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Managerial Entrenchment and Performance of Firms
SSRN Electronic Journal, 2006The objective of this article is to determine the relation between managerial ownership and the performance of firms as well as the impact of managerial entrenchment on the firms' financial policy. The analyses of regressions on 283 firms show that the relation between the managerial ownership and the performance of firms is non linear.
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Privatization, insider control and managerial entrenchment in Russia
Economics of Transition, 1999This paper provides new survey evidence on managerial entrenchment and the role of outsiders in the post‐privatization restructuring of Russian enterprises. The major findings are that managers are hostile towards outside ownership, and they effectively collude with other employees to preserve insider control. The paper also provides empirical evidence
Bleaney, M. +2 more
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Managerial Entrenchment and the Market for CEOs
SSRN Electronic Journal, 2009This paper studies managerial entrenchment in the presence of a broadening market for managers. Some degree of entrenchment helps create value for shareholders and is therefore desirable, but it also increases the cost of managerial turnover. Firms resolve this trade-off and choose an optimal level of entrenchment for their incumbent CEOs.
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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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Entrenchment, Managerial Shirking, and Investment
SSRN Electronic Journal, 2018We examine the effects of entrenchment on corporate investment and firm performance. To achieve identification, we use a novel measure of entrenchment and an instrumental variable based on firms’ IPO cohort. We find that entrenchment reduces capital expenditures, R&D, and productivity, weakens a firm’s competitiveness in the product market, and ...
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Managerial Entrenchment and Debt Specialization
SSRN Electronic Journal, 2018Why do some firms borrow from multiple creditors and employ multiple debt types? This paper shows that entrenched managers exploit the coordination failure and free riding problem amongst multiple creditors. We find that firms with entrenched management have a higher proclivity to employ multiple debt types and have a dispersed debt structure.
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Managerial Entrenchment and Corporate Risk Management
SSRN Electronic Journal, 2010We theoretically and empirically analyze the effects of managerial agency on corporate hedging and risk management. Our theoretical analysis indicates that even risk neutral entrenched managers of unlevered firms will optimally establish costly hedging positions.
Praveen Kumar, Ramon Rabinovitch
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Environmental and social disclosure, managerial entrenchment, and investment efficiency
Journal of Contemporary Accounting and EconomicsEduardo Schiehll
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The Effects of Corporate Characteristics on Managerial Entrenchment
2020The present study aims to assess the relationship between some corporate factors and managerial entrenchment in companies listed on the Tehran Stock Exchange during 2011-2017. Panel data regression models were used to test the hypotheses. The obtained results indicated that four corporate factors, namely real earnings management, predictable earnings ...
Salehi, Mahdi +2 more
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The effect of managerial entrenchment on analyst bias
Global Finance Journal, 2018Abstract While analyst bias is well documented, its relationship with corporate governance has been neglected. We claim that entrenched management of covered firms significantly increases analyst bias. By using governance index as a proxy for managerial entrenchment, we show that analyst bias increases as managerial entrenchment increases and ...
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