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Chief Executive Officers (chief + executive_officer)
Selected AbstractsFinancial Indicators for Critical Access HospitalsTHE JOURNAL OF RURAL HEALTH, Issue 3 2006George H. Pink PhD ABSTRACT:,Context: There is a growing recognition of the need to measure and report hospital financial performance. However, there exists little comparative financial indicator data specifically for critical access hospitals (CAHs). CAHs differ from other hospitals on a number of dimensions that might affect appropriate indicators of performance, including differences in Medicare reimbursement, limits on bed size and average length of stay, and relaxed staffing rules. Purpose: To develop comparative financial indicators specifically designed for CAHs using Medicare cost report data. Methods: A technical advisory group of individuals with extensive experience in rural hospital finance and operations provided advice to a research team from the University of North Carolina at Chapel Hill. Twenty indicators deemed appropriate for assessment of CAH financial condition were chosen and formulas determined. Issues 1 and 2 of the CAH Financial Indicators Report were mailed to the chief executive officers of 853 CAHs in the summer of 2004 and 1,092 CAHs in the summer of 2005, respectively. Each report included indicator values specifically for their CAH, indicator medians for peer groups, and an evaluation form. Findings: Chief executive officers found the indicators to be useful and the underlying formulas to be appropriate. The multiple years of data provide snapshots of the industry as a whole, rather than trend data for a constant set of hospitals. Conclusions: The CAH Financial Indicators Report is a useful first step toward comparative financial indicators for CAHs. [source] Earnings management following chief executive officer changes: the effect of contemporaneous chairperson and chief financial officer appointmentsACCOUNTING & FINANCE, Issue 2 2010Mark Wilson M40; M41 Abstract Using a sample of listed Australian firms from 1999 to 2007, we examine the relationship between discretionary accruals and concurrent senior management appointments. Employing panel data regression models and focusing on a measure of discretionary accruals that excludes the effect of transparent write-downs such as restructuring charges, we find that chief executive officer (CEO) appointments, as a general phenomenon, are not significantly associated with opaque earnings management in the year of appointment or the following year. However, we find that CEO changes accompanied by a concurrent change in board chairperson are associated with significant income-decreasing earnings management in the year of appointment. We detect no significant relationship between contemporaneous CEO and chief financial officer changes and discretionary accruals. We find no evidence of earnings management in the first compete financial period following CEO appointment, regardless of whether or not concurrent Chair or chief financial officer appointments occurred. [source] Corporate governance and chief executive officer dismissal following poor performance: Australian evidenceACCOUNTING & FINANCE, Issue 1 2009James Lau G30 Abstract This paper investigates the association between corporate performance and the probability of chief executive officer (CEO) dismissal for large corporations in Australia. Consistent with prior US and UK studies, corporate performance is negatively related to the probability of CEO dismissal, using both accounting and market-based performance measures. This paper also investigates whether key corporate governance characteristics affect the likelihood of CEO dismissal, by examining their effect on the strength of the negative association between corporate performance and CEO dismissal. The only significant variable is size of the board. Although its effect is opposite to that hypothesized, this paper provides a plausible explanation. Overall, the results are consistent with shareholder wealth considerations dominating board behaviour in Australia. [source] Boards of Directors and Shark Repellents:Assessing the Value of an Agency Theory PerspectiveJOURNAL OF MANAGEMENT STUDIES, Issue 3 2000Steven A. Frankforter Because shark repellents decrease the vulnerability of firms (and their incumbent managers) to the market for corporate control, the decision to adopt these devices represents an excellent test of agency theory. In this empirical study, we examined the relationships between the adoption of shark repellents and several mechanisms that, according to agency theory, should align the interests of corporate board members and shareholders and/or make directors more effective monitors of management behaviour. Of the variables included, only board stock ownership (especially by employee directors) was linked to a reduced propensity to adopt shark repellents in the predicted manner. Two variables not immediately