메뉴 건너뛰기




Volumn 79, Issue 4, 2006, Pages 1989-2017

Governance structure changes and product market competition: Evidence from U.S. electric utility deregulation

Author keywords

[No Author keywords available]

Indexed keywords


EID: 33748546944     PISSN: 00219398     EISSN: None     Source Type: Journal    
DOI: 10.1086/503654     Document Type: Article
Times cited : (11)

References (36)
  • 1
    • 0000589044 scopus 로고
    • Production, information costs, and economic organization
    • Alchian, Armen A., and Harold Demsetz. 1972. Production, information costs, and economic organization. American Economic Review 62:777-95.
    • (1972) American Economic Review , vol.62 , pp. 777-795
    • Alchian, A.A.1    Demsetz, H.2
  • 2
    • 0030194534 scopus 로고    scopus 로고
    • Detecting abnormal operating performance: The empirical power and specification of test statistics
    • Barber, Brad M., and John D. Lyon. 1996. Detecting abnormal operating performance: The empirical power and specification of test statistics. Journal of Financial Economics 41:359-99.
    • (1996) Journal of Financial Economics , vol.41 , pp. 359-399
    • Barber, B.M.1    Lyon, J.D.2
  • 3
    • 85015692260 scopus 로고
    • The pricing of options and corporate liabilities
    • Black, Fischer, and Myron Scholes. 1973. The pricing of options and corporate liabilities. Journal of Political Economy 81:637-54.
    • (1973) Journal of Political Economy , vol.81 , pp. 637-654
    • Black, F.1    Scholes, M.2
  • 5
    • 84997868305 scopus 로고    scopus 로고
    • CEO compensation in a regulatory environment: An analysis of the electric utility industry
    • Bryan, Stephen, LeeSeok Hwang, and Jacob Thomas. 1997. CEO compensation in a regulatory environment: An analysis of the electric utility industry. Journal of Accounting, Auditing and Finance 12:223-51.
    • (1997) Journal of Accounting, Auditing and Finance , vol.12 , pp. 223-251
    • Bryan, S.1    Hwang, L.2    Thomas, J.3
  • 6
    • 0029540769 scopus 로고
    • Capital structure and product-market competition: Empirical evidence from the supermarket industry
    • Chevalier, Judith A. 1995. Capital structure and product-market competition: Empirical evidence from the supermarket industry. American Economic Review 85:415-35.
    • (1995) American Economic Review , vol.85 , pp. 415-435
    • Chevalier, J.A.1
  • 7
    • 21844488343 scopus 로고
    • Bank CEO pay-performance relations and the effects of deregulation
    • Crawford, Anthony J., John R. Ezzell, and James A. Miles. 1995. Bank CEO pay-performance relations and the effects of deregulation. Journal of Business 68:231-56.
    • (1995) Journal of Business , vol.68 , pp. 231-256
    • Crawford, A.J.1    Ezzell, J.R.2    Miles, J.A.3
  • 9
    • 84935941592 scopus 로고
    • The structure of corporate ownership: Causes and consequences
    • Demsetz, Harold, and Kenneth Lehn. 1985. The structure of corporate ownership: Causes and consequences. Journal of Political Economy 93:1155-77.
    • (1985) Journal of Political Economy , vol.93 , pp. 1155-1177
    • Demsetz, H.1    Lehn, K.2
  • 10
    • 0000806744 scopus 로고
    • Agency problems and the theory of the firm
    • Fama, Eugene F. 1980. Agency problems and the theory of the firm. Journal of Political Economy 88:288-307.
    • (1980) Journal of Political Economy , vol.88 , pp. 288-307
    • Fama, E.F.1
  • 12
    • 0001387430 scopus 로고
    • The effects of board composition and direct incentives on firm performance
    • Hermalin, Benjamin E., and Michael S. Weisbach. 1991. The effects of board composition and direct incentives on firm performance. Financial Management 20:101-12.
    • (1991) Financial Management , vol.20 , pp. 101-112
