Executive Incentive Schemes in Initial Public Offerings: The Effects of Multiple-Agency Conflicts and Corporate Governance

Combining a behavioral agency perspective with research on multiple-agency conflicts, this article examines factors affecting the implementation of equity-based incentive schemes in initial public offerings (IPOs). With a unique sample of U.K. IPO companies between the years 1998 and 2002, it shows that conditional (performance-related) incentive schemes are negatively associated with share ownership and board power of the IPO’s founding directors. However, the retained ownership of venture capital firms is positively associated with the probability of conditional incentive schemes. Board independence weakly effects on the toughness of executive compensation. The article’s interesting findings suggest a number of avenues for a future analysis of the governance development process in threshold firms

What makes them move abroad? Reviewing and exploring differences between self-initiated and assigned expatriation

Only in recent years have self-initiated expatriates (SIEs) been distinguished from assigned expatriates (AEs). But there is still a lack of empirically based comparative results. Statistical analysis, performed on data from 193 expatriates (N AE = 67; N SIE = 126), indicates that self-initiated foreign work experience is significantly more likely to be chosen by women and those having lower job levels. Furthermore, boundaryless and protean career orientation only partially predicted which career path is chosen. SIEs have higher organizational mobility preferences, but do not differ from AEs in their boundaryless mindset and protean career attitude. Implications of these findings for research in expatriation are discussed

Board diversity in the United Kingdom and Norway : an exploratory analysis

This paper examines the evolving pattern of gender diversity of the boards of directors of leading Norwegian and British companies on a longitudinal basis. The period covered by the study covers the run up to proposed affirmative action legislation in Norway and, as such, affords an insight into corporate actions in this emerging institutional context. The findings demonstrate that, while board diversity has grown substantially in both countries in recent years, it has done so considerably more rapidly in Norway than in the United Kingdom. The analysis highlights the sectoral variation between the countries in the pattern and growth of board diversity and suggests that the vast majority of the overall growth in board diversity is the result of changing firm behaviour rather than sectoral shift in the United Kingdom or Norwegian economies. It is also shown that as diversity has increased there has been no fall in how experienced female directors are; neither is there evidence of a rise in the number of boards that female directors sit on. This suggests that the rapid growth in board diversity has been achieved without any fall in the quality of female directors.14 page(s