| 1. |
- Collin, Sven-Olof Yrjö, et al.
(författare)
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Governance strategy and costs : board compensation in Sweden
- 2017
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Ingår i: Journal of Management and Governance. - : Springer. - 1385-3457 .- 1572-963X. ; 21:3, s. 685-713
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Tidskriftsartikel (refereegranskat)abstract
- Shareholders are not identical, but differ in their objectives and actions. One difference is the level of delegation of the principal functions to the board, which we suggest can be observed through the level of directors’ compensation. We analyze the difference in board compensation through the concept of governance strategy and suggest two distinct categories of shareholder strategies: the company governance strategy and the financial governance strategy. These strategies create different distributions of governance costs, which we separate into principal costs and agency costs. We claim that the financial governance strategy adopts a higher level of delegation, which implies that the principal costs are assumed by the corporation and that agency costs are higher. This in turn can explain the higher compensation for the directors of the board compared to compensation under the company governance strategy. We test our hypothesis using a three-year panel of Swedish listed corporations and find that shareholders pursuing a financial governance strategy are associated with higher levels of board compensation. These findings suggest the existence of differences in governance strategies, reflected in governance costs through board compensation, among different types of shareholders in a corporation.
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| 2. |
- Ponomareva, Yuliya, 1988-, et al.
(författare)
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An integrative view on managerial discretion : a study of a Russian firm in transition
- 2015
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Ingår i: Journal for East European Management Studies. - : Rainer Hampp Verlag. - 0949-6181 .- 1862-0019. ; 20:1, s. 36-67
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Tidskriftsartikel (refereegranskat)abstract
- What are the forces that influence strategic managerial decisions in the contextof economic transition? In this paper, we analyse how strategic and governanceforces influence the degree of discretion perceived by managers operating in thecontext of the transition economy of Russia. An exploratory case study providesinsights about the managerial decision-making process in a transition economythrough the exploration of context-specific factors that shape the perceived degreeof managerial discretion. The findings of the paper redefine the concept,indicating the existence of a relationship between strategic and governanceforces and their joint influence on managerial discretion. Our results provide anumber of practical and theoretical implications for the managerial decisionmakingprocess in Eastern Europe.
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| 3. |
- Ponomareva, Yuliya, et al.
(författare)
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Managerial discretion : balancing opportunities and threats
- 2013
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Ingår i: Academy of Management Proceedings. - 1543-8643. ; :1, s. 13759-
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Tidskriftsartikel (refereegranskat)abstract
- The concept of managerial discretion has previously been discussed in the two distinct fields of corporate governance and strategic management research. Strategy researchers view discretion as a scope of opportunities for managers to act upon, while the corporate governance view is that discretion is a potential threat for a company. We attempt in this paper to unite previously divergent perspectives on the concept by building a comprehensive model that explains the antecedents of managerial discretion at organizational and environmental levels. Within this framework, we develop a typology of managerial discretion consisting of four distinct categories. We propose that the four categories of discretion will inform situations where managers will have different degrees of influence on organizational outcomes.
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