Make a donation
You maybe looking for
admission
Master
donation
About HEC About HEC Faculty & Research Faculty & Research Master’s programs Master’s programs MBA Programs MBA Programs PhD Program PhD Program Executive Education Executive Education Summer School Summer School HEC Online HEC Online
Make a donation
About HEC Overview Overview Who We Are Who We Are Egalité des chances Egalité des chances Career Center Career Center International International Campus Life Campus Life Stories Stories The HEC Foundation The HEC Foundation Faculty & Research Overview Overview Faculty Directory Faculty Directory Departments Departments Centers Centers Chairs Chairs Knowledge Knowledge Master’s programs Master in
Management Master in
Management MSc International
Finance MSc International
Finance Specialized
Masters Specialized
Masters X-HEC
programs X-HEC
programs Dual-Degree
programs Dual-Degree
programs Visiting students Visiting students Certificates Certificates Student Life Student Life MBA Programs MBA MBA EMBA EMBA TRIUM EMBA TRIUM EMBA PhD Program Overview Overview HEC Difference HEC Difference Program details Program details Research areas Research areas HEC Community HEC Community Placement Placement Job Market Job Market Admissions Admissions Financing Financing Executive Education Executive Masters Executive Masters Executive Certificates Executive Certificates Executive short programs Executive short programs Online Online Executive MBA Executive MBA Train your teams Train your teams Summer School Youth Leadership Initiative Youth Leadership Initiative Summer programs Summer programs Admissions Admissions FAQ FAQ HEC Online Overview Overview Degree Program Degree Program Executive certificates Executive certificates MOOCs MOOCs
Faculty & Research

Empowering Minority Shareholders and Enhancing Director Accountability via Lower Voting Thresholds and Board Spills: Evidence from the Australian “Two-strikes” Rule

11 Jun
2019
2:00 pm
Jouy-en-Josas

Participate

Ajouter au calendrier
2019-06-11T14:00:00 2019-06-11T16:00:00 Empowering Minority Shareholders and Enhancing Director Accountability via Lower Voting Thresholds and Board Spills: Evidence from the Australian “Two-strikes” Rule Accounting and Management Control Speaker: Martin Bugeja HEC Campus - Build.T  - Room 004 Jouy-en-Josas

Accounting and Management Control

Speaker: Martin Bugeja

HEC Campus - Build.T  - Room 004

Abstract:

We exploit the adoption of the Australian “two-strikes” rule as a quasi-exogenous shock to assess the causal impact of “say-on-pay” on CEO compensation and director careers. The two-strike rule empowers shareholders to vote on a board spill if a firm’s remuneration report receives 25% or more dissent votes for two consecutive years. Using a difference-in-differences methodology, we find firms respond to a “strike” by curbing excessive CEO pay, enhancing the pay–performance link and replacing CEOs. After a strike, independent directors experience significant reputational penalties in terms of turnover and losing outside directorships. The results are driven by non-majority strikes.

Participate

Ajouter au calendrier
2019-06-11T14:00:00 2019-06-11T16:00:00 Empowering Minority Shareholders and Enhancing Director Accountability via Lower Voting Thresholds and Board Spills: Evidence from the Australian “Two-strikes” Rule Accounting and Management Control Speaker: Martin Bugeja HEC Campus - Build.T  - Room 004 Jouy-en-Josas

Find all events Faculty & Research