Deregulation and the Adaption of Governance Structures: The Case of the U.S. Airline Industry
AbstractDeregulation provides a natural experiment for examining how governance adapts to structural changes in the business environment. We investigate the evolution of governance struture -- ownership concentration, compensation policy, and board composition -- in the U.S. airline industry during a 22 year period surrounding the Airline Deregulation Act of 1978.Consistent wit theory, we find that after deregulation (i) equity ownership is more concentrated, (ii) CEO pay increases, (iii) stock option grants to CEO's increase , and (iV) board size decreases.
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Bibliographic InfoPaper provided by Rochester, Business - Financial Research and Policy Studies in its series Papers with number 97-05.
Length: 35 pages
Date of creation: 1997
Date of revision:
Contact details of provider:
Postal: UNIVERSITY OF ROCHESTER, WILLIAM E. SIMON GRADUATE SCHOOL OF BUSINESS ADMINISTRATION, Bradley Policy Research Center, ROCHESTER NEW YORK 14627 U.S.A.
Web page: http://www.simon.rochester.edu/
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REGULATION ; AIRLINE INDUSTRY;
Find related papers by JEL classification:
- G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
- G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
- J33 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Compensation Packages; Payment Methods
- L93 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Air Transportation
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