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The Determinants of Executive Compensation in Japan and the UK: Agency Hypothesis or Joint Determination Hypothesis?

Kubo, Katsuyuki - Center for Economic Institutions, Institute of Economic … - 2001

, by comparing the UK and Japan. There is a positive and significant relationship between directors' pay and employees …' average wage in Japan, suggesting that both directors and employees have a similar incentive system while no such relationship …

Persistent link: https://www.econbiz.de/10005045134

Founder Succession and Accounting Properties

Fan, Joseph P.H.; Wong, T.J.; Zhang, Tianyu - Center for Economic Institutions, Institute of Economic … - 2009

Using a sample of 231 entrepreneurial firm successions in Hong Kong, Singapore, and Taiwan, we find that firms' unsigned discretionary accruals decrease while timely loss recognition increases subsequent to successions, suggesting a shift in accounting toward a less insider-based system. We...

Persistent link: https://www.econbiz.de/10008548297

The Effectiveness of Corporate Boards: Evidence from Bank Loan Contracting

Francis, Bill; Hasan, Iftekhar; Koetter, Michael; Wu, Qiang - Center for Economic Institutions, Institute of Economic … - 2009

This paper investigates the role of corporate boards in bank loan contracting. We find that when corporate boards are more independent, both price and non-price loan terms (e.g., interest rates, collateral, covenants and performance pricing) are more favorable and syndicated loans comprise more...

Persistent link: https://www.econbiz.de/10008548298

Reluctant privatization

Bortolotti, Bernardo; Faccio, Mara - Center for Economic Institutions, Institute of Economic … - 2006

We study the evolution of the control structure for a large sample of privatized firms in OECD countries and find evidence broadly consistent with the concept of "reluctant privatization", defined as the transfer of ownership rights in State-owned enterprises without a corresponding transfer of...

Persistent link: https://www.econbiz.de/10005045083

Allocating Risk Across Pyramidal Tiers: Evidence from Thai Business Groups

Bunkanwanicha, Pramuan; Wiwattanakantang, Yupana - Center for Economic Institutions, Institute of Economic … - 2008

This paper shows that pyramidal ownership can be used to control downside risk. The research setting is Thailand before and after the 1997 Asian crisis. The focus is on family business groups that owned banks. The results show that the controlling family pursues different investment strategies...

Persistent link: https://www.econbiz.de/10005045112

役員持株は企業業績に影響を与えるか？

久保, 克行 - Center for Economic Institutions, Institute of Economic … - 2001

、役員が自身所有する当該企業の株式数と企業業績の関係を分析することにある。この論文では、役員による株式保有が企業業績に正の影響を与えていることを、日本の上場企業のデータを用いて実証的に示した。この結果は役員の持株がいわゆるエージェンシー問題に対するひとつの解決となっていることを示唆している。, The effect of managerial ownership on firm performance: case in Japan Although average Japanese director own their … ownership and firm's performance in Japan. The purpose of this paper is to investigate the effect of managerial ownership on … firm performance in Japan. According to agency theory, the company with higher managerial ownership may perform better than …

Persistent link: https://www.econbiz.de/10005045121

The Equity Ownership Structure of Thai Firms

Wiwattanakantang, Yupana - Center for Economic Institutions, Institute of Economic … - 2001

This paper examines the ownership structure of listed Thai firms in 1996. The ownership structure is concentrated. In 82.59 percent of the firms in the sample, the largest shareholders are also controlling shareholders. The controlling shareholders are mainly families. Foreign investors form the...

Persistent link: https://www.econbiz.de/10005045133

The Financing and Governance of New Technologies

Mayer, Colin - Center for Economic Institutions, Institute of Economic … - 2001

banking systems in Japan and the Far East, careful consideration needs to be given to alternative forms of regulating other …

Persistent link: https://www.econbiz.de/10005045165

Behavioural Biases of Japanese Institutional Investors; Fund management and Corporate Governance

Suto, Megumi; Toshino, Masashi - Center for Economic Institutions, Institute of Economic … - 2004

This study examines the behavioural biases of Japanese institutional investors and discusses implications for their role in corporate governance, based on the