as- sociated with agency theory , the proportion of inside directors appointed by the incumbent chief executive officer (CEO) and a lower ratio of CEO compensation to the compensation of other top executives , were linked to higher rates of shark repellent adoption. Given that agency theory explains relatively little of the variance in shark repellent adoption, we advocate serious consideration of other theoretical formulations for corporate governance, including two approaches , stewardship theory and agent morality , that take the moral (,other regarding') obligations of directors seriously. [source] The Role of Managerial Stock Option Programs in Governance: Evidence from REIT Stock RepurchasesREAL ESTATE ECONOMICS, Issue 1 2010Chinmoy Ghosh This article examines the role of stock option programs and executive holdings of stock options in real estate investment trust (REIT) governance. We study the issue by analyzing how the market reaction to a stock repurchase announcement varies as a function of the individual REIT's governance structure. In particular, we examine how executive and employee stock option holdings influence the market reaction to a firm's announcement of a stock repurchase. Using a sample of REIT repurchase announcements, we find that the market reacts more favorably to announcements by firms where executives have larger option holdings and the chief executive officer is not entrenched. Our results with respect to the roles of stock option holdings of executives and nonexecutives differ from those reported for a cross-section of non-REIT firms. While we find evidence supporting the importance of executive stock options in aligning the incentives of management and reinforcing the positive signaling associated with a repurchase announcement, we find little evidence that the market views REIT repurchases as being used primarily to fund option exercise. We attribute these findings to greater dependence by REIT investors on internal governance mechanisms (such as stock option programs) as a result of regulatory restrictions that limit external monitoring such as hostile takeovers. [source] Rank-Order Tournaments and Incentive Alignment: The Effect on Firm PerformanceTHE JOURNAL OF FINANCE, Issue 3 2009JAYANT R. KALE ABSTRACT We investigate simultaneously the impact of promotion-based tournament incentives for VPs and equity-based (alignment) incentives for VPs and the chief executive officer (CEO) on firm performance. We find that tournament incentives, as measured by the pay differential between the CEO and VPs, relate positively to firm performance. The relation is more positive when the CEO nears retirement and less positive when the firm has a new CEO, and weakens further when the new CEO is an outsider. Our analysis is robust to corrections for endogeneity of all our incentive measures and to several alternative measures of tournament incentives and firm performance. [source] Politically-Connected Boards and the Structure of Chief Executive Officer Compensation Packages in Taiwanese Firms,ASIA-PACIFIC JOURNAL OF FINANCIAL STUDIES, Issue 5 2010Hsin-Yi Yu G32; G34; J33 Abstract This paper examines the relationship between the level of political connection of the board and chief executive officer (CEO) equity-based compensation. Using a sample of Taiwanese firms, the paper provides evidence that politically connected boards grant a lower proportion of equity-based compensation to CEOs. Political intervention can reduce the proportion of equity-based compensation and, thereby, can have negative consequences for the alignment between the interests of CEOs and shareholders in firms. The findings obtained in this paper could be useful to policy-makers in emerging economies, where there is wide scope for political intervention. [source] The Impact of Financial and Tax Reporting Incentives on Option Grants to Canadian CEOs,CONTEMPORARY ACCOUNTING RESEARCH, Issue 2 2000KENNETH J. KLASSEN Abstract This study explores the effects of financial and tax reporting incentives on options granted to chief executive officers in Canada. Extant studies with a similar objective (Yermack 1995; Matsunaga 1995) explore predominantly nonqualified U.S. option grants that are deductible to the extent that the options are in the money at the time of exercise. In contrast, Canadian firms do not get a tax deduction for their stock option grants at any time. In both countries, no expense is recorded for financial reporting purposes. As a result, the financial reporting and tax reporting trade-off is more pronounced in the Canadian setting of this study compared with the U.S. setting. We measure option granting behavior as the ratio of the Black-Scholes value of stock option grants to the sum of cash compensation and the value of stock option grants. Using a sample of 806 firm-year observations during the period 1993-95, we find that observed option grants are significantly correlated with proxies for short-run financial reporting