CEO Compensation And Firm Value

This paper examines the effect of CEO equity-based compensation (EBC) on firm value. In particular, we study the interaction between EBC and the percentage of independent directors as well as the interaction between EBC and managerial entrenchment. Our findings suggest a positive relation between firms’ value and EBC. Further, we show that the percentage of independent directors has a positive impact on the marginal effect of EBC on firm value

Determinants of FDI in France : Role of Transport Infrastructure, Education, Financial Development and Energy Consumption

This paper explores the effect of education and transportation infrastructure on foreign direct investment for the French economy over the period of 1965-2017. Economic growth, financial development and electricity consumption are also considered as additional determinants of foreign direct investment. In so doing, the SOR unit root test is applied in order to examine unit root properties of variables in the presence of sharp and smooth structural breaks in the series. To examine the presence of cointegration between the variables, the bootstrapping ARDL cointegration test is applied. The empirical results show the presence of cointegration between the variables. Education and transportation add to foreign direct investment. Financial development declines foreign direct investment. The relationship between electricity consumption (economic growth) and foreign direct investment is bidirectional. The nonlinear relationship between education (transportation infrastructure) and foreign direct investment is U-shaped