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This study examines whether CEO power influences the book-based and market-based performance of Russian companies when it is restricted by the presence of essential shareholders, namely, state and influential businessmen.

Managerial power is divided into structural, ownership, expert and prestige. The proposed power metrics include not only CEOs but also the board of directors' characteristics that may restrict or enhance CEO power. The empirical analysis is based on the sample of 90 large traded Russian firms, which shares are included in the Moscow Stock Exchange Broad Market Index (MICEX BMI), observed from 2012 to 2019.

Panel data analysis suggests that higher board ownership and tenure may restrict CEO power, which in turn would be beneficial for corporate performance. the authors also see that in companies owned by influential businessmen, CEO power influence on M/B value is more negative, while state ownership does not moderate it. CEO power metrics, based on political experience and tenure, affect corporate performance differently in companies affiliated with extractive industries.

First, the authors consider two channels through which a company in emerging markets may get additional resources: CEOs and influential owners. Second, the authors develop power metrics based on Finkelstein's managerial power classification (1992) and the idea of relative power proposed by Bebchuk et al. (2011). It allows identifying whether the board of directors' may constrain or enhance CEO power to raise corporate performance. Third, the authors analyze developing Russian markets that represent a good ground for testing the question, whereas empirical research on Russia is relatively scarce (Grosman and Leiponen, 2018). Fourth, the authors pay particular attention to the CEO power in the extractive industry, strategically important for the Russian economy.

本研究擬探討行政總裁的權力，若因有不可或缺的股東 - 即國家和具影響力的實業家 - 的存在而受到約束時，其權力會否影響俄羅斯公司以賬簿為基礎和以市場為基礎的表現

管理權分為結構性的、所有權的、專家的和聲望的。提出的權力指標不但包括行政總裁，也涵蓋或會限制或增加行政總裁權力的董事會特徵。本研究的實證分析法是基於90間股份被納入莫斯科股票交易廣泛市場指數的大型俄羅斯上市公司樣本，觀察期由2012年至2019年

面板數據分析顯示、較高的董事會所有權和較長的任期或會限制行政總裁的權力，這因此有利於提升企業績效。我們亦看到，在具影響力的企業家擁有的公司裡，行政總裁權力對市價淨值的影響是較負面的，而國有制沒有把它減低。就隸屬採掘業的公司而言，基於政治經驗和任期的行政總裁權力指標，會對企業績效帶來不同的影響

(一) 我們考慮在新興市場公司可取得額外資源的兩個途徑：行政總裁和具影響力的所有者。(二) 我們基於芬克爾斯坦 (Finkelstein, 1992) 的管理權分類，以及 Bebchuk et al. (2011) 所提出相對功率的學說，建立了權力指標。憑著這權力指標，我們可鑑定董事會會限制、抑或增強行政總裁提升企業績效的權力。(三) 我們分析發展中的俄羅斯市場，其為測試我們問題的良好地方，而探討俄羅斯的實證研究較為稀有 (Grosman and Leiponen, 2018) 。(四) 我們特別關注在採掘業的行政總裁權力，而採掘業對俄羅斯經濟來說、是具有重要戰略意義的

This study aims to explore the moderating impact of narcissism overload on the relation between founder CEO and entrepreneurial orientation (EO) in registered private schools of Pakistan.

Data were collected through a stratified random sampling method with the help of previously validated questionnaires. A sample of 121 replies was gathered for analysis. SPSS has been used to find the results.

Results depict that CEO narcissism moderates the relation between founder CEO and EO and does not moderate the relationship between and CEO ownership and EO.

Many studies focused on the founder personality characteristics (such as generalized self-efficacy or locus of control) are not directly observed, but rather inferred their effect indirectly. The study contributes to examine how the founder CEO variable interacts with CEO personality to influence EO. This study will propose a practical approach to investigate whether and how the narcissism constructs moderate the founder CEO–EO relationship. Direct association between stock ownership and EO will also be examined.

Based on stakeholder, agency and institutional theory, this study aims to examine the role of institutional ownership in the relationship between environmental, social and governance practices and CEO compensation.

Utilizing a fixed-effect panel regression analysis, this research utilized a panel data approach, analyzing data spanning from 2014 to 2021, focusing on US companies listed on the S&P500 stock market index. The dataset encompassed 219 companies, leading to a total of 1,533 observations.

The analysis identified that environmental scores significantly impact CEO equity-linked compensation, unlike social and governance scores. Additionally, it was found that institutional ownership acts as a moderating factor in the relationship between the environmental score and CEO equity-linked compensation, as well as the association between the social score and CEO equity-linked compensation. Interestingly, the direction of these moderating effects varied between the two relationships, suggesting a nuanced role of institutional ownership.

