Abstract This paper examines whether and to what extent CEO personal traits (hubris, in particular) affect firm environmental innovation. Using the overarching theoretical framework of upper‐echelons theory, builds on insights from corporate strategy, innovation, social responsibility literatures. We also examine moderating role firm‐specific features (e.g. organizational slack) external environment market uncertainty) this context. Based a sample UK companies operating sensitive industries,...

This paper presents a comprehensive archival examination of FTSE 100 companies in the period 2001–2005, focusing on relationship between presence women company boards and both accountancy‐based stock‐based measures performance. Consistent with work by Adams, Gupta Leeth this analysis reveals that there was no women's ‘objective’ performance (return assets, return equity). However, consistent ‘glass cliff’ research negative ‘subjective’ Companies male‐only enjoyed valuation premium 37%...

Abstract This paper offers a new explanation of the gender pay gap in leadership positions by examining relationship between managerial bonuses and company performance. Drawing on findings studies, agency theory, literature, we argue that is context‐specific phenomenon results partly from fact performance has moderating impact inequalities. Employing matched sample 192 female male executive directors U.K.‐listed firms, corroborate existence disparities corporate boardrooms. In line with our...

This study examined how top management team's ( TMT ) international orientation influences perceptions of environmental uncertainty and these impact strategic decisions, in particular regarding ownership stakes taken foreign acquisitions. We highlighted the need for concept to encompass executives’ formative‐years’ experiences along with their career nationalities. Empirical tests based on a sample 2122 acquisitions completed by 561 UK firms over period 1999–2008 showed that positively...

Purpose This paper seeks to examine whether or not divident policy is influenced by the firm's corporate control structure, investigating relationship between dynamics of earnings payout and voting power enjoyed different types shareholders. allows one test a set hypotheses derived from agency pecking order theories. Design/methodology/approach A large panel UK firms for 1990s analyzed that significantly related concentration. The problem measurement addressed use Banzhaf indices advocated...

Narrative reporting, both in relation to financial and non-financial information, is increasingly used often mandated, with significant managerial discretion regarding content. As policy makers consider reporting as a tool for regulation steer the behaviour of companies towards improving practices performance upon which they have disclose, aim this paper provide state art academic literature on narrative identify future challenges. In order do so, investigates three questions: (1) How has...

Abstract We examine the link between monitoring capacity of board and corporate performance UK listed firms. also investigate how firms use flexibility offered by voluntary governance regime to make choices. find a strong positive association index we construct firm operating performance. Our results imply that adherence board‐related recommendations Corporate Governance Code strengthens board's capacity, potentially helping mitigate agency problems, but investors do not value it...

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The paper examines the payout policy of UK firms listed on London Stock Exchange during 1990s. We complement existing literature studies by analyzing jointly trends in dividends and share repurchases. Unlike US, we find that, UK, do not demonstrate a decreasing propensity to distribute funds shareholders.

This paper investigates valuation effects of share block transfers and employs agency theory to explain the determinants premia. A sample transactions from Poland is used measure benefits costs ownership concentration. Block premia are found be substantially lower than in well-developed markets, spite insufficient minority shareholders' protection transitional economies. Shareholder's opportunities extract private control turn out depend not only on size his equity stake, but also relative...

This paper simultaneously analyses two mechanisms of managerial labour market in the UK - CEO disciplinary turnover and executive compensation schemes. It relates them to characteristics corporate ownership structure. Executive cash proves strongly performance-sensitive. However, impact replacement on subsequent firm performance appears be weak. Both accounting-based indicators play an important role evaluating executive's productivity. The concentration per se substantial changes block...

Abstract Executives’ international experience is commonly considered a critical asset for multinational companies. The underlying presumption that individuals learn from experience. We revisit this and propose conceptualization of learning accounts the process challenges such learning. use to examine how top management team (TMT) members affects firm performance following cross‐border acquisition decisions these TMTs. Empirical analyses addressing potential endogeneity concerns show high,...

Abstract Academic studies of gender pay gaps within higher education institutions have consistently found differences. However, theory on how organisation-level factors contribute to is underdeveloped. Using a framework relational inequalities and advanced quantitative analysis, this paper makes case that are based interpretations associated management practices reward ‘merit’ perpetuate inequalities. Payroll data academic staff two UK Russell Group universities ( N = 1,998 1,789) with...

We examine if environmental, social and governance (ESG) positioning by private equity infrastructure funds affects fundraising success. use novel hand-collected data from a proprietary sample of fund marketing documents. By adapting methodologies the extant literature on fundraising, we directly address event rather than time between successor funds. Our results events 2006 2021 indicate that ESG in documents does not have significant impact This is an important finding as it suggests...

We simultaneously analyze two mechanisms of the managerial labor market: CEO turnover and monetary remuneration schemes. Sample selection models hazard analyses applied to a random sample 250 firms listed on London Stock Exchange show that termination contracts play an important role in mitigating agency problems between managers shareholders. find both CEOs' industry-adjusted compensation their replacement are strongly performance-sensitive. also investigate whether specific corporate...

This paper examines payout policies of British firms listed on the London Stock Exchange during 1990s. It complements existing literature by analyzing trends in both dividends and total payouts (including share repurchases). In a dynamic panel data regression setting, we relate target ratios to wide group ownership structure variables that characterize sample firms. The major finding is policy UK significantly related companies. presence strong block holders or holder coalitions (in...

Abstract The entry of large activist (or so‐called ‘strategic’) investors has become a prevalent phenomenon in transforming economies, such as the Polish one. This paper investigates relationship between firm performance and likelihood strategic investor entry, well changes firms undergo under control an investor. Theoretical predictions empirical analyses 211 companies period 1994–2000 allow us to conclude that are more likely buy stakes higher labor productivity, tend catalyze poorly...

This paper offers a new explanation of the gender pay gap in leadership positions by examining relationship between managerial bonuses and company performance. Drawing on findings studies, agency theory, literature, we argue that is context-specific phenomenon results partly from fact performance has moderating impact inequalities. Employing matched sample 192 female male executive directors U.K.-listed firms, corroborate existence disparities corporate boardrooms. In line with our...

We simultaneously analyze two mechanisms of the managerial labor market (CEO turnover and remuneration schemes) in different regulatory regimes, namely before after sweeping governance reforms adopted UK 1990s. employ sample selection models to examine firms a pre-Cadbury Code period (1988-1993) post-Combined (1998-2004). CEOs’ compensation CEO replacement are performance-sensitive both periods. There is little evidence outside shareholder monitoring, whereas powerful CEOs successfully...