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Entrepreneurial Access and Absorption of Knowledge Spillovers: Strategic Board and Managerial Composition for Competitive Advantage
Audretsch, David B; Lehmann, Erik E - C.E.P.R. Discussion Papers - 2005
The resource theory of the firm implies that knowledge is a key resource bestowing a competitive advantage for entrepreneurial firms. However, it remains rather unclear up to now, how new ventures and small business can access knowledge resources. The purpose of this paper is to suggest two...
Persistent link: https://www.econbiz.de/10005791678
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Financial Frictions, Investment, and Institutions
Claessens, Stijn; Ueda, Kenichi; Yafeh, Yishay - C.E.P.R. Discussion Papers - 2010
, which reforms are best? We address this question by empirically investigating the effects of institutions on financial … frictions, institutions affect investment. We find that improved corporate governance (e.g., less severe informational problems …
Persistent link: https://www.econbiz.de/10008784722
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Voucher Privatization, Corporate Control and the Cost of Capital: An Analysis of the Czech Privatization Programme
Marcincin, Anton; van Wijnbergen, Sweder - C.E.P.R. Discussion Papers - 1995
Voucher privatization programmes have been criticized for leading to excessively dispersed ownership and hence failure of control and insufficient corporate governance. We analyse the results of the five auction rounds of the Czech privatization programme and subsequent stock market...
Persistent link: https://www.econbiz.de/10005123768
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Equity Block Transfers in Transition Economies: Evidence from Poland
Trojanowski, Grzegorz - C.E.P.R. Discussion Papers - 2002
This Paper investigates valuation effects of share block transfers and employs agency theory to explain the determinants of block premia. A sample of transactions from Poland is used to measure benefits and costs of ownership concentration. Block premia are found to be substantially lower than...
Persistent link: https://www.econbiz.de/10005124379
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Corporate Governance Externalities
Acharya, Viral V; Volpin, Paolo - C.E.P.R. Discussion Papers - 2008
We argue that the choice of corporate governance by a firm affects and is affected by the choice of governance by other firms. Firms with weaker governance give higher payoffs to their management to incentivize them. This forces firms with good governance to also pay their management more than...
Persistent link: https://www.econbiz.de/10005136630
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Agency Conflicts, Ownership Concentration, and Legal Shareholder Protection
Burkart, Mike; Panunzi, Fausto - C.E.P.R. Discussion Papers - 2001
This Paper analyses the interaction between legal shareholder protection, managerial incentives, and ownership concentration. In our framework, blockholder and manager are distinct parties and the presence of a blockholder can both protect and hurt minority shareholders. Legal shareholder...
Persistent link: https://www.econbiz.de/10005662105
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Bottom-Up Corporate Governance
Landier, Augustin; Sraer, David; Thesmar, David - C.E.P.R. Discussion Papers - 2006
In many instances, 'independently-minded' top-ranking executives can impose strong discipline on their CEO, even though they are formally under his authority. This paper argues that the use of such a disciplining mechanism is a key feature of good corporate governance. We provide robust...
Persistent link: https://www.econbiz.de/10005136453
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The Brain Gain of Corporate Boards: A Natural Experiment from China
Giannetti, Mariassunta; Liao, Guanmin; Yu, Xiaoyun - C.E.P.R. Discussion Papers - 2012
unique dataset from China and exploit that at different times, Chinese provinces introduced policies to attract highly …
Persistent link: https://www.econbiz.de/10011084604
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Retained State Shareholding in Chinese PLCs: Does Government Ownership Reduce Corporate Value?
Estrin, Saul; Tian, Lihui - C.E.P.R. Discussion Papers - 2005
The role of government shareholding in corporate performance is central to an understanding of China’s newly privatized …
Persistent link: https://www.econbiz.de/10005656424
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A Model of Equilibrium Institutions
Guimarães, Bernardo; Sheedy, Kevin D. - C.E.P.R. Discussion Papers - 2012
Institutions that serve the interests of an elite are often cited as an important reason for poor economic performance …. This paper builds a model of institutions that allocate resources and power to maximize the payoff of an elite, but where … any group that exerts sufficient fighting effort can launch a rebellion that destroys the existing institutions. The …
Persistent link: https://www.econbiz.de/10011084465