The Experts below are selected from a list of 5586 Experts worldwide ranked by ideXlab platform
Hao Zhang - One of the best experts on this subject based on the ideXlab platform.
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does social capital mitigate agency problems evidence from chief executive officer ceo compensation
Journal of Financial Economics, 2019Co-Authors: Qiang Wu, Hao ZhangAbstract:Abstract We find that social capital, as captured by secular norms and social networks surrounding Corporate Headquarters, is negatively associated with levels of CEO compensation. This relation holds in a range of robustness tests including those that address omitted variable bias and reverse causality. Additionally, social capital reduces the likelihood that firms make opportunistic option grant awards that unduly favor CEOs, including lucky awards, backdated awards, and unscheduled awards. Social capital also lessens the accretive effect of CEO power on CEO compensation. These findings indicate that social capital mitigates agency problems by restraining managerial rent extraction in CEO compensation.
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does social capital mitigate agency problems evidence from chief executive officer ceo compensation
Social Science Research Network, 2018Co-Authors: Chunkeung Hoi, Hao ZhangAbstract:We find that social capital, as captured by secular norms and networks surrounding Corporate Headquarters, is negatively associated with total and equity-based CEO compensation. This relation is robust in tests for omitted variables, in instrumental-variable regressions, and in regressions using a propensity score-matching sample. Additionally, social capital reduces the likelihood that firms make opportunistic option grant awards that unduly favor CEOs, including lucky awards, backdated awards, and unscheduled awards; and, social capital lessens the accretive effect of CEO power on CEO compensation. We conclude that social capital mitigates agency problems by restraining managerial rent extraction in CEO compensation setting.
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does social capital matter in Corporate decisions evidence from Corporate tax avoidance
Research Papers in Economics, 2017Co-Authors: Iftekhar Hasan, Chunkeung Hoi, Hao ZhangAbstract:We investigate whether the levels of social capital in US counties, as captured by strength of civic norms and density of social networks in the counties, are systematically related to tax avoidance activities of corporations with Headquarters located in the counties. We find strong negative associations between social capital and Corporate tax avoidance, as captured by effective tax rates and book-tax differences. These results are incremental to the effects of local religiosity and firm culture toward socially-irresponsible activities. They are robust to using organ donation as an alternative social capital proxy and fixed effect regressions. They extend to aggressive tax avoidance practices. Additionally, we provide corroborating evidence using firms with headquarter relocation that changes the exposure to social capital. We conclude that social capital surrounding Corporate Headquarters provides environmental influences constraining Corporate tax avoidance.
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does social capital matter in Corporate decisions evidence from Corporate tax avoidance
Social Science Research Network, 2016Co-Authors: Iftekhar Hasan, Chunkeung Hoi, Hao ZhangAbstract:We investigate whether the levels of social capital in US counties, as captured by strength of civic norms and density of social networks in the counties, are systematically related to tax avoidance activities of corporations with Headquarters located in the counties. We find strong negative associations between social capital and Corporate tax avoidance, as captured by effective tax rates and book-tax differences. These results are incremental to the effects of local religiosity and firm culture toward socially-irresponsible activities, are robust to using organ donation as an alternative social capital proxy and fixed effect regressions, and extend to aggressive tax avoidance activities including the probability of tax sheltering and the use of off-shore tax-haven subsidiaries and uncertain tax positions. Additionally, we find corroborating evidence using firms involved in a social-capital-changing headquarter relocation. We conclude that social capital surrounding Corporate Headquarters provides environmental influences constraining Corporate tax avoidance.
Iftekhar Hasan - One of the best experts on this subject based on the ideXlab platform.
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does social capital matter in Corporate decisions evidence from Corporate tax avoidance
Research Papers in Economics, 2017Co-Authors: Iftekhar Hasan, Chunkeung Hoi, Hao ZhangAbstract:We investigate whether the levels of social capital in US counties, as captured by strength of civic norms and density of social networks in the counties, are systematically related to tax avoidance activities of corporations with Headquarters located in the counties. We find strong negative associations between social capital and Corporate tax avoidance, as captured by effective tax rates and book-tax differences. These results are incremental to the effects of local religiosity and firm culture toward socially-irresponsible activities. They are robust to using organ donation as an alternative social capital proxy and fixed effect regressions. They extend to aggressive tax avoidance practices. Additionally, we provide corroborating evidence using firms with headquarter relocation that changes the exposure to social capital. We conclude that social capital surrounding Corporate Headquarters provides environmental influences constraining Corporate tax avoidance.
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does social capital matter in Corporate decisions evidence from Corporate tax avoidance
Social Science Research Network, 2016Co-Authors: Iftekhar Hasan, Chunkeung Hoi, Hao ZhangAbstract:We investigate whether the levels of social capital in US counties, as captured by strength of civic norms and density of social networks in the counties, are systematically related to tax avoidance activities of corporations with Headquarters located in the counties. We find strong negative associations between social capital and Corporate tax avoidance, as captured by effective tax rates and book-tax differences. These results are incremental to the effects of local religiosity and firm culture toward socially-irresponsible activities, are robust to using organ donation as an alternative social capital proxy and fixed effect regressions, and extend to aggressive tax avoidance activities including the probability of tax sheltering and the use of off-shore tax-haven subsidiaries and uncertain tax positions. Additionally, we find corroborating evidence using firms involved in a social-capital-changing headquarter relocation. We conclude that social capital surrounding Corporate Headquarters provides environmental influences constraining Corporate tax avoidance.
