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We quantitatively assess the role of activism in the market for corporate control by developing and estimating a model featuring both activism and M&A. We find that activism complements M&A, reducing the agency frictions associated with takeovers. However, activism simultaneously crowds out some M&A activity by substituting for disciplinary takeovers.
Research Question/Issue Can progress in corporate governance trim the pay premium of owner CEOs (CEOs that are members of the control group) over professional non-owner CEOs? Research Findings/Insights We examine CEO pay in 201 concentrated-ownership companies traded on the Tel-Aviv Stock Exchange during 2008-2015, and compare it to earlier evidence from 1994-2001.
Do media pressure and firm reputational concerns propel corporate governance improvements? Specifically, can they encourage unifications of dual class shares into a single “one share one vote” class? Media criticism increases the likelihood of voluntary dual class share unifications. Firms more sensitive to public image are more likely to unify their dual class shares. Media plays an important role in corporate governance promotion.
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