    • Hermalin, B.E.1    Weisbach, M.S.2
  • 13
    • 0000712212 scopus 로고    scopus 로고
    • Understanding the determinants of managerial ownership and the link between ownership and performance
    • Himmelberg, Charles P., R. Glenn Hubbard, and Darius Palia. 1999. Understanding the determinants of managerial ownership and the link between ownership and performance. Journal of Financial Economics 53:353-84.
    • (1999) Journal of Financial Economics , vol.53 , pp. 353-384
    • Himmelberg, C.P.1    Hubbard, R.G.2    Palia, D.3
  • 14
    • 0000072575 scopus 로고
    • Executive pay and performance: Evidence from the U.S. banking industry
    • Hubbard, R. Glenn, and Darius Palia. 1995. Executive pay and performance: Evidence from the U.S. banking industry. Journal of Financial Economics 39:105-30.
    • (1995) Journal of Financial Economics , vol.39 , pp. 105-130
    • Glenn, H.R.1    Palia, D.2
  • 15
    • 0001066475 scopus 로고
    • Agency costs of free cash flow, corporate finance, and takeovers
    • Jensen, Michael C. 1986. Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review 76:323-29.
    • (1986) American Economic Review , vol.76 , pp. 323-329
    • Jensen, M.C.1
  • 16
    • 84993848601 scopus 로고
    • Presidential address: The modem industrial revolution, exit, and the failure of internal control systems
    • _. 1993. Presidential address: The modem industrial revolution, exit, and the failure of internal control systems. Journal of Finance 48:831-80.
    • (1993) Journal of Finance , vol.48 , pp. 831-880
  • 17
    • 44649197264 scopus 로고
    • Theory of the firm: Managerial behavior, agency costs and ownership structure
    • Jensen, Michael C., and William H. Meckling. 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics 3:305-60.
    • (1976) Journal of Financial Economics , vol.3 , pp. 305-360
    • Jensen, M.C.1    Meckling, W.H.2
  • 18
    • 84936016411 scopus 로고
    • Performance pay and top-management incentives
    • Jensen, Michael C., and Kevin J. Murphy. 1990. Performance pay and top-management incentives. Journal of Political Economy 98:225-64.
    • (1990) Journal of Political Economy , vol.98 , pp. 225-264
    • Jensen, M.C.1    Murphy, K.J.2
  • 20
    • 0030560548 scopus 로고    scopus 로고
    • Political constraints on executive compensation: Evidence from the electric utility industry
    • Joskow, Paul, Nancy L. Rose, and Catherine D. Wolfram. 1996. Political constraints on executive compensation: Evidence from the electric utility industry. Rand Journal of Economics 27: 165-82.
    • (1996) Rand Journal of Economics , vol.27 , pp. 165-182
    • Joskow, P.1    Rose, N.L.2    Wolfram, C.D.3
  • 21
    • 0030637314 scopus 로고    scopus 로고
    • The complexity of compensation contracts
    • Kole, Stacey R. 1997. The complexity of compensation contracts. Journal of Financial Economics 43:79-104.
    • (1997) Journal of Financial Economics , vol.43 , pp. 79-104
    • Kole, S.R.1
  • 22
    • 0001983814 scopus 로고    scopus 로고
    • Deregulation, the evolution of corporate governance structure, and survival
    • Kole, Stacey R., and Kenneth Lehn. 1997. Deregulation, the evolution of corporate governance structure, and survival. American Economic Review 87:421-25.
    • (1997) American Economic Review , vol.87 , pp. 421-425
    • Kole, S.R.1    Lehn, K.2
  • 23
    • 0002762762 scopus 로고    scopus 로고
    • Deregulation and the adaptation of governance structure: The case of the U.S. airline industry
    • _. 1999. Deregulation and the adaptation of governance structure: The case of the U.S. airline industry. Journal of Financial Economics 52:89-117.
    • (1999) Journal of Financial Economics , vol.52 , pp. 89-117
  • 24