incentives. We also find evidence that option granting behavior is correlated with proxies for tax incentives. [source] External labor market strategy and career success: CEO careers in Europe and the United StatesHUMAN RESOURCE MANAGEMENT, Issue 3 2009Monika Hamori Abstract In this paper, we examine the career histories of the chief executive officers (CEOs) affiliated with the 500 largest organizations in Europe and the 500 largest in the United States. Our purpose is to determine whether frequent career moves across employers, a phenomenon we label an "external labor market strategy," brings greater career rewards than moves inside the same organization. The results reveal that an external labor market strategy is negatively related to career success. On both continents, CEOs who have spent a smaller fraction of their career in their current organization or have changed employers more often have taken a longer time from the start of their career to be promoted to the most influential corporate positions. The labor market institutions in the 22 countries sampled do not influence the relationship between an external labor market strategy and career success, while the specific geographic region in which the employers are located has a limited impact on this relationship. © 2009 Wiley Periodicals, Inc. [source] Lost in translation: exploring the link between HRM and performance in healthcareHUMAN RESOURCE MANAGEMENT JOURNAL, Issue 1 2007Timothy Bartram Using data collected in 2004 from 132 Victorian (Australia) public healthcare providers, comprising metropolitan and regional hospital networks, rural hospitals and community health centres, we investigated the perceptions of HRM from the experiences of chief executive officers, HR directors and other senior managers. We found some evidence that managers in healthcare organisations reported different perceptions of strategic HRM and a limited focus on collection and linking of HR performance data with organisational performance management processes. Using multiple moderator regression and multivariate analysis of variance, significant differences were found in perceptions of strategic HRM and HR priorities between chief executive officers, HR directors and other senior managers in the large organisations. This suggested that the strategic human management paradigm is ,lost in translation', particularly in large organisations, and consequently opportunities to understand and develop the link between people management practices and improved organisational outcomes may be missed. There is some support for the relationship between strategic HRM and improved organisational outcomes. Implications of these findings are drawn for managerial practice. [source] Capital Culture Revisited: Sex, Testosterone and the CityINTERNATIONAL JOURNAL OF URBAN AND REGIONAL RESEARCH, Issue 3 2010LINDA McDOWELL Abstract In this essay I want to revisit and add to the arguments in my book Capital Culture: Gender at Work in the City, published a decade before the first signs of the current financial crisis. There I suggested that the City of London, the financial heart of the UK, is an arena riven by sexualized and gendered scripts: in other words capitalism is gendered. A decade or so later, these arguments seem just as relevant as the financial ,masters of the universe' are brought low, in part by their own behaviour. Here, I explore more explicitly the implications of testosterone-fuelled risk taking by both the traders and the chief executive officers of investment banks in the current world of casino capitalism. Résumé Ce travail reprend et complète le propos de Capital Culture: Gender at Work in the City, le livre que j'ai publié une décennie avant l'apparition des premiers signes de la crise financière actuelle. Cet ouvrage préconisait que la City de Londres, c,ur financier du Royaume-Uni, était une arène scindée selon des scénarios différenciés par sexe et genre, autrement dit le capitalisme était sexué. Près de dix ans plus tard, ces propos semblent tout aussi pertinents d'autant que les ,maîtres de l'univers' de la finance sont amoindris, en partie à cause de leur propre comportement. Sont examinées ici de plus près les implications des prises de risques nourries à la testostérone auxquelles se livrent à la fois les traders et les directeurs généraux des banques d'investissement dans un monde où règne un capitalisme de casino. [source] Decisional involvement of senior nurse leaders in Canadian acute care hospitalsJOURNAL OF NURSING MANAGEMENT, Issue 2 2010CAROL A. WONG RN wong c.a., laschinger h., cummings g.g., vincent l. & o'connor p. (2010) Journal of Nursing Management 18, 122,133 Decisional involvement of senior nurse leaders in Canadian acute care hospitals Aim, The aim of the present study was to describe the scope and degree of involvement of senior nurse leaders (SNLs) in executive level decisions in acute care organizations across Canada. Background, Significant changes in