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Do Entrepreneurs Matter?
Becker, Sascha O.; Hvide, Hans K. - CESifo - 2013
In the large literature on firm performance, economists have given little attention to entrepreneurs. We use deaths of more than 500 entrepreneurs as a source of exogenous variation, and ask whether this variation can explain shifts in firm performance. Using longitudinal data, we find large and...
Persistent link: https://www.econbiz.de/10010607007
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Stakeholder Governance, Competition and Firm Value
Allen, Franklin; Carletti, Elena; Marquez, Robert - CESifo - 2014
In many countries, the legal system or social norms ensure that firms are stakeholder oriented. We analyze the advantages and disadvantages of stakeholder-oriented firms that are concerned with employees and suppliers compared to shareholder-oriented firms in a model of imperfect competition....
Persistent link: https://www.econbiz.de/10010747218
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The Measurement of Firm Ownership and its Effect on Managerial Pay
Edwards, Jeremy; Eggert, Wolfgang; Weichenrieder, Alfons - CESifo - 2006
shows that greater ownership concentration typically weakens the link between managerial pay and firm profitability. This is …
Persistent link: https://www.econbiz.de/10005181443
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Growth and Earnings Persistence in Banking Firms: A Dynamic Panel Investigation
Shehzad, Choudhry Tanveer; Haan, Jakob de; Scholtens, Bert - CESifo - 2009
This paper investigates (i) whether growth and profitability persist in banking firms, (ii) whether the level and … volatility of growth and profitability are bank-size dependent, and (iii) the relationship between growth and profitability of a … evidence of persistence in bank growth. However, our findings suggest significant persistence in bank profitability. Moreover …
Persistent link: https://www.econbiz.de/10008572506
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Finance, Control, and Profitability: The Influence of German Banks
Chirinko, Robert S.; Elston, Julie Ann - CESifo - 2003
problems? [Yes]; 3) do bank influenced firms have higher profitability? [No]. Coupled with results about the control …
Persistent link: https://www.econbiz.de/10005094259
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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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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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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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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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Competition and Gender Prejudice: Are Discriminatory Employers Doomed to Fail?
Weber, Andrea; Zulehner, Christine - CESifo - 2009
According to Becker's (1957) famous theory on discrimination, entrepreneurs with a strong prejudice against female workers forgo profits by submitting to their tastes. In a competitive market their firms lack efficiency and are therefore forced to leave. We present new empirical evidence for...
Persistent link: https://www.econbiz.de/10008572488