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  • 1
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    Frankfurt a. M.: Johann Wolfgang Goethe-Universität Frankfurt am Main, Fachbereich Wirtschaftswissenschaften
    Publication Date: 2017-03-15
    Description: We investigate the suggested substitutive relation between executive compensation and the disciplinary threat of takeover imposed by the market for corporate control. We complement other empirical studies on managerial compensation and corporate control mechanisms in three distinct ways. First, we concentrate on firms in the oil industry for which agency problems were especially severe in the 1980s. Due to the extensive generation of excess cash flow, product and factor market discipline was ineffective. Second, we obtain a unique data set drawn directly from proxy statements which accounts not only for salary and bonus but for the value of all stock-market based compensation held in the portfolio of a CEO. Our data set consists of 51 firms in the U.S. oil industry from 1977 to 1994. Third, we employ ex ante measures of the threat of takeover at the individual firm level which are superior to ex post measures like actual takeover occurrence or past incidence of takeovers in an industry. Results show that annual compensation and, to a much higher degree, stock-based managerial compensation increase after a firm becomes protected from a hostile takeover. However, clear-cut evidence that CEOs of protected firms receive higher compensation than those of firms considered susceptible to a takeover cannot be found.
    Keywords: G3 ; G34 ; J33 ; ddc:330 ; Compensation Contracting ; Executive Compensation ; Oil Industry ; Takeovers ; Corporate Governance ; Übernahme ; Führungskräfte ; Vergütungssystem ; Mineralölwirtschaft ; Schätzung ; USA
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
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  • 2
    Publication Date: 2016-06-22
    Description: Einleitung: Im Auftrag des Bundesministeriums für Bildung und Forschung werden seit Jahren ?Berichte zur technologischen Leistungsfähigkeit Deutschlands? vorgelegt, die den Strukturwandel in Richtung wissensintensiver Wirtschaftszweige und Tätigkeiten im zeitlichen und internationalen Vergleich bewerten sollen. Beteiligt an der Berichterstattung sind, neben dem DIW, das Zentrum für Europäische Wirtschaftsforschung (ZEW), das Fraunhofer-Institut für Systemtechnik und Innovationsforschung (ISI), das Niedersächsische Institut für Wirtschaftsforschung (NIW), Stifter Verband Wissenschaftsstatistik (WSV) sowie das Wissenschaftszentrum Berlin für Sozialforschung (WZB). Die Berichte verfolgen die Zielsetzung, den an sich unbestimmten Begriff der technologischen Leistungsfähigkeit pragmatisch mit Inhalt zu füllen.
    Keywords: ddc:330 ; Struktur-Performance-Modell ; Produktlebenszyklus ; Innovation ; Technologie ; Industrielle Forschung ; Innovationswettbewerb ; Internationaler Wettbe
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: German
    Type: doc-type:workingPaper
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  • 3
    Publication Date: 2016-07-22
    Keywords: ddc:330 ; Corporate Governance ; Investitionsentscheidung ; Industrie ; Europa
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: German
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  • 4
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    Berlin: Duncker & Humblot | ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft Kiel, Hamburg
    Publication Date: 2018-01-25
    Keywords: ddc:330 ; Wettbewerbspolitik ; Industrieökonomik ; Deutschland
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: German
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  • 5
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    Berlin: Deutsches Institut für Wirtschaftsforschung (DIW) | ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft Kiel, Hamburg
    Publication Date: 2018-01-25
    Description: The paper presents results for the development of total factor productivity (TFP) growth for 35 industries. It analyses the medium-term and long-term trends in these industries during the last two decades. The method used for the calculation was first proposed by Hulten (1986). It takes into account capacity utilization effects for the capital stock. Comparing the average TFP growth rates for manufacturing before, during, and after the two oil price shocks one observes that there is a steady acceleration from a fairly low 1.4 per cent rate during 1970-74 to 2 per cent during 1984-89. Contrary labour productivity, measured by annual working hours, declined. Therefore the increase in TFP growth rates has to be attributed to a marked shift in capital productivity. During the early 70ies capital productivity growth rates were negative in manufacturing supporting a hypothesis of capital using and labour saving technological progress. Since then capital productivity became positive across all major subindustries in manufacturing. This led to the up-tum in TFP growth. Four hypothesis are proposed in the paper to explain the shift in the development of capital productivity growth. In the last section a number of cross-section regressions for the 35 industries for the whole period as well as a number of subperiods are calculated. As the results show Verdooms Law seems to be valid for all periods considered. Therefore high growth industries are - with respect to gross value added - leading industries in high TFP growth as well
    Keywords: D24 ; ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 6
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    Berlin: Deutsches Institut für Wirtschaftsforschung (DIW) | ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft Kiel, Hamburg
    Publication Date: 2018-01-25
    Description: The paper presents results for the development of total factor productivity (TFP) growth for 35 industries. It analyses the medium-term and long-term trends in these industries during the last two decades. The method used for the calculation was first proposed by Huiten (J986). It takes into account capacity utilization effects for the capital stock. Comparing the average TFP growth rates for manufacturing before, during, and after the two oil price shocks one observes that there is a steady acceleration from a fairly low 1.4per cent rate during 1970-74 to 2 per cent during 1984-89. Contrary labour productivity, measured by annual working hours, declined. Therefore the increase in TFP growth rates has to be attributed to a marked shift in capital productivity. During the early 70ies capital productivity growth rates were negative in manufacturing supporting a hypothesis of capital using and labour saving technological progress. Since then capital productivity became positive across all major subindustries in manufacturing. This led to the up-turn in TFP growth. Four hypothesis are proposed in the paper to explain the shift in the development of capital productivity growth. In the last section a number of cross-section regressions for the 35 industries for the whole period as well as a number of subperiods are calculated. As the results show Verdoorns Law seems to be valid for all periods considered Therefore high growth industries are - with respect to gross value added - leading industries in high TFP growth as well.
    Keywords: D24 ; ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: German
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  • 7
    Publication Date: 2015-06-03
    Keywords: ddc:330 ; Innovationswettbewerb ; Internationaler Wettbewerb ; Deutschland
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: German
    Type: doc-type:report
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