This research makes a unique contribution to the field of corporate governance by exploring the relatively understudied area of institutional ownership's influence on the ESG practices–CEO compensation nexus.

The purpose of this paper is to examine the empirical relationship between gray directors (non-executive non-independent directors) and executive compensation among companies listed in India’s National Stock Exchange (NSE). The paper also examines the possible interplay of relationships between controlling shareholder duality (controlling shareholder being the CEO), ownership category and executive compensation.

A sample of 438 firms listed in the NSE of India was studied using data spanning five financial years, 2012–2013 to 2016–2017.

Empirical evidence suggests that there is a positive association between the proportion of gray directors on the board and executive compensation. The sensitivity of executive compensation to gray directors is found to be higher among family controlled firms. This research has also found that CEOs who belong to controlling shareholder groups received higher pay than professional CEOs. The authors conjecture that these results suggest cronyism and may contribute to lower levels of corporate governance practices in the country.

The hybrid board structure, which India has adopted with the desire to bring the best of Anglo Saxon and Japanese board philosophies, has paradoxically led to self-serving boards. Exploration of alternative thinking to bring about changes in the regulatory framework is, therefore, necessary.

Serious problems are identified with the philosophy behind board composition mandated by Listing Requirements for Indian firms with empirical evidence showing how the existing rules generate cronyism and unfairness to minority shareholders.

In view of organizational inertia, with the occurrence of a major event, though resource rigidity minimizes, however simultaneously, it increases process rigidity, which creates difficulties in motivating managers and dealing with the agency problem. Therefore, keeping in mind the high demand created by the China–Pakistan Economic Corridor and Naya Pakistan Housing Scheme in the cement sector of Pakistan, the purpose of this paper is to investigate the impact of corporate governance (CG) on the cost of equity (COE) in the cement sector, to deal with the problems surging during and after the completion of these projects and highlight further opportunities for the cement sector of Pakistan.

CG is a qualitative concept therefore, eight proxies have been used to measure it along with the two control variables. This study uses balance panel data of six years from 2012 to 2017, collected from 18 companies of the cement sector of Pakistan. Descriptive statistics have been used to describe the data, correlation matrix to see the nature of the relationship, and Pooled OLS as the estimation technique, while to analyze the data a statistical package 13 has been used. To measure the COE, the Capital Asset Pricing Model (CAPM) has been used.

Regression results suggest that block ownership, insider ownership and the board size are insignificant, while CEO tenure is negatively and significantly associated with the COE. Non-executive directors, independence and CEO duality are insignificant; however, diversity is positively and significantly associated with the COE. Moreover, the mean value of the COE is 8.22 percent for the cement sector, while the coefficient of determination of the model under study is 74 percent.

This paper is based on the data from the cement sector of Pakistan only. Therefore, this is the reason that these results cannot be generalized on the whole economy of Pakistan.

This study helps in finding out the COE value specific to the cement sector, which will help this sector to evaluate the capital budgeting decision more precisely and accurately than before. Moreover, the association of diversity as positive, while independence as negative with the COE highlights a room for improvement in the implementation of CG codes by SECP. This study also helps to mitigate the impact of inertia, the after-effects of high demand, and managing the agency problem in the cement sector.

This is the first study using CG data collected just after the revised promulgation of CG codes in 2012, along with a wide range of eight proxies measuring CG and its impact on the COE in the cement sector.

This paper investigates how past performance changes, prior CEO replacements and changes in the chairperson impact CEO turnover in public and large private businesses.

We analyze 1,679 CEO replacements documented in a sample of 1,493 Spanish public and private firms during 1998–2004 by computing dynamic binary choice models that control for endogeneity in CEO turnovers.

The results reveal that different performance horizons (short- and long-term) explain the dissimilar rate of CEO turnover between public and private firms. Private firms exercise monitoring patience and path dependency characterizes the evaluation of CEOs, while public companies' short-termism leads to higher CEO turnover rates as a reaction to poor short-term economic results, and alternative controls—ownership and changes in the chairperson—improve the monitoring of management.

Our results show the importance of controlling for path dependency to examine more accurately top executives' performance. The findings confirm that exposure to market controls affects the functioning of internal controls in evaluating CEOs and shows a short-term performance horizon that could be behind the recent moves of public firms going private or restraining shareholders' power.

This study aims to explore the relationship between chief executive officer (CEO) power and stock price crash risk in India. Furthermore, it seeks to analyse how insider trades may moderate the impact of CEO power on stock price crash risk.

