This paper studies how the generality of managerial skills affects firms' governance decisions. As managerial skills become less firm-specific and more portable across firms, the market for talent offers better opportunities for replacing an incumbent chief executive officer (CEO) with an external hire. This results in higher pay in the market, but, overall, the profitability of an external appointment increases in large firms, where managerial talent is most productive. As a consequence, large firms limit the entrenchment of incumbent managers to take advantage of the improved replacement opportunities offered by the market. The analysis rationalizes the recent trend toward stronger corporate governance and offers novel empirical predictions concerning the relationship between managerial entrenchment, firm size and the generality of managerial skills.

We study the job movements of senior executives across firms. We find that executives who jump to CEO positions at new employers come from firms that exhibit above-average stock price performance. This relationship is more pronounced for more senior executives. No such relationship exists for jumps to non-CEO positions. Stock options and restricted stock do not appear to significantly affect the likelihood of jumping ship, but the existence of an 'heir-apparent' on the management team increases the likelihood that executives will leave for non-CEO positions elsewhere. Hiring grants used to attract managers are correlated with the equity position forfeited at the prior employer and with the prior employer's performance. Implications of these findings for issues related to managerial incentives, managerial retention, and incentive design are discussed.

Your people hold the key to your business success Make Your People Before You Make Your Products is an authoritative guide to the evolution of talent management. Written specifically for HR professionals this book describes how organizations can gain a global competitive edge through better management of talent resources. With a practice-based philosophy, readers will learn more effective talent management strategies for a complex market in which people are often the only competitive advantage. Inclusivity is emphasized, and discussion centres on innovative, dynamic, fluid approaches to talent acquisition, development, and retention. In today's market environment, talent has moved from audience to community while leadership has shifted from control to empowerment. Traditional, linear approaches to talent management are falling short, and directing resources solely to senior management and HIPOs is no longer a valid strategy. This book provides practical guidance on more modern approaches, helping organizations to: Attract and retain the best talent by expanding talent resource management Augment traditional management methods with more dynamic techniques Develop a talent strategy that recognizes the new diversity of supply and demand Consider the evolving roles of talent and leadership in a global context Contextual changes in workplace dynamics necessitate an updated approach for keeping the best people on board and using them to their utmost potential. Talent management is a driving force behind an organization's success, affecting outcomes by every major metric – if the strategy becomes stale, success is no longer sustainable. Make Your People Before You Make Your Products is guide toward developing an organization's greatest asset.

Executive Compensation Best Practices demystifies the topic of executive compensation, with a hands-on guide providing comprehensive compensation guidance for all members of the board. Essential reading for board members, CEOs, and senior human resources leaders from companies of every size, this book is the most authoritative reference on executive compensation.

Macro Talent Management in Emerging and Emergent Markets is the first book to focus specificially on country-level activities that are aimed at attracting, developing, mobilizing, and retaining top talent for economic success in emerging or emergent markets. The book serves as a guide that orients the reader toward activities that increase their country’s global competitiveness, attractiveness, and economic development through strategic talent management. This book brings together leading experts from around the world to address such issues as cross-border flows of talent, diaspora mobility, knowledge flows, global labour markets, and policies. The book is structured in three parts: Part I covers emerging markets, Part II emergent markets, and Part III pan-national themes such as migration and clusters. Bringing together research from the fields of human resource management, international business, economic geography, comparative international development, and political economy, this is a definitive, comprehensive treatment of the topic aimed at advanced students and practitioners.

The issue of global talent management has become an important area for multinational enterprises and researchers for a number of reasons. First, there is a growing recognition of the key role played by globally competent managerial talent in the success of the MNE. Second, MNEs are facing severe problems in recruiting and retaining the necessary managerial talent for their global operations. Third, competition between employers has become more generic and has shifted from the country level to the regional and global levels.

The Firm Divided blends the narrative of events involving particular firms and individuals with the insights of that academic research to present a coherent framework that ties the various strands of corporate governance-good and bad-together.

Building Business Value through Talent uniquely describes how a CEO and CHRO can accelerate business growth by working together to design and operationalize value-driven talent strategies.

Talent Management in Small and Medium Enterprises contributes to the body of knowledge concerning talent management in small and medium enterprises. Despite the growing number of publications on talent management in recent years, research has focused mainly on large companies. As a consequence of this research bias towards large companies, the presented theoretical concepts and practices have limited applicability for talent management in small and medium enterprises (SMEs). Because SMEs constitute a significant part of the national economy in a large number of countries, many authors report the necessity to investigate talent management in such enterprises. This book will be a source of useful data for managers of SMEs and owners and provide them with information about the practices and methods concerning the acquisition, development and retention of talented employees who may contribute to the success of SMEs and the execution of business strategies. The book offers academic researchers, postgraduate students and reflective practitioners a state-of-the-art overview of Talent Management in Small and Medium Enterprises.

Purpose– Shareholders and managers can work in a hierarchy in which principals attempt to control the actions of agents to achieve the wealth objective. Alternatively, shareholders and managers can work together as a cooperative team in which shareholders provide financial capital and managers provide human capital. The authors aim to examine the different implications for value creation provided by the two approaches. Design/methodology/approach– By comparing the literature on the value implications of the incomplete contracting framework and control arrangements in principal-agent hierarchies, the authors identify deviations from optimal outcomes and suggest solutions. Findings– The review indicates that a cooperative framework has some advantages over the hierarchical model. The stability of human capital and the relationship between managers and shareholders can be enhanced when shareholders provide capital in increments which vest over time and latitude for renegotiation of agreements is built into contracts. Practical implications– By surrendering control using stock options programmes, managers are free to invest in relationship-specific assets. Shareholders can control the provision of capital by withdrawing investment if insufficient returns are realized, i.e. if stock options do not meet vesting requirements. The market can then be left to do its work. Originality/value– This paper provides an original review of literature on cooperation and hierarchies in the shareholder–manager relationship and proposes solutions to identified deviations from optimal outcomes. Keywords- Agency theory, Corporate governance, M&A, Executive compensation, Contracting theory, Share options policy