We analyze the impact of a 75 pct. Break-Through rule on 1,035 European firms with dual class <p> shares. In 3-5 pct. of the firms the controlling owners incur a direct loss of control, whereas in <p> additional 11-17 pct. of the firms the controlling owners are likely to incur a control loss. Firms...</p></p>

The legal environment is one important determinant of corporate governance. However,  within  legal families,  also cultural  differences can explain the level of corporate governance to some extent. We analyze this relationship for the case of Switzerland.  Swiss firms  are mainly located...

Research Question/Issue: The post-Apartheid South African (SA) corporate governance (CG) model is a unique hybridisation of the traditional Anglo-American and Continental European-Asian CG models, distinctively requiring firms to explicitly comply with a number of affirmative action and...

Many firms use the “3 lines of defense” (3LOD) model to clarify responsibility for risk management but this approach has limitations, as three distinct “lines” do not always enable sufficient clarity, mindsets formed through deployment in one business can be difficult to break when...

Corporate governance is most often defined in terms of the roles, responsibilities, and interactions of top management and the board of directors. Using information on Macedonia, obtained through various sources, this study is an attempt on determining some of the factors that influence the...

We empirically study the use of value-based management systems in listed German firms and examine implications for firms' stock market performance. Using a novel, hand-collected data set covering 1,083 firm years from 2002 to 2008, we find that value-based management systems become increasingly...

European integration is supported through important financial resources in order to sustain the investment effort for aligning the business infrastructure and increase in the business competitiveness in order to fulfill the European Union standards. The financial management, a basic component of...

The traditional methodology examining optimal boards relates a simple board variable  (e.g., independence or board demography) to firm performance, however, ig- noring other board characteristics.  This paper investigates how the education and business  experience of directors affect firm ...

In this paper we provide evidence for the effects of social norms on audit pricing by studying companies belonging to the alcohol, firearms, gambling, military, nuclear power, and tobacco industries, which are often described as “sin” companies. We hypothesize that the disparities between...

This paper unveils the diversity in lock-in agreements of firms listed on the Nouveau Marche stock exchange in France.We give the main economic reasons why shareholders adopt lock-in agreements that are more stringent than legally required.We relate the abnormal returns and the abnormal volume...