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Articles 1 - 6 of 6
Full-Text Articles in Business
The Nominating Committee Process: A Qualitative Examination Of Board Independence And Formalization, Richard Clune, Dana Hermanson, James Tompkins, Zhongxia (Shelly) Ye
The Nominating Committee Process: A Qualitative Examination Of Board Independence And Formalization, Richard Clune, Dana Hermanson, James Tompkins, Zhongxia (Shelly) Ye
James Tompkins
The nominating committee (NC) of the board identifies and nominates individuals for board service, thus establishing the board's composition. Despite this important role, relatively little is known about the NC process, including NC members' actions and thought processes. Based on interviews of 20 U.S. public company NC members, including 16 chairs, we focus on two primary questions: (1) what is the extent of influence that the Chief Executive Officer (CEO) has over committee processes, and (2) to what extent are committee processes formalized (i.e., framed and acted upon in a mechanistic way)? We find that there is continuing recognition of …
Outside Director-Shareholder Agency Conflicts: Evidence From Bank Consolidation, James Tompkins, Robert Hendershott
Outside Director-Shareholder Agency Conflicts: Evidence From Bank Consolidation, James Tompkins, Robert Hendershott
James Tompkins
Purpose – Takeovers create a potential conflict of interest between target shareholders and directors. While mergers generally create value for the target shareholders, their directors will typically lose their board seats and likely face a financial loss or loss of prestige. The purpose of this paper is to examine evidence to support or refute that directors may act in their own best interests at the expense of shareholders. Design/methodology/approach – The authors reason that if directors act in their own best interests, then acquiring firms will seek targets with older board members who are closer to director retirement and are …
The Compensation Committee Process, Dana Hermanson, James Tompkins, Rajaram Veliyath, Zhongxia Ye
The Compensation Committee Process, Dana Hermanson, James Tompkins, Rajaram Veliyath, Zhongxia Ye
James Tompkins
The article investigates the process used in executive compensation committees to meet their responsibilities, particularly noting the lack of research into the committee process itself. It discusses committee's areas of responsibility, approaches to meeting their responsibilities, and committee operational issues through the use of interviews with compensation committee members. It addresses themes of the interviews including achieving fair compensation, promoting the legitimacy of the committee's decisions, and monitoring the committee for appropriate behaviors. It comments on the tension between executive committees, shareholders, organizational management, and stakeholders.
Winners And Losers As Financial Service Providers Converge: Evidence From The Financial Modernization Act Of 1999, Robert Hendershott, Darrell Lee, James Tompkins
Winners And Losers As Financial Service Providers Converge: Evidence From The Financial Modernization Act Of 1999, Robert Hendershott, Darrell Lee, James Tompkins
James Tompkins
The Financial Modernization Act of 1999 dramatically increased insurers’ and investment banks’ authority to provide an array of financial services and allowed commercial banks to offer investment banking and insurance services. In this paper we examine the market response to this legislation. We find a strong positive response among insurance companies and investment banks, and no significant response among commercial banks. Larger institutions in all three financial sectors earn higher abnormal returns. Additionally, better performing banks earn higher abnormal returns. Our results suggest that allowing financial convergence can add value through synergies and that large players are needed to exploit …
A Modified Version Of The Lewellen And Badrinath Measure Of Tobin's Q, Darrell Lee, James Tompkins
A Modified Version Of The Lewellen And Badrinath Measure Of Tobin's Q, Darrell Lee, James Tompkins
James Tompkins
Lewellen and Badrinath (1997) propose a superior method of measuring Tobin's Q. Unfortunately, their method is prone to a high percentage of missing observations and results in selecting samples of larger and more mature firms with lower Q statistics. A slight modification is proposed that preserves the appeal of their method, yet almost doubles the sample size, avoids sampling problems, and is statistically indistinguishable from their Q measure. In addition, a step in the Lewellen and Badrinath Q calculation is clarified, which was inadvertently omitted in their explanation, and, if left undone, can result in downward-biased measures of Q.
Estate Taxes And The Investment Decision In Closely Held Firms, Rubin Saposnik, James Tompkins, Roger Tutterow
Estate Taxes And The Investment Decision In Closely Held Firms, Rubin Saposnik, James Tompkins, Roger Tutterow
James Tompkins
Closely held businesses differ from their publicly held counterparts in the relative importance assigned to planning for estate taxes. When faced with the prospect of an estate taxes liability, owners of closely held businesses may alter their investment behavior. This essay presents a simple model of the investment decision in a closely held business. While finance theory prescribes that firms maximize their value through funding capital projects with positive net present values, this model suggests that the presence of estate taxes may induce the firm to reject projects which, if funded, would add value to the firm. Further, the propensity …