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  1. Owners, boards, managers and the private benefits of control
    a study of dual class stock firms in an emerging market
    Autor*in: Berezinec, Irina V.; Ilina, Julja; Muravyev, Alexander
    Erschienen: 2011
    Verlag:  Economics Education and Research Consortium, Moscow

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    Keine Speicherung
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: Working paper series / Economics Education and Research Consortium ; 11.12
    Schlagworte: Führungskräfte; Eigentümerstruktur; Aufsichtsrat; Corporate Governance; Aktienstimmrecht; Schätzung; Russland
    Umfang: Online-Ressource (52 S.), graph. Darst.
  2. CEO and board characteristics as determinants of private benefits of control
    evidence from the Russian stock exchange
    Autor*in: Berezinec, Irina V.; Ilina, Julja; Muravyev, Alexander
    Erschienen: 2011
    Verlag:  IZA, Bonn

    This paper investigates whether and how various characteristics of CEOs and corporate boards are related to the severity of corporate governance problems within firms. The latter is proxied by private benefits of control, which we measure for dual... mehr

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 4 (6256)
    Fernleihe:
    keine Fernleihe

     

    This paper investigates whether and how various characteristics of CEOs and corporate boards are related to the severity of corporate governance problems within firms. The latter is proxied by private benefits of control, which we measure for dual class stock firms using the voting premium approach. Our empirical analysis is based on data from Russia and takes advantage of the extreme corporate governance problems in the country, considerable variation in corporate governance practices across firms and over time, and presence of a large and exogenously created (during the process of privatization) group of dual class stock companies. The data are assembled from the RTS, SKRIN and SPARK databases and include over 200 firms observed in 1997-2009, with over 1000 observations in total. Our econometric analysis suggests a quadratic relationship between private benefits of control and CEO ownership with a minimum at about 4% CEO ownership, a positive association between CEO tenure and private benefits, and a quadratic in CEO age with a dip in private benefits at about 52 years of age. There is also a quadratic relationship between private benefits of control and board size, implying the optimality of medium-sized (about 9-10 directors) boards. We find no gender effects on private benefits of control. -- CEO ; corporate board ; private benefits of control ; dual-class stock firms ; Russia

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Hinweise zum Inhalt
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/58579
    Schriftenreihe: Discussion paper series / Forschungsinstitut zur Zukunft der Arbeit ; 6256
    Schlagworte: Führungskräfte; Aufsichtsrat; Corporate Governance; Managervergütung; Aktiengesellschaft; Schätzung; Russland
    Umfang: Online-Ressource (PDF-Datei: 51 S., 963,31 KB), graph. Darst.