Managerial style in cost asymmetry and shareholder value |
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| Authors: | Kerstin Lopatta Thomas Kaspereit Laura-Maria Gastone |
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| Institution: | 1. Department of Socioeconomics, University of Hamburg, Hamburg, Germany;2. Department of Economics and Management, University of Luxembourg, Luxembourg |
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| Abstract: | We show that CEOs' contribution to SG&A cost asymmetry is associated with lower shareholder value. CEO-related excess SG&A cost stickiness of CEOs with compensation less tied to shareholder value creation and high power drive this association. Last, we provide first evidence that cost asymmetry incorporates a harmful element to the firm and shareholders, namely CEO-related excess SG&A cost asymmetry. |
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