SNL roles including expansion of decision-making responsibilities have occurred but little is known about the patterns of SNL decision-making. Methods, Data were collected by mailed survey from 63 SNLs and 49 chief executive officers (CEOs) in 66 healthcare organizations in 10 Canadian provinces. Regression analyses were used to examine whether timing, breadth of content expertise and the number of decision activities predicted SNL decision-making influence and quality of decisions. Results, Breadth of content expertise and number of decision activities with which the SNL was involved were significant predictors of decision influence explaining 22% of the variance in influence. Overall, CEOs rated SNL involvement in decision-making higher than the SNL. Conclusions, Senior nurse leaders contribute to organizational processes in healthcare organizations that are important for nurses and patients, through their participation in decision-making at the senior team level. Implications for nursing management, Findings may be useful to current and future SNLs learning to shape the nature and content of information shared with CEOs particularly in the area of professional practice issues. [source] Incentive Effects of Stock and Option Holdings of Target and Acquirer CEOsTHE JOURNAL OF FINANCE, Issue 4 2007JIE CAI ABSTRACT Acquisitions enable target chief executive officers (CEOs) to remove liquidity restrictions on stock and option holdings and diminish the illiquidity discount. Acquisitions also enable acquirer CEOs to improve the long-term value of overvalued holdings. Examining all firms during 1993 to 2001, we show that CEOs with higher holdings (illiquidity discount) are more likely to make acquisitions (get acquired). Further, in 250 completed acquisitions, target CEOs with a higher illiquidity discount accept a lower premium, offer less resistance, and more often leave after acquisition. Similarly, acquirer CEOs with higher holdings pay a higher premium, expedite the process, and make diversifying acquisitions using stock payment. [source] The Performance Impact of Content and Process in Product Innovation ChartersTHE JOURNAL OF PRODUCT INNOVATION MANAGEMENT, Issue 1 2007Chris Bart The significance of product innovation charters (PICs) cannot be overemphasized, as they provide understanding and a tool for setting organizational goals, charting strategic direction, and allocating resources for new product portfolios. In a unique way, a PIC represents a sort of mission statement mutation for new products. With the backdrop of strategy formulation and product innovation literatures, this article investigates the impact of both content specificity within PICs and satisfaction with the PIC formulation process on new product performance in North American corporations. A survey was undertaken among executives knowledgeable about their organization's new product development process. The respondents included chief executive officers, vice presidents, directors, and managers. The findings demonstrate that significant differences exist both in PIC content specificity and process satisfaction between highly innovative and low innovative firms. The study also shows that PIC specificity in terms of the factors mission content and strategic directives positively influences new product performance. Further, the study demonstrates that satisfaction with the process of formulating PICs plays a positive and powerful mediating role in the PIC specificity,performance relationship. The results suggest that product innovation charters, like their mission statement cousins, may be of more value than most managers realize. The study shows that achieving a state of organizational satisfaction with a PIC's formulation process is critical for obtaining better new product performance. Directions for future research also are suggested. [source] Financial Indicators for Critical Access HospitalsTHE JOURNAL OF RURAL HEALTH, Issue 3 2006George H. Pink PhD ABSTRACT:,Context: There is a growing recognition of the need to measure and report hospital financial performance. However, there exists little comparative financial indicator data specifically for critical access hospitals (CAHs). CAHs differ from other hospitals on a number of dimensions that might affect appropriate indicators of performance, including differences in Medicare reimbursement, limits on bed size and average length of stay, and relaxed staffing rules. Purpose: To develop comparative financial indicators specifically designed for CAHs using Medicare cost report data. Methods: A technical advisory group of individuals with extensive experience in rural hospital finance and operations provided advice to a research team from the University of North Carolina at Chapel Hill. Twenty indicators deemed appropriate for assessment of CAH financial condition were chosen and formulas determined. Issues 1 and 2 of the CAH Financial Indicators Report were mailed to the chief executive officers