Showing 1 - 10 of 36
Since 1989 and the regionalization of public transports in Belgium, the Société des transports intercommunaux de Bruxelles (STIB), i.e. the public operator of urban transport in Brussels, has undergone many changes, both structural and organizational. Meanwhile, the company has managed to...
Persistent link: https://www.econbiz.de/10010968982
the relationships between audit quality and governance mechanisms. We examine two measures of audit quality, namely, the … audit quality. In particular, the presence of internal auditors is related to other indicators of stricter governance … relationship between audit quality and governance does exist, the sign of this relationship is always positive. Thus, our data …
Persistent link: https://www.econbiz.de/10010968988
financial markets is being questioned and new forms of social innovations focusing on stakeholder governance and cooperation are … microcredit. It also provides the microentrepreneurs a new form of governance and opportunities for networking, developing …
Persistent link: https://www.econbiz.de/10010721924
The paper first develops an economic analysis of the concept of shareholder value, describes its approach and discusses some open questions. It emphasizes the relationship between pledgeable income, monitoring and control rights using a unifying and simple framework. The paper then provides a...
Persistent link: https://www.econbiz.de/10005666704
different ownership and governance structures. The empirical results indicate significant financial constraints even among the …
Persistent link: https://www.econbiz.de/10005791387
This paper discusses proposed governance reforms of legal services markets. The model distinguishes between a status … quo position supported by a system of professionally enforced collective reputation and forms of governance based more …
Persistent link: https://www.econbiz.de/10005791750
The focus of policy reform in developing countries has moved from getting prices right to getting institutions right, and accordingly countries are increasingly being advised to move towards "best-practice" institutions. This paper argues that appropriate institutions for developing countries...
Persistent link: https://www.econbiz.de/10005791758
We develop an incomplete contract model to analyse the enlargement strategy of a club. An applicant is characterized by his wealth and the degree of conformity with the club standard. The club gains only from a fully reformed new member, but reform is costly. The club chooses between early...
Persistent link: https://www.econbiz.de/10005791969
We analyse bidding incentives and present evidence on takeover premiums in Sweden’s mandatory bankruptcy auctions. The typical auction attracts multiple bidders and results in the firm being sold as a going concern. We model the incentive of the bankrupt firm’s main creditor (a bank) to...
Persistent link: https://www.econbiz.de/10005792429
How do microfinance institutions (MFIs) allocate their productivity surplus to stakeholders? This paper shows that this allocation process varies according to the MFI ownership structure. Non-profit organisations and shareholders-held MFIs exhibit a tendency to largely keep their surplus within...
Persistent link: https://www.econbiz.de/10008506601