Chunkeung Hoi - One of the best experts on this subject based on the ideXlab platform.
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does social capital mitigate agency problems evidence from chief executive officer ceo compensation
Social Science Research Network, 2018Co-Authors: Chunkeung Hoi, Hao ZhangAbstract:We find that social capital, as captured by secular norms and networks surrounding Corporate Headquarters, is negatively associated with total and equity-based CEO compensation. This relation is robust in tests for omitted variables, in instrumental-variable regressions, and in regressions using a propensity score-matching sample. Additionally, social capital reduces the likelihood that firms make opportunistic option grant awards that unduly favor CEOs, including lucky awards, backdated awards, and unscheduled awards; and, social capital lessens the accretive effect of CEO power on CEO compensation. We conclude that social capital mitigates agency problems by restraining managerial rent extraction in CEO compensation setting.
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does social capital matter in Corporate decisions evidence from Corporate tax avoidance
Research Papers in Economics, 2017Co-Authors: Iftekhar Hasan, Chunkeung Hoi, Hao ZhangAbstract:We investigate whether the levels of social capital in US counties, as captured by strength of civic norms and density of social networks in the counties, are systematically related to tax avoidance activities of corporations with Headquarters located in the counties. We find strong negative associations between social capital and Corporate tax avoidance, as captured by effective tax rates and book-tax differences. These results are incremental to the effects of local religiosity and firm culture toward socially-irresponsible activities. They are robust to using organ donation as an alternative social capital proxy and fixed effect regressions. They extend to aggressive tax avoidance practices. Additionally, we provide corroborating evidence using firms with headquarter relocation that changes the exposure to social capital. We conclude that social capital surrounding Corporate Headquarters provides environmental influences constraining Corporate tax avoidance.
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does social capital matter in Corporate decisions evidence from Corporate tax avoidance
Social Science Research Network, 2016Co-Authors: Iftekhar Hasan, Chunkeung Hoi, Hao ZhangAbstract:We investigate whether the levels of social capital in US counties, as captured by strength of civic norms and density of social networks in the counties, are systematically related to tax avoidance activities of corporations with Headquarters located in the counties. We find strong negative associations between social capital and Corporate tax avoidance, as captured by effective tax rates and book-tax differences. These results are incremental to the effects of local religiosity and firm culture toward socially-irresponsible activities, are robust to using organ donation as an alternative social capital proxy and fixed effect regressions, and extend to aggressive tax avoidance activities including the probability of tax sheltering and the use of off-shore tax-haven subsidiaries and uncertain tax positions. Additionally, we find corroborating evidence using firms involved in a social-capital-changing headquarter relocation. We conclude that social capital surrounding Corporate Headquarters provides environmental influences constraining Corporate tax avoidance.
F M Scherer - One of the best experts on this subject based on the ideXlab platform.
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Corporate structure and the financial support of u s symphony orchestras
ECONOMIA E POLITICA INDUSTRIALE, 2006Co-Authors: F M SchererAbstract:The United States experienced merger waves of unprecedented proportions during the 1980s and 1990s. After mapping the resulting relocation of Corporate Headquarters among metropolitan areas, this article investigates how relocations affected the financial status of leading American symphony orchestras, which depend for support upon philanthropic contributions from corporations and gifts from listeners, including Corporate staff. The size of orchestras' budgets is explained most strongly in a panel analysis by local income per-capita and the magnitude of their endowments. Endowments in turn depend upon income per-capita and the amount of assets controlled by corporations headquartered in the area served by orchestras.
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Corporate structure and the financial support of u s symphony orchestras
Social Science Research Network, 2005Co-Authors: F M SchererAbstract:The United States experienced merger waves of unprecedented proportions during the 1980s and 1990s. After mapping the resulting relocation of Corporate Headquarters among metropolitan areas, this article investigates how relocations affected the financial status of leading American symphony orchestras, which depend for support upon philanthropic contributions from corporations and gifts from listeners, including Corporate staff. The size of orchestras' budgets is explained most strongly in a panel analysis by the magnitude of their endowments, which in turn depend upon urban population and the amount of assets controlled by corporations headquartered in the area served by orchestras.
Steven W Floyd - One of the best experts on this subject based on the ideXlab platform.
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Corporate CONTROL AND THE SPEED OF STRATEGIC BUSINESS UNIT DECISION MAKING
Academy of Management Journal, 2013Co-Authors: Maximilian Kownatzki, Jetstar Airways, Jorge Walter, Steven W FloydAbstract:Decision speed has long been recognized as a critical determinant of firm performance, particularly in dynamic environments. Extending prior studies, which have largely focused on firm-level decision speed in small- and medium-sized organizations, this study explores how control mechanisms set by Corporate Headquarters in multibusiness firms influence decision speed at the strategic business unit (SBU) level. Using a multimethod approach, we first inductively derive six types of Corporate control, before deductively examining their effects on SBU-level decision speed in five international multibusiness organizations. Our results suggest that three Corporate control types enhance decision speed (goal setting, extrinsic incentives, and decision process control); two have no effect (negative incentives and conflict resolution); and one has a negative effect (strategy imposition). By integrating results from our qualitative and quantitative analyses, we are also able to identify transparency/alignment, outcome orientation, participation, trust, and timely feedback as the key mechanisms accounting for these effects.
