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Essays On The Effect Of Excess Compensation And Governance Changes On Firm Value, Mustafa A. Dah
Essays On The Effect Of Excess Compensation And Governance Changes On Firm Value, Mustafa A. Dah
Electronic Theses and Dissertations
This dissertation consists of three essays on the effect of excess compensation and corporate governance changes on the firm’s performance. The first paper utilizes a cost minimization stochastic frontier approach to investigate the efficiency of director total compensation. Our findings suggest that board members are over compensated. We show that, on average, the director actual compensation level is above the efficient compensation level by around 63%. Our results suggest that an increase in director excess compensation decreases the likelihood of CEO turnover, reduces the turnover-performance sensitivity, and increases managerial entrenchment. Thus, the surplus in director compensation is directly associated with …
Investigate The Wealth Effect Of Investment Banks And Fairness Opinions They Provide In Corporate Mergers And Acquisitions, Weishen Wang
Investigate The Wealth Effect Of Investment Banks And Fairness Opinions They Provide In Corporate Mergers And Acquisitions, Weishen Wang
Electronic Theses and Dissertations
The dissertation studies the value of both investment banks' services on the whole and fairness opinions specifically, which the banks provide to the acquiring firms. In the first chapter, I examine how investment banks and acquiring firms' governance quality interact to affect shareholders' wealth in corporate mergers and acquisitions. Although the wealth impact of investment banks in mergers and acquisitions is widely studied in the literature, existing studies do not consider the interaction between governance quality and investment banks. I examine how investment banks and governance quality of acquiring firms interact to affect the wealth of acquiring firms' shareholders. I …