A study of 236 companies from the S&P BSE 500 Index (2014–2023) have been analysed through pooled ordinary least square (OLS) regression in the baseline analysis. To enhance the results' reliability, robustness checks include alternative methodologies, such as panel data regression with fixed-effects, binary logistic regression and Bayesian regression. Additional control variables and alternative crash risk measure have also been utilised. To address potential endogeneity, instrumental variable techniques such as two-stage least squares (IV-2SLS) and difference-in-difference (DiD) methodologies are utilised.

Stakeholder theory is supported by results revealing that CEO power proxies like CEO duality, status and directorship reduce one-year ahead stock price crash risk and vice versa. Insider trades are found to moderate the link between select dimensions of CEO power and stock price crash risk. These findings persist after addressing potential endogeneity concerns, and the results remain consistent across alternative methodologies and variable inclusions.

This study significantly advances research on stock price crash risk, especially in emerging economies like India. The implications of these findings are crucial for investors aiming to mitigate crash risk, for corporations seeking enhanced governance measures and for policymakers considering the economic and welfare consequences associated with this phenomenon.

In this paper the authors aim to argue that the existence of a strong corporate governance mechanism (a formal credibility-enhancing mechanism) and the presence of a more trustworthy-looking CEO (an informal credibility-enhancing mechanism) are substitutes.

By using machine-learning-based facial-feature-point detection technique, the authors construct a proprietary facial-trustworthiness database for a large-scale of CEOs in the US listed companies. First, the authors manually search for qualifying CEO image from websites and annual reports. Second, by following the neuroscience and psychology literature, the authors use the machine-learning-based face detector to identify the facial features in the CEO photos to calculate a rich and reliable set of facial-trustworthiness measures. The authors then construct a composite facial-trustworthiness index for each CEO. After obtaining accounting data, the authors’ final sample comprises 16,201 firm-year observations for 3,186 CEOs in the sample period of 2000-2018.

The results of the authors’ regression analyses show a negative association between board monitoring intensity and CEOs' facial trustworthiness, indicating that board directors may factor CEOs' facial trustworthiness into their monitoring decisions. Moreover, the authors find that these results are mainly driven by CEOs whose tenure is below the third quartile (i.e. eight years). The authors further find stronger results for externally hired CEOs than internally promoted CEOs. Finally, the authors’ results remain robust when using change models or subsample of CEO photos in recent years.

First, to the best of the authors’ knowledge, this is the first study that adopts a large sample to provide systematic evidence on the directors' use of facial trustworthiness. This study extends the literature by documenting the impacts of CEOs' individual characteristics on the board monitoring intensity. Second, the results of this study emphasized the important role of perceptions based on executives' facial appearance in firm valuation, executive compensation and audit fee, and by presenting empirical evidence that CEOs' facial trustworthiness affects board monitoring intensity. Third, this study responds to the call for research on personalized trust by Hsieh et al. (2020).

The purpose of this study is to provide the conditions for governance effectiveness and explain why the same rules often result in not the same norms.

The author proposes a “corporate governance culture” concept explaining the differences within corporate governance institutions and making it possible to measure their effectiveness. Based on a literature review that included 186 research studies published in the corporate governance field, the author found that most (160) concern structural numerical variables. Only 26 refer to behavioural and cultural issues, and they support the idea of an interdisciplinary approach to governance problems.

A significant contribution of this paper is that it proposes an integrative framework that operationalises psychological, sociological and philosophical issues that influence corporate governance mechanisms. The proposed concept can reanimate the debate about the need for tight governance regulations or leaving room for a loose governance regime.

The idea of “corporate governance culture” explains the divergences identified in studies on corporate governance mechanisms, pointing out behavioural and cultural issues as crucial aspects of governance bodies.

The paper aims to provide a comprehensive investigation of the relationship between corporate governance (CG) structure and firm performance in Chinese listed firms from 2001 to 2015. The authors’ motivation derives from the fact that the CG system in China is different from those in the US, the UK, Germany, Japan and other countries.

A large unbalanced sample, covering more than 22,700 observations in Chinese listed firms, was used to explore, by means of a system-generalized method-of-moments (GMM) estimator, the relationship between CG structure and firm performance to remove potential sources of endogeneity.

Results show that Chinese CG structure is endogenously determined by the CG mechanisms investigated: there is no relationship between board size (including independent directors) and firm performance; CEO duality has a significantly negative effect on firm performance; concentration of ownership has a significantly positive influence on firm performance; managerial ownership is negatively correlated with firm performance; state ownership has a significantly positive effect on firm performance; and a supervisory board is positively correlated with firm performance.

The findings provide policymakers and firm managers with useful empirical guidance concerning CG in China.

Few integrative studies have examined the impact of CG structure on firm performance in China. This study adds new empirical evidence that the relation between CG structure and performance in China is endogenous and dynamic when controlling for unobserved heterogeneity, simultaneity, and dynamic endogeneity.