of 853 CAHs in the summer of 2004 and 1,092 CAHs in the summer of 2005, respectively. Each report included indicator values specifically for their CAH, indicator medians for peer groups, and an evaluation form. Findings: Chief executive officers found the indicators to be useful and the underlying formulas to be appropriate. The multiple years of data provide snapshots of the industry as a whole, rather than trend data for a constant set of hospitals. Conclusions: The CAH Financial Indicators Report is a useful first step toward comparative financial indicators for CAHs. [source] Rural Illinois Hospital Chief Executive Officers' Perceptions of Provider Shortages and Issues in Rural Recruitment and RetentionTHE JOURNAL OF RURAL HEALTH, Issue 1 2006Michael Glasser PhD ABSTRACT:,Background: It is important to assess rural health professions workforce needs and identify variables in recruitment and retention of rural health professionals. Purpose: This study examined the perspectives of rural hospital chief executive officers (CEOs) regarding workforce needs and their views of factors in the recruitment and retention process. Methods: A survey was mailed to CEOs of 28 Illinois rural hospitals, in towns ranging from 3,396 to 33,530 in population size. The survey addressed CEO perceptions of number of physicians needed by specialty, need for other health professionals, and variables important to recruitment and retention. Findings: Twenty-two CEOs (79%) responded to the survey. Eighty-six percent indicated a physician shortage in the community, with 64% reporting the need for family physicians. CEOs also indicated the need for physicians in obstetrics-gynecology, general and orthopedic surgery, general internal medicine, cardiology, and psychiatry. In terms of needs for other health professionals, most often mentioned were registered nurses (91%), pharmacists (64%), and nurses' aides (46%). Related to recruitment and retention, most often mentioned by the CEOs was community attractiveness in general, followed by practice and physician career opportunities. Conclusions: CEOs offer 1 important perspective on health professions needs, recruitment, and retention in rural communities. While expressing a range of opinions, rural hospital CEOs clearly indicate the need for more primary care physicians, call for an increased capacity in nursing, and point to community development as a key factor in recruitment and retention. [source] THINKING ABOUT A MOBILE HEALTH UNIT TO DELIVER SERVICES?AUSTRALIAN JOURNAL OF RURAL HEALTH, Issue 1 2000THINGS TO CONSIDER BEFORE BUYING Purchasing a mobile unit to deliver health-care services can be an expensive undertaking for anyone interested in pursuing this option. Yet, little information is found in the literature on planning or designing such vehicles. A set of guidelines could help administrators to make better decisions regarding this approach for delivering healthcare. This article focuses on mobile health units (MHU). It provides a synthesis of the literature in addition to information from written and oral correspondence with the chief executive officers (CEO) of firms that manufacture MHU. On-site visits to agencies using an MHU were made by one of the authors (DM) to glean their perspective. The combined sources led to the development of guidelines and checklists that can assist administrators in planning the function, design and operation of an MHU to deliver health-care services to remote rural sites. [source] The role of accounting and the accountant in the environmental management systemBUSINESS STRATEGY AND THE ENVIRONMENT, Issue 3 2001Trevor D. Wilmshurst This paper explores the role of accounting and the accountant in the Environmental Management System (EMS). This study was founded on a postal survey of chief executive officers (CEOs) and chief financial officers (CFOs) from the top 500 listed Australian companies. From responses to the surveys, this paper firstly documents the adoption of environmental accounting processes by respondent companies and secondly management attitudes as to the role of environmental accounting in these companies. The senior executives responding to the survey suggest that they believe the environment is an important issue, and recognize the need for a business response. However, there appeared to be limited participation of the accountant in the EMS, which suggests there is a gap between the aggregate observations of this sample and literature support with respect to the role of environmental accounting. It is suggested that this might reflect a lack of understanding of the potential role accounting and the accountant could (and arguably should) play as a member of the EMS team. It is the intention of this paper to provide some input to enhance an understanding of the potential and important role accounting and the accountant could play in the EMS. Copyright © 2001 John Wiley & Sons, Ltd. and ERP Environment [source] | ||||||||||||||||||||||||||||