Journal
JOURNAL OF CORPORATE FINANCE
Volume 43, Issue -, Pages 378-396Publisher
ELSEVIER SCIENCE BV
DOI: 10.1016/j.jcorpfin.2017.02.008
Keywords
Corporate media ranking; Corporate value; CEO compensation; CEO turnover; Acquisitions
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We use increases and decreases in the ranking scores of Fortune's Most Admired Companies to test the proposition that media shocks can increase (decrease) the value of a manager's reputational capital and, thus, enhance (diminish) his power to extract corporate resources for private benefit at the expense of shareholders. Consistent with the proposition increases (decreases) in scores are associated with stock price decreases (increases). And, CEOs whose firms experience increases (reductions) in scores experience increases (reductions) in compensation and in job tenure, and their firms undertake more (fewer) acquisitions and the acquisitions are less (more) value increasing. (C) 2017 Elsevier B.V. All rights reserved.
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