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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

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

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

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

Corporate Governance Reforms, Interlocking Directorship Networks and Company Value in Italy (1998-2007)

Drago, Carlos; Millo, Francesco; Ricciuti, Roberto; … - CESifo - 2011

In this paper we contribute to the literature on the structure of interlocking directorship networks and to the literature on the relationship between corporate governance and performance. We use a unique dataset made of corporate governance variables related to the board size and interlocking...

Persistent link: https://www.econbiz.de/10008833897

Innovation in the Supply and Procurement of Rig Services

Osmundsen, Petter - CESifo - 2014

Substantial elements of innovation have been observable during recent years in rig supply, in particular regarding contracts and organisation. This trend has been driven by the fact that rising costs over many years have put profitability under pressure. On the basis of theory and available...

Persistent link: https://www.econbiz.de/10010948889

CEO Preferences and Acquisitions

Jenter, Dirk; Lewellen, Katharina - CESifo - 2011

of takeover bids. Mergers frequently force target CEOs to retire early, and CEOs’ private merger costs are the forgone … costs, we find strong evidence that target CEO preferences affect merger patterns. The likelihood of receiving a takeover … in takeover activity appears discretely at the age-65 threshold, with no gradual increase as CEOs approach retirement age …

Persistent link: https://www.econbiz.de/10009399662

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

Connections and Performance in Bankers' Turnover: Better Wed over the Mixen than over the Moor

Battistin, Erich; Graziano, Clara; Parigi, G. - CESifo - 2008

survival of top executives (Presidents, CEOs and General Managers) to bank performance and the manager’s local connections …-manager appointments. We measure the extent? of managers’ local connections by the distance between the province of the bank’s headquarters … and the manager’s province of birth. We show that top managers tend to be local in the sense that the distribution of this …

Persistent link: https://www.econbiz.de/10005094382

Unlocking the Value of Cross-Border Mergers and Acquisitions

Brakman, Steven; Garita, Gus; Garretsen, Harry; … - CESifo - 2008

Most FDI takes place between the developed countries, which suggests that the market-seeking motive is important for understanding FDI. However, given the stylized fact that trade barriers (e.g. transportation costs and financial barriers) have declined over the past 20 years, models that aim to...

Persistent link: https://www.econbiz.de/10005094463