.
67 Mura, R. (2007) ‘Firm Performance: Do Non-Executive Directors Have Minds of their Own? Evidence from UK Panel Data’, Financial Management, Vol. 36, No. 3, 81–112. UK.
68 Renneboog, L. and Y. Zhao (2011) ‘Us Knows Us in the UK: On Director Networks and CEO Compensation’, Journal of Corporate Finance, Vol. 17, No. 4, 1132–1157. UK.
69 Schwartz-Ziv, M., & Weisbach, M. S. (2013). What do boards really do? Evidence from minutes of board meetings. Journal of Financial Economics, 108(2), 349-366. Israel.
Ownership Structure and Shareholder Activism

70 Anderson, R.C., D.M. Reeb and W. Zhao (2012) ‘Family-Controlled Firms and Informed Trading: Evidence from Short Sales’, Journal of Finance, Vol. 67, No. 1, 351–386. US.
71 Barontini, R. and L. Caprio (2006) ‘The Effect of Family Control on Firm Value and Performance: Evidence from Continental Europe’, European Financial Management, Vol. 12, No. 5, 689–723. Europe.
72 Becht, M., J. Franks, C. Mayer and S. Rossi (2009) ‘Returns to Shareholder Activism: Evidence from a Clinical Study of the Hermes UK Focus Fund’, Review of Financial Studies, Vol. 22, No. 8, 3093–3129. UK.
73 Bena, J., & Ortiz-Molina, H. (2013). Pyramidal ownership and the creation of new firms. Journal of Financial Economics, 108(3), 798-821. Europe.
74 Bigelli, M., V. Mehrotra and P.R. Rau (2011) ‘Why Are Shareholders Not Paid to Give Up their Voting Privileges? Unique Evidence from Italy’, Journal of Corporate Finance, Vol. 17, No. 5, 1619–1635. Italy.
75 Boubaker, S. and F. Labegorre (2008) Ownership Structure, Corporate Governance and Analyst Following: A Study of French Listed Firms’, Journal of Banking and Finance, Vol. 32, No. 6, 961–976. France.
76 Boubakri, N., Cosset, J. C., & Saffar, W. (2013). The role of state and foreign owners in corporate risk-taking: Evidence from privatization. Journal of Financial Economics, 108(3), 641-658. International.
77 Budsaratragoon, P., S. Lhaopadchan and D. Hillier (2010) ‘Institutional Shareholder Activism and Limited Investor Attention’, Review of Behavioral Finance, Vol. 2, No. 2, 106–125. US.
78 Chhaochharia, V., Kumar, A., & Niessen-Ruenzi, A. (2012). Local investors and corporate governance. Journal of Accounting and Economics, 54(1), 42-67. US.
79 Cronqvist, H., F. Heyman, M. Nilsson, H. Svaleryd and J. Vlachos (2009) ‘Do Entrenched Managers Pay their Workers More?’, Journal of Finance, Vol. 64, No. 1, 309–339. Sweden.
80 Davies, J.R., D. Hillier and P. McColgan (2005) ‘Ownership Structure, Managerial Behavior, and Corporate Value’, Journal of Corporate Finance, Vol. 11, No. 4, 645–660. UK.
81 Doidge, C., G.A. Karolyi, K.V. Lins, D.P. Miller and R.M. Stulz (2009) ‘Private Benefits of Control Ownership and the Cross-Listing Decision’, Journal of Finance, Vol. 64, No. 1, 425–466. International.
82 Faccio, M. and L.H.P. Lang (2002) ‘The Ultimate Ownership of Western European Corporations’, Journal of Financial Economics, Vol. 65, No. 3, 365–395. Europe.
83 Faccio, M., M-T. Marchica and R. Mura (2011) ‘Large Shareholder Diversification and Corporate Risk-Taking’, Review of Financial Studies, Vol. 24, No. 11, 3601–3641. Europe.
84 Fauver, L. and M.E. Fuerst (2006) ‘Does Good Corporate Governance Include Employee Representation? Evidence from German Corporate Boards’, Journal of Financial Economics, Vol. 82, No. 3, 673–710. Germany.
85 Franks, J., C. Mayer and S. Rossi (2009) ‘Ownership: Evolution and Regulation’, Review of Financial Studies, Vol. 22, 4009–4056. UK.
86 Ferreira, M.A., M. Massa and P. Matos (2010) ‘Shareholders at the Gate? Institutional Investors and Cross-Border Mergers and Acquisitions’, Review of Financial Studies, Vol. 23, No. 2, 601–644. International.
87 Gantchev, N. (2013). The costs of shareholder activism: Evidence from a sequential decision model. Journal of Financial Economics, 107(3), 610-631.
88 Giannetti, M. and L. Laeven (2009) ‘Pension Reform, Ownership Structure, and Corporate Governance: Evidence from a Natural Experiment’, Review of Financial Studies, Vol. 22, No. 10, 4091–4127. Sweden.
89 Gugler, K., Ivanova, N., & Zechner, J. (2014). Ownership and control in Central and Eastern Europe. Journal of Corporate Finance, 26, 145-163. Central and Eastern Europe.
90 Harbula, P. (2007) ‘The Ownership Structure, Governance, and Performance of French Companies’, Journal of Applied Corporate Finance, Vol. 19, No. 1, 88–101. France.
91 Kandel, E., M. Massa and A. Simonov (2011) ‘Do Small Shareholders Count?’, Journal of Financial Economics, Vol. 101, No. 3, 641–665. Sweden.
92 Klein, A. and E. Zur (2009) ‘Entrepreneurial Shareholder Activism: Hedge Funds and Other Private Investors’, Journal of Finance, Vol. 64, No. 1, 187–229. US.
93 Li, D., Q.N. Nguyen, P.K. Pham and S. X. Wei (2011) ‘Large Foreign Ownership and Firm-Level Stock Return Volatility in Emerging Markets’, Journal of Financial and Quantitative Analysis, Vol. 46, No. 4, 1127–1155. International.
94 Lin, C., Y. Ma, P. Malatesta and Y. Xuan (2012) ‘Corporate Ownership Structure and Bank Loan Syndicate Structure’, Journal of Financial Economics, Vol. 104, No. 1, 1–22. International.
95 Maury, B. (2006) ‘Family Ownership and Firm Performance: Empirical Evidence from Western European Corporations’, Journal of Corporate Finance, Vol. 12, No. 2, 321–341. Europe.
96 Mehrotra, V., Morck, R., Shim, J., & Wiwattanakantang, Y. (2013). Adoptive expectations: Rising sons in Japanese family firms. Journal of Financial Economics, 108(3), 840-854. Japan.
97 Norli, Ø., Ostergaard, C., & Schindele, I. (2015). Liquidity and shareholder activism. Review of Financial Studies, 28(2), 486-520.
Executive Turnover and Managerial Succession

