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... obtained qualitatively similar results using this alternative measure (we excluded CEO bonus and CEO remuneration that Veprauskaite and Adams also included in their definition of CEO power, because they appear as the dependent variable in our paper). 18 The spatial model requires having at least one neighbour (hence the total number for firm-year observations in Tables 2 and 3 is 6377 rather than 6545). ...Context 2
... use exogenous variables X to derive their spatial lag, WX, which is then used as a set of instruments to explain the spatial lag Wy (Anselin, 1999(Anselin, , 2017Fingleton & Le Gallo, 2008;Franzese & Hays, 2007;Kelejian & Prucha, 1998Kelejian, Prucha, & Yuzefovich, 2004;Lee, 2003). 25 Table 2 reports the summary statistics for the variables used in the baseline regression. CEOs in our sample receive an average annual salary (total compensation) of $879,820 ($7,077,193). ...Context 3
... first use the same control variables as in Bouwman's (2013) main results (her Table 2, Panel A). 29 The variables of interest are LN(NeighbourCEOsalary) and LN(NeighbourCEOttlcomp). In the OLS model (Columns 1e2), a focal firm's CEO salary (total compensation) is estimated to increase by about 0.153% (0.158%) if the average salary (total compensation) of neighbouring firm CEOs increases by 1%. ...Similar publications
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Citations
... The information on CEOs' educational backgrounds, prior employment and social memberships are collected. CEO social network comprises three parts: the past professional connections of the CEO, the school connections and the other connections, which measure CEOs' membership in the same club or social organizations (Shi et al., 2021). After collecting the data, the connections between CEOs are identified. ...
... After collecting the data, the connections between CEOs are identified. Following Shi et al. (2021), a value of 1 is denoted if two CEOs have any of the three connections mentioned above, and the denoted value is 0 otherwise. This information is collected for S&P BSE 200 firms for the sample period starting from 2016 to 2021. ...
Purpose
The paper aims to examine the effect of CEOs' social networks on capital structure complexity (CSC) and firm performance.
Design/methodology/approach
Ordinary Least Squares regression (OLS) and Generalized method of moments (GMM) regression results estimate the effect of CEOs' (Chief executive officer) social networks on capital structure complexity and firm performance. The number of sources of capital (NSC) and concentration ratio estimate the capital structure complexity for the sample firms.
Findings
The results show that CEOs' social networks significantly influence CSC. We suggest that the CEOs' social networks encourage them to make more complex capital structure decisions. This behavior deteriorates firm performance.
Research limitations/implications
There is a lack of systematic conceptual reason for measuring CEO social network. Future research should use other measures of the social network to estimate the relation of the CEO's social network with CSC and firm performance.
Practical implications
The findings support the managerial power approach and social network theory that the observable characteristics of CEOs influence CSC. The results are robust for an alternative explanation.
Originality/value
By investigating the impact of the influence of CEOs' social networks on CSC and performance, the authors extend research on strategic leadership and capital structure and firm performance.
Örgütsel davranış alanındaki kavram ve araştırmalara ilgi duyan araştırmacılara, akademisyenlere, karar vericilere, uygulayıcılara, öğrencilere bilgi ve ulusal yazına katkı sağlamayı amaçlayan kitabımız 26 yazarın katkı sunduğu 18 bölümden oluşmaktadır. Serimizin ikinci kitabında yer alan bu çalışmaların örgütsel davranış alanında önemli bir boşluğu doldurmasını ve yeni çalışmalara da kaynaklık etmesini dilerim. Bu eserin ortaya çıkabilmesi için yoğun bir emek, özveri, sabır ile katkı ve destek sağlayan birbirinden değerli, alanında uzman, farklı üniversitelerde ve kurumlarda görev alan tüm bölüm yazarlarımıza teşekkürlerimi ve şükranlarımı sunmayı bir borç bilirim. Ayrıca kitaba sunuş yazma inceliğini göstererek bizleri onurlandıran Kahramanmaraş İstiklal Üniversitesi Rektörü Değerli Hocam Sayın Prof. Dr. İsmail BAKAN’a, kitap yazım sürecinde desteğini esirgemeyen ve bugünlere gelmemi sağlayan aileme, değerli hocalarıma, arkadaşlarıma ve siz değerli okuyuculara sonsuz teşekkürlerimi ve saygılarımı sunarım.
Despite the existence of a burgeoning literature on bank profitability, yet, none of them gave due consideration to geographical proximity. We fulfil such a gap by analyzing the effects of COVID-19 on the profitability of top-rated banks. Findings confirm the prevalence of spatial dependence at both the global and sub-global with feedback effects being systematically higher than spillover effects. Our study uncovers evidence of a COVID-19 induced decline in asset utilization. Findings advocate sharing economy as a potential tool to banks in combating any future pandemic risk with regionalized approach to supervision being deemed better than its globalized counterpart.
Purpose
The purpose of this study is to examine the direct association between firms’ corporate social responsibility (CSR) scores, CSR disclosures and executive compensation. This study further investigates the moderating role of CSR in the association between executive compensation and firms’ stock market and accounting performances.
Design/methodology/approach
This study collects CEO compensation information from the Execucomp database and CSR performance information from the MSCI ESG database. The final sample consists of 4,193 firm-year observations for 1,318 US public firms for the period 2009–2013. This study uses lagged regression analysis to test the direct and moderating roles of CSR in executive compensation.
Findings
Regarding the direct role of CSR, this study finds that CEO compensation is positively related to CSR performance but not to firms’ issuance of CSR reports. This study also finds a positive moderating role of CSR in the relationship between CEO compensation and firms’ stock performance. However, the authors do not identify any role for CSR in the relationship between CEO compensation and accounting performance. The results also show a negative association of CSR in the relationship between CEO compensation and firm size.
Originality/value
This study fills a gap in the literature by providing empirical evidence on the direct association between CSR and CEO compensation and how the association between CEO compensation and firm performance is moderated by CSR scores. The novel findings of this study will benefit managers, boards of directors, shareholders and other stakeholders, including regulators and policymakers.
