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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

What Explains the Rise in CEO Pay in Germany? A Panel Data Analysis for 1977-2009

Fabbri, Francesca; Marin, Dalia - CESifo - 2012

The compensation of executive board members in Germany has become a highly controversial topic since Vodafone’s hostile takeover of Mannesmann in 2000 and it is again in the spotlight since the outbreak of the financial crisis of 2009. Based on unique panel data evidence of the 500 largest...

Persistent link: https://www.econbiz.de/10009653374

Optimal Delegation when the Large Shareholder has Multiple Tasks

Graziano, Clara; Luporini, Annalisa - CESifo - 2010

We analyze the optimal ownership, delegation and compensation structures when a manager is hired to run a firm and to gather information on investment projects. The initial owner has two tasks: monitoring the manager and supervising project choice. Optimality would require a large ownership...

Persistent link: https://www.econbiz.de/10008596583

Corporate Governance and the Cost of Debt of Large European Firms

van Dijk, Dick; Schauten, Schauten, M.B.J. - Erasmus Research Institute of Management (ERIM), … - 2010

disclose’ hypothesis. If shareholders have sufficient rights to monitor and influence management decisions, debt providers can … rely upon shareholders to mitigate agency costs. Otherwise, bondholders require a premium to compensate for the information …

Persistent link: https://www.econbiz.de/10010837530

When Do Managers Seek Private Equity Backing in Public-to-Private Transactions?

van Dijk, Dick; Fidrmuc, Fidrmuc, J.P.; Roosenboom, … - Erasmus Research Institute of Management (ERIM), … - 2007

Over the last decade, the going private market has experienced a considerable boom in size and also has become more interesting for private equity investors that are looking to partner with incumbent management. This offers managers the choice to take the firm private themselves in a traditional...

Persistent link: https://www.econbiz.de/10010837590

Corporate Governance and the Value of Excess Cash Holdings of Large European Firms

van Dijk, Dick; Schauten, Schauten, M.B.J.; van der … - Erasmus Research Institute of Management (ERIM), … - 2008

We examine the relation between the quality of corporate governance and the value of excess cash for large European firms (FTSEurofirst 300 Index). We use Deminor ratings for Shareholder rights, Takeover defences, Disclosure and Board as proxies for the quality of corporate governance. We find...

Persistent link: https://www.econbiz.de/10010837639

De Ratio van Corporate Governance

de Jong, de Jong, A. - Erasmus Research Institute of Management (ERIM), … - 2006

Abe de Jong (1970) is Professor in Corporate Finance and Corporate Governance at RSM Erasmus University. He obtained a PhD in finance at Tilburg University (1999). His research and teaching interests are in the area of empirical corporate finance and include capital structure choice, dividend...

Persistent link: https://www.econbiz.de/10010730461

Corporate Finance In Europe Confronting Theory With Practice

Brounen, Brounen, D.; de Jong, de Jong, A.; Koedijk, … - Erasmus Research Institute of Management (ERIM), … - 2004

In this paper we present the results of an international survey among 313 CFOs on capital budgeting, cost of capital, capital structure, and corporate governance. We extend previous results of Graham and Harvey (2001) by broadening their sample internationally, by including corporate governance,...

Persistent link: https://www.econbiz.de/10010730904

Accommodating Two Worlds in One Organization: Changing Board Models in Agricultural Cooperatives

Bijman, Bijman, W.J.J.; Hendrikse, Hendrikse, G.W.J.; … - Erasmus Research Institute of Management (ERIM), … - 2012

While most economic organisation literature on cooperatives has focused on changes in income rights, we study changes in the allocation of decision rights between board of directors (representing members) and managers. The traditional role of the board is to direct the activities of the...

Persistent link: https://www.econbiz.de/10010730937

Corporate Governance and Acquisitions: Acquirer Wealth Effects in the Netherlands

de Jong, de Jong, A.; van der Poel, van der Poel, A.M.; … - Erasmus Research Institute of Management (ERIM), … - 2007

the shareholders. Corporate governance structures serve to constrain managers in their acquisition activity. In this … corporate governance, because the managerial board has a relatively strong position vis-à-vis shareholders. Several takeover … such fights. On the other hand, ownership is relatively concentrated, which may provide shareholders with the incentives …

Persistent link: https://www.econbiz.de/10010730980