Effects of ownership structure and control on corporate productivity

Article Abstract:

This study developed and tested a model that attempts to describe the influence of ownership structure on productivity differences between firms. We theorized that diversification, investment in R&D, capital intensity, and ownership structure all determine firm productivity. Ownership structure was proposed to affect productivity both directly and indirectly through the mediators of diversification strategy, R&D expenditure, and capital intensity. Results based on data from a cross-sectional set of 122 Fortune 500 firms suggest that ownership affects a firm's posture toward diversification and investment in R&D. Those factors and capital intensity in turn explain differences in productivity between firms. (Reprinted by permission of the publisher.)

Analysis, Industrial research, Statistics, Corporations, Diversification in industry, Industrial diversification, Industrial productivity

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Organizational restructuring and economic performance in leveraged buyouts: an ex post study

Article Abstract:

This article reports the results of an ex post study of the effects of leveraged buyouts (LBOs) upon the goals, strategy, structure, and performance of firms. Our study was designed to test arguments that can be logically derived from agency theory. We used a survey to collect data on pre- and post-LBO goals, strategy, structure, and productivity for a sample off 214 firms that underwent buyouts between 1986 and 1989. Our results do not enable us to reject hypotheses based upon agency theory. (Reprinted by permission of the publisher.)

Performance, Business planning, Corporate reorganizations, Leveraged buyouts, Agency theory

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CEO tenure as a determinant of CEO pay

Article Abstract:

Our hypotheses were that the influence of chief executive officers (CEOs) over boards of directors and the likelihood that the CEOs' compensation packages will reflect their preferences increase with CEO company tenure. Results of empirical tests were consistent with this argument, suggesting that the relationship between CEO pay and stock returns weakens with tenure. (Reprinted by permission of the publisher.)

Compensation and benefits, Compensation management, Chief executive officers, Wages, Wages and salaries, Employee seniority, Seniority

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