Webbläsaren som du använder stöds inte av denna webbplats. Alla versioner av Internet Explorer stöds inte längre, av oss eller Microsoft (läs mer här: * https://www.microsoft.com/en-us/microsoft-365/windows/end-of-ie-support).

Var god och använd en modern webbläsare för att ta del av denna webbplats, som t.ex. nyaste versioner av Edge, Chrome, Firefox eller Safari osv.

Globalization of Corporate Governance: The American Influence on Dismissal Performance Sensitivity of European CEOs

In English

Författare

  • Jochen A. Jungeilges
  • Lars Oxelheim
  • Trond Randöy

Summary, in English

This study examines how globalization of corporate governance practices influence the risk of European CEOs being dismissed. We argue that the harsh monitoring of the American corporate governance system spills over to the rest of the world as a result of this globalization. We focus on direct and indirect American influence on the dismissal performance sensitivity among the 250 largest European publicly listed firms. The indirect influence is assumed to materialize via European firms cross-listing on U.S. exchanges, whereas the direct influence is assumed to appear as a result of European firms hiring of American independent board members. Both sources of influence are hypothesized to result in increased dismissal performance sensitivity. The empirical results show a significant increase in the dismissal sensitivity in poorly performing companies with American board membership whereas no significant increase is found from cross-listing in the U.S.

Publiceringsår

2010

Språk

Engelska

Publikation/Tidskrift/Serie

IFN Working Paper No. 823.

Dokumenttyp

Working paper

Ämne

  • Business Administration
  • Economics and Business

Nyckelord

  • CEO dismissal
  • performance sensitivity
  • globalization
  • corporate governance
  • foreign board membership
  • institutional contagion

Status

Unpublished