자료유형  

 학위논문

Control Number  

0017160370

International Standard Book Number  

9798382734088

Dewey Decimal Classification Number  

658

Main Entry-Personal Name  

Barry, John W.

Publication, Distribution, etc. (Imprint  

[S.l.] : Duke University., 2024

Publication, Distribution, etc. (Imprint  

Ann Arbor : ProQuest Dissertations & Theses, 2024

Physical Description  

312 p.

General Note  

Source: Dissertations Abstracts International, Volume: 85-11, Section: A.

General Note  

Advisor: Graham, John R.

Dissertation Note  

Thesis (Ph.D.)--Duke University, 2024.

Summary, Etc.  

요약This dissertation consists of three essays in corporate finance and corporate governance. In the first chapter, I develop a structural model of executive compensation with non-binding shareholder approval votes ("Say-on-Pay", or SOP). In the model, the Board sets compensation policy and is biased towards offering a high wage (i.e., the CEO influences compensation). Shareholders can fail the vote and punish the Board. The threat of a failed vote affects compensation policy because the Board of Directors internalizes a cost to SOP failure. I show that providing this vote to shareholders has a disciplining effect on compensation and improves firm value. This is not obvious, given that SOP votes rarely fail.The second chapter presents work with Bruce Carlin, Alan Crane and John Graham. We show theoretically that using a hurdle rate above the cost of capital conveys a bargaining advantage when negotiating with outsiders. This arises through the use of a "sacred" firm-wide hurdle rate for capital budgeting, which allows project managers to commit when negotiating. We display empirical support for our model's predictions.The third chapter presents work with Murillo Campello, John Graham and Yueran Ma. We study the direct and interactive effects of corporate flexibility (the ability for firms to adapt to changing business conditions) on firm plans at the onset of the COVID-19 crisis. We find that financial, workplace (the ability to easily shift to a remote workplace), and in- vestment (the ability to easily modify investment plans) flexibility played a key role. The key result of the paper is that different forms of flexibility (namely, workplace and investment during the COVID crisis) interact with each other and improve corporate flexibility.

Subject Added Entry-Topical Term  

Finance.

Index Term-Uncontrolled  

Corporate finance

Index Term-Uncontrolled  

Corporate governance

Index Term-Uncontrolled  

Structural estimation

Index Term-Uncontrolled  

Capital budgeting

Index Term-Uncontrolled  

Graham, John

Added Entry-Corporate Name  

Duke University Business Administration

Host Item Entry  

Dissertations Abstracts International. 85-11A.

Electronic Location and Access  

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Control Number  

joongbu:657489