    • 0031097376 scopus 로고    scopus 로고
    • Measuring long-horizon security price performance
    • Kothari, S. P., and Jerold B. Warner. 1997. Measuring long-horizon security price performance. Journal of Financial Economics 43:301-39.
    • (1997) Journal of Financial Economics , vol.43 , pp. 301-339
    • Kothari, S.P.1    Warner, J.B.2
  • 26
    • 0000297803 scopus 로고
    • Mergers and the market for corporate control
    • Manne, H. G. 1965. Mergers and the market for corporate control. Journal of Political Economy 73:110-20.
    • (1965) Journal of Political Economy , vol.73 , pp. 110-120
    • Manne, H.G.1
  • 27
    • 0000207706 scopus 로고
    • Executive compensation structure, ownership, and firm performance
    • Mehran, Hamid. 1995. Executive compensation structure, ownership, and firm performance. Journal of Financial Economics 38:163-84.
    • (1995) Journal of Financial Economics , vol.38 , pp. 163-184
    • Mehran, H.1
  • 28
    • 0031138809 scopus 로고    scopus 로고
    • The decline of takeovers and disciplinary managerial turnover
    • Mikkelson, Wayne H., and Megan Partch. 1997. The decline of takeovers and disciplinary managerial turnover. Journal of Financial Economics 44:205-28.
    • (1997) Journal of Financial Economics , vol.44 , pp. 205-228
    • Mikkelson, W.H.1    Partch, M.2
  • 30
    • 0031138614 scopus 로고    scopus 로고
    • Inside directors, board effectiveness, and shareholder wealth
    • Rosenstein, Stuart, and Jeffrey G. Wyatt. 1997. Inside directors, board effectiveness, and shareholder wealth. Journal of Financial Economics 44:229-50.
    • (1997) Journal of Financial Economics , vol.44 , pp. 229-250
    • Rosenstein, S.1    Wyatt, J.G.2
  • 31
    • 0027770176 scopus 로고
    • Takeovers improve firm performance: Evidence from the banking industry
    • Schranz, Mary S. 1993. Takeovers improve firm performance: Evidence from the banking industry. Journal of Political Economy 101:299-326.
    • (1993) Journal of Political Economy , vol.101 , pp. 299-326
    • Schranz, M.S.1
  • 32
    • 2342505938 scopus 로고
    • The investment opportunity set and corporate financing, dividend, and compensation policies
    • Smith, Clifford W., Jr., and Ross L. Watts. 1992. The investment opportunity set and corporate financing, dividend, and compensation policies. Journal of Financial Economics 32:263-92.
    • (1992) Journal of Financial Economics , vol.32 , pp. 263-292
    • Smith Jr., C.W.1    Watts, R.L.2
  • 33
    • 45149135691 scopus 로고
    • Managerial discretion and optimal financing policies
    • Stulz, Rene M. 1990. Managerial discretion and optimal financing policies. Journal of Financial Economics 26:3-27.
    • (1990) Journal of Financial Economics , vol.26 , pp. 3-27
    • Stulz, R.M.1
  • 34
    • 33845790377 scopus 로고
    • Outside directors and CEO turnover
    • Weisbach, Michael S. 1988. Outside directors and CEO turnover. Journal of Financial Economics 20:431-60.
    • (1988) Journal of Financial Economics , vol.20 , pp. 431-460
    • Weisbach, M.S.1
  • 35
    • 0000095552 scopus 로고
    • A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity
    • White, Halbert. 1980. A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity. Econometrica 48:817-38.
    • (1980) Econometrica , vol.48 , pp. 817-838
    • White, H.1
  • 36
    • 0030078208 scopus 로고    scopus 로고
    • Higher market valuation of companies with a small board of directors
    • Yermack, David. 1996. Higher market valuation of companies with a small board of directors. Journal of Financial Economics 40:185-211.
    • (1996) Journal of Financial Economics , vol.40 , pp. 185-211
    • Yermack, D.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.