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Managerial entrenchment and payout policy: A catering effect
Abstract Agency theory suggests that entrenched managers are less likely to pay dividends. However, according to the catering theory, external pressures from investors can force managers to increase dividend payments. Hence, we test whether entrenched managers respond to investor demand for dividends and share repurchases.
Gyimah, Daniel, Gyapong, Ernest
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Managerial Ownership and Accounting Conservatism in Japan: A Test of Management Entrenchment Effect
Abstract: We examine the effect of managerial ownership on the demand for accounting conservatism in Japan. We find that within the low and high levels of managerial ownership, managerial ownership is significantly negatively related to the asymmetric timeliness of earnings, which is consistent with the implication of the incentive alignment effect ...
Akinobu Shuto, Tomomi Takada
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Managerial entrenchment, corporate social responsibility, and earnings management [PDF]
Many studies have examined the direct relationship between the two corporate practices: corporate social responsibility (CSR) and earnings management (EM); however, the results remain heterogeneous.
Isabel-María Garcia-Sanchez +2 more
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Career adaptability and career entrenchment [PDF]
Career adaptability constitutes a resource that can help employees to effectively manage career changes and challenges. The goal of this study was to investigate the relationship between the two higher-order constructs of career adaptability and career ...
Hannes Zacher +2 more
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Analyzing the effects of entrenched grammatical constructions on translation
Translation, Cognition & Behavior, 2022Abstract This study analyzes translation behaviour with respect to the salience of two grammatical constructions that differ in frequency. We assumed that a more frequent construction is also more entrenched in the translator’s mind and that as a result different translation solutions are more ...
Arndt Heilmann +3 more
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Evolution of Cooperation under Entrenchment Effects
International Joint Conference on Autonomous Agents and Multiagent Systems, 2015Evolution of cooperation among self-interested agents is revisited in this paper in the context of ``globalization'' and ``localization'' and the effects of entrenchment. Entrenchment is found to be of two types -- of knowledge and of acquaintance. While entrenched acquaintances are conducive for trust and hence cooperation, entrenched knowledge leads ...
Jayati Deshmukh, Srinath Srinivasa
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Managerial Entrenchment and Capital Structure: The Effect of Diversification
SSRN Electronic Journal, 2018Abstract This paper empirically examines how diversification influences the relation between corporate governance and capital structure. Consistent with the creditor alignment hypothesis, we find a positive relation between managerial entrenchment and leverage in diversified firms.
Shuangshuang Ji +2 more
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Managerial entrenchment and the effectiveness of internal governance mechanisms
SSRN Electronic Journal, 1998Founder CEOs of poorly performing firms are less likely to be replaced than non founders. Furthermore, founder CEO firms are much more prevalent in our sample of poor performing firms than in the general population. We also report that simply replacing a founder CEO is not sufficient to increase long-term stock returns unless the founder leaves both ...
Mark M. McNabb, John D. Martin
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Applied Economics Letters, 2017
ABSTRACTPrior research shows that religious piety is linked to honesty and risk-aversion. Religious piety alleviates the agency conflict by lessening the motivation for managers to exploit shareholders. Because of its role in mitigating the agency conflict, we argue that religious piety influences corporate governance arrangements.
Pandej Chintrakarn +2 more
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ABSTRACTPrior research shows that religious piety is linked to honesty and risk-aversion. Religious piety alleviates the agency conflict by lessening the motivation for managers to exploit shareholders. Because of its role in mitigating the agency conflict, we argue that religious piety influences corporate governance arrangements.
Pandej Chintrakarn +2 more
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Family firms and crash risk: Alignment and entrenchment effects
Journal of Contemporary Accounting & Economics, 2020Abstract Stock price crash risk could be lower in family firms because the controlling family investors have a longer-term interest, hold greater decision rights and are better informed than investors in diffusely owned firms (alignment effect). However, the agency costs between family and nonfamily investors (entrenchment effect) could affect crash ...
Bin Srinidhi, Qunfeng Liao
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