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How Weak is the Weakest-Link Principle?On the Measurement of Firm Owners’Control Rights
Edwards, Jeremy; Weichenrieder, Alfons - CESifo - 2004
The paper argues that the weakest link principle, which has been widely used as a measure of ultimate owners’ control rights, has a number of serious problems. A theoretically more satisfactory method of measuring control rights, based on voting power indices, is proposed, and the different...
Persistent link: https://www.econbiz.de/10005196258
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Politics-Business Interaction Paths
Belloc, Marianna; Pagano, Ugo - CESifo - 2009
Most pre-crisis explanations of the various corporate governance systems have considered the separation between ownership and control to be an advantage of the Anglo-American economies. They have also attributed the failure of other countries to achieve these efficient arrangements to their...
Persistent link: https://www.econbiz.de/10008572479
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Ownership, Dividends, R&D and Retained Earnings - are institutional owners short-term oriented?
Wiberg, Daniel - Centre of Excellence for Science and Innovation … - 2008
, which accounts for earnings trends and partial adjustments of dividends, a positive but marginally diminishing relation is … found between institutional ownership and dividends. This result holds when ownership is retained through the use of control … characterized by an extensive separation of ownership from control. Most studies on the relationship between ownership and dividends …
Persistent link: https://www.econbiz.de/10005419318
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Finance, Control, and Profitability: The Influence of German Banks
Chirinko, Robert S.; Elston, Julie Ann - CESifo - 2003
Bank intermediated finance has been cited frequently as the preferred means for channeling funds from savers to firms. Germany is the prototypical economy where universal banks allegedly exert substantial influence over firms. Despite frequent assertions about the considerable power of German...
Persistent link: https://www.econbiz.de/10005094259
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Foreign Investors as Change Agents: The Swedish Firm Experience
Fogel, Kathy S.; Lee, Kevin K.; Lee, Wayne Y.; … - Centre of Excellence for Science and Innovation … - 2013
Institutional theory suggests that informal institutions effectively constrain human behavior. Culturally embedded norms and values align corporate governance with socially acceptable outcomes. We argue that active foreign investors can act as agents of change in corporate governance....
Persistent link: https://www.econbiz.de/10010739964
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Buying to Sell: Private Equity Buyouts and Industrial Restructuring
Norbäck, Pehr-Johan; Persson, Lars; Tag, Joacim - CESifo - 2013
We show how temporary ownership by private equity firms affects industry structure, competition and welfare. Temporary ownership leads to strong investment incentives because equilibrium resale prices are determined by buyers incentives to block rivals from obtaining assets. These incentives...
Persistent link: https://www.econbiz.de/10010681223
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Divide and Privatize: Firm Break-up and Performance
Kocenda, Evžen; Hanousek, Jan - CESifo - 2011
We analyze the long-term effects of firm break-up and ownership change on corporate performance. Our analysis is based on a unique data set for a large number of Czech firms spanning the period 1996–2005. We employ a propensity score matching procedure to deal with endogeneity problems. Our...
Persistent link: https://www.econbiz.de/10009024846
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One Share-One Vote: New Empirical Evidence
Eklund, Johan; Poulsen, Thomas - Centre of Excellence for Science and Innovation … - 2010
Shares with more voting rights than cash flow rights provide their owners with a disproportional influence that is often found to destroy the value of outside equity. This is taken as evidence of discretionary use of power. However, concentration of power does not necessarily result from control...
Persistent link: https://www.econbiz.de/10008853950
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Determinants of Buyouts in Private Equity Firms
Nordström, Louise; Wiberg, Daniel - Centre of Excellence for Science and Innovation … - 2009
Private equity companies have become a major force in the economic landscape. Financial- and operational-engineering are innovative characteristics of this emerging method of finance. The existing empirical data provide strong evidence that private equity activity contribute positively to the...
Persistent link: https://www.econbiz.de/10008487212
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What is the Relation (if any) Between a Firm's Corporate Governance Arrangements and its Financial Performance?
Wessels, Roberto E.; Wansbeek, Tom J.; Dam, Lammertjan - CESifo - 2014
We present a model to test the null hypothesis that firms organize their corporate governancearrangements optimally given the constraints they face. Following the literature, the modelrejects the null if the conditional correlation between governance and performance issignificantly different...
Persistent link: https://www.econbiz.de/10011249564