Based on a unique country set up with concentrated ownership of firms, strong representation of major shareholders on boards and one of the highest percentages of firms with dual-class shares worldwide I study CEO pay-performance sensitivity in Swedish listed firms in the years 2001–2013. Focusing on Type II agency conflict, I find that that pay-performance sensitivity in family-controlled firms with family CEOs is significantly lower than in other types of firms, and that dual-class firms have significantly lower sensitivity of pay to accounting performance than non-dual-class firms. The results suggest that in firms with type II agency conflicts compensation practices may be driven either by family ties or by the power preferences of the controlling shareholder that uses compensation to align CEO’s interest with his/her will rather than with financial performance. The study also documents that the link between CEO pay and performance disappears in the 2010–2013 period following the implementation of the European Recommendations regarding executive compensation. This finding is in contrast to the stipulated goal of the European Commission, ‘to ensure pay for performance’ (European Commission 2009). 相似文献
The recent literature on overeducation has provided divergent results on whether or not overeducation bears an earnings penalty. In addition, few studies have considered overeducation among immigrants. This article uses panel data analyses to investigate the match between education and occupation and resulting earnings effects for immigrants from English‐Speaking and Non‐English Speaking Backgrounds, relative to the native‐born population in Australia. Based on nine years of longitudinal data, the panel approach addresses individual heterogeneity effects (motivation, ability, and compensating differentials) that are crucial in overeducation analysis. First, we find that immigrants have significantly higher incidence rates of overeducation than the native‐born. This probability increases, rather than diminishes, once we control for unobserved correlated effects. Second, based on panel fixed effects analyses there is no penalty for overeducation for ESB immigrants. However, NESB immigrants receive a lower return to required and overeducation compared to the other groups after controlling for individual heterogeneity. 相似文献
This paper describes the features of grassroots philanthropy as viewed by the participants. Using content analysis, we show that while the mainstream discourse focuses on efficiency, accountability, and professionalism, the grassroots discourse focuses on the individual aspects, viewing philanthropy as small good deeds, a personal spiritual journey, and something that brings happiness. To avoid making this personal journey impure or less happy, the grassroots philanthropists resist practices such as formalization and professionalization. They also distance themselves from corporates and bureaucracies which they view as corrupt and hypocritical. The grassroots’ discourse has its roots in the traditional Chinese culture, and is also shaped by the realities of the transitioning Chinese society, where citizens are searching for meaning, values, and support. Such a discourse has profound influence on the organizations that embrace the grassroots values and may also impact the development of the Chinese nonprofit sector.
Participation in strategic and non-strategic games is mostly explained in the literature by gender: men gamble on strategic games, while women gamble on non-strategic games. However, little is known about the underlying cognitive factors that could also distinguish strategic and non-strategic gamblers. We suggest that cognitive style and need for cognition also explain participation in gambling subtypes. From a dual-process perspective, cognitive style is the tendency to reject or accept the fast, automatic answer that comes immediately in response to a problem. Individuals that preferentially reject the automatic response use an analytic style, which suggest processing information in a slow way, with deep treatment. The intuitive style supposes a reliance on fast, automatic answers. The need for cognition provides a motivation to engage in effortful activities. One hundred and forty-nine gamblers (53 strategic and 96 non-strategic) answered the Cognitive Reflection Test, Need For Cognition Scale, and socio-demographic questions. A logistic regression was conducted to evaluate the influence of gender, cognitive style and need for cognition on participation in strategic and non-strategic games. Our results show that a model with both gender and cognitive variables is more accurate than a model with gender alone. Analytic (vs. intuitive) style, high (vs. low) need for cognition and being male (vs. female) are characteristics of strategic gamblers (vs. non-strategic gamblers). This study highlights the importance of considering the cognitive characteristics of strategic and non-strategic gamblers in order to develop preventive campaigns and treatments that fit the best profiles for gamblers. 相似文献
We estimate whether a land reform program led to higher incomes for ethnic minority households. In 2002, in the Central Highlands of Vietnam, Program 132 directed the transfer of farm land to ethnic minority households that had less than one hectare of land. Using the 2002 Vietnam Household Living Standards Survey as a baseline, in 2008 we resurveyed over one-thousand households to provide a retrospective evaluation of the impact of their participation in Program 132. Contrary to official reports, our findings show that there was considerable deviation from the planned program parameters: many eligible households did not receive land, while ineligible households often did. We estimate that beneficiaries of the program in the province of Kon Tum experienced increases of household income largely in line with what one would expect from a small plot of poor farm land. Outside Kon Tum, where participation rates were substantially lower, the story is more mixed, and household incomes did not improve with program participation. Overall, our results underscore the limitations of simple transfers of land as a mechanism for improving the living standards of ethnic minorities. Our results also show the significant gap that can exist between program design and decentralized implementation. We discuss the potential implications for program evaluation. 相似文献