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Performance and Behaviour of Family Firms: Evidence from the French Stock Market
Sraer, David; Thesmar, David - C.E.P.R. Discussion Papers - 2004
We look at the corporate performance of family firms listed on the French stock exchange between 1994 and 2000. On the French stock market, approximately one third of the firms are widely held, another third are founder controlled and the remaining third are heir-controlled family firms. We find...
Persistent link: https://www.econbiz.de/10005124284
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Endogenous Firm Objectives
Renström, Thomas I; Yalcin, Erkan - C.E.P.R. Discussion Papers - 2002
We analyse the behaviour of a monopolistic firm in general equilibrium when the firm’s decision are taken through shareholder voting. We show that, depending on the underlying distribution, rational voting may imply overproduction as well as underproduction, relative to the efficient level....
Persistent link: https://www.econbiz.de/10005789161
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Managerial Incentives and Collusive Behaviour
Spagnolo, Giancarlo - C.E.P.R. Discussion Papers - 2004
I characterize the effects of empirically observed managerial incentives on long-run oligopolistic competition. When managers have a preference for smooth time-paths of profits – as revealed by the empirical literature on ‘income smoothing’ – manager-led firms can sustain collusive...
Persistent link: https://www.econbiz.de/10005667065
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After Voucher Privatization: The Structure of Corporate Ownership in Russian Manufacturing Industry
Earle, John S; Estrin, Saul - C.E.P.R. Discussion Papers - 1997
This paper analyses the ownership structure emerging from the Russian privatization process, using information from a … programme was completed. The Russian ownership structure calls for a new approach to the analysis of corporate control because … privatization methods for ownership structure, on the incidence of non-voting and voting shares, and on the extent of concentration …
Persistent link: https://www.econbiz.de/10005136416
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Defensive and Strategic Restructuring in Central European Enterprises
Grosfeld, Irena; Roland, Gérard - C.E.P.R. Discussion Papers - 1995
This paper interprets the existing evidence on enterprise restructuring in Poland, Hungary and the Czech Republic. Despite differences in restructuring policies, the pattern of observed restructuring appears similar in the three countries. Contrary to initial expectations, managers of SOEs have...
Persistent link: https://www.econbiz.de/10005662184
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Who Disciplines Management in Poorly Performing Companies?
Franks, Julian R; Mayer, Colin; Renneboog, Luc - C.E.P.R. Discussion Papers - 2001
restructuring, investors focus control on poorly performing companies. These results stand in contrast to the US, where there is …
Persistent link: https://www.econbiz.de/10005124256
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The Determinants of Privatized Enterprise Performance in Russia
Angelucci, Manuela; Bevan, Alan; Estrin, Saul; Fennema, … - C.E.P.R. Discussion Papers - 2002
Using data from a large enterprise-level panel designed to address this issue, we account for enterprise performance in Russia. We link performance to four aspects of the economic environment outlined in the literature: enterprise ownership; corporate governance; market structures and competition;...
Persistent link: https://www.econbiz.de/10005666814
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Wage and Investment Behaviour in Transition: Evidence from a Polish Panel Data Set
Grosfeld, Irena; Nivet, Jean-François - C.E.P.R. Discussion Papers - 1997
privatized firms there is no positive relationship between firms’ ability to pay and wage increases. Privatization appears …
Persistent link: https://www.econbiz.de/10005124207
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Privatization and Deindustrialization in East Germany
Carlin, Wendy - C.E.P.R. Discussion Papers - 1993
The transition in East Germany has been characterized by an extremely rapid privatization of state-owned enterprises …-unification level. This paper argues that the government imposed an inconsistent policy toward employment on the privatization agency …, the Treuhand. Although required to take account of the shadow price of labour in the privatization negotiations (where …
Persistent link: https://www.econbiz.de/10005123788
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Market Socialism and the Managerial Labour Market
Roland, Gérard; Sekkat, Khalid - C.E.P.R. Discussion Papers - 1992
This paper presents a simple ratchet model. The ratchet effect, and the inability of the government to precommit credibly to given incentive schemes, are related to the fact that the government has monopsony power over managers, as is the case under market socialism where means of production are...
Persistent link: https://www.econbiz.de/10005662417