98 Ansari, I. F., Goergen, M., & Mira, S. (2014). The determinants of the CEO successor choice in family firms. Journal of Corporate Finance, 28, 6-25. France, Germany and UK.
99 Amore, M.D., A. Minichilli and G. Corbetta (2011) ‘How Do Managerial Successions Shape Corporate Financial Policies in Family Firms?’, Journal of Corporate Finance, Vol. 17, No. 4, 1016–1027. Italy.
100 Cucculelli, M. and G. Micucci (2008) ‘Family Succession and Firm Performance: Evidence from Italian Family Firms’, Journal of Corporate Finance, Vol. 15, No. 1, 17–31. Italy.
101 Hazarika, S., J.M. Karpoff and R. Nahata (2012) ‘Internal Corporate Governance, CEO Turnover, and Earnings Management’, Journal of Financial Economics, Vol. 104, No. 1, 44–69. US.
102 Hillier, D., S.C. Linn and P. McColgan (2005) ‘Equity Issuance, CEO Turnover, and Corporate Governance’, European Financial Management, Vol. 11, No. 4, 515–538. UK.
103 Hillier, D. and P. McColgan (2009) ‘Firm Performance and Managerial Succession in Family Managed Firms’, Journal of Business Finance and Accounting, Vol. 36, 461–484. UK.
Regulation and Environment

104 Atanassov, J. (2013). Do hostile takeovers stifle innovation? Evidence from antitakeover legislation and corporate patenting. The Journal of Finance, 68(3), 1097-1131.
105 Bajo, E., M. Bigelli, D. Hillier, and B. Petracci (2009) ‘The Determinants of Regulatory Compliance: An Analysis of Insider Trading Disclosures’, Journal of Business Ethics, Vol. 90, No. 3, 331–343. Italy.
106 Benfratello, L., F. Schiantarelli, and A. Sembenelli (2008) ‘Banks and Innovation: Microeconometric Evidence on Italian Firms’, Journal of Financial Economics, Vol. 90, No. 2, 197–217. Italy.
107 Cronqvist, H., F. Heyman, M. Nilsson, H. Svaleryd and J. Vlachos (2009) ‘Do Entrenched Managers Pay their Workers More?’, Journal of Finance, Vol. 64, No. 1, 309–339. Sweden.
108 Hillier, D. and A. Marshall (2002) ‘Are Trading Bans Effective? Exchange Regulation and Corporate Insider Trading’, Journal of Corporate Finance, Vol. 8, No. 4, 393–410. UK.
109 Masulis, R.W., C. Wang and F. Xie (2009) ‘Agency Problems at Dual-Class Companies’, Journal of Finance, Vol. 64, No. 4, 1697–1727. US.
Theoretical Papers (Advanced)

110 Baranchuk, N. and P.H. Dybvig (2009) ‘Consensus in Diverse Corporate Boards’, Review of Financial Studies, Vol. 22, No. 2, 715–747.
111 Boot, A.W.A. and A.V. Thakor (2011) ‘Managerial Autonomy, Allocation of Control Rights, and Optimal Capital Structure’, Review of Financial Studies, Vol. 24, No. 10, 3434–3485.
112 Carlin, B.I. and S. Gervais (2009) ‘Work Ethic, Employment Contracts, and Firm Value’, Journal of Finance, Vol. 64, No. 2, 785–821.
113 Casamatta, C. and A. Guembel (2010) ‘Managerial Legacies, Entrenchment, and Strategic Inertia’, Journal of Finance, Vol. 65, No. 6, 2403–2436.
114 Cohn, J. B., & Rajan, U. (2013). Optimal corporate governance in the presence of an activist investor. Review of Financial Studies, Vol. 26, No. 4, 985-1020
115 Harris, M. and A. Raviv (2010) ‘Control of Corporate Decisions: Shareholders vs. Management’, Review of Financial Studies, Vol. 23, No. 11, 4115–4147.
116 Inderst, R. and H.M. Mueller (2010) ‘CEO Replacement under Private Information’, Review of Financial Studies, Vol. 23, No. 8, 2935–2969.
117 Kind, A., & Poltera, M. (2013). The value of corporate voting rights embedded in option prices. Journal of Corporate Finance, 22, 16-34. Europe.
118 Manso, G. (2011) ‘Motivating Innovation’, Journal of Finance, Vol. 66, No. 5, 1823–1860.
119 Morellec, E., Nikolov, B., & Schürhoff, N. (2012). Corporate governance and capital structure dynamics. The Journal of Finance, 67(3), 803-848.
120 Noe, T.H. and M.J. Rebello (2012) ‘Optimal Corporate Governance and Compensation in a Dynamic World’, Review of Financial Studies, Vol. 25, No. 2, 480–521.
121 Robinson, D.T. (2009) ‘Size, Ownership and the Market for Corporate Control’, Journal of Corporate Finance, Vol. 15, No. 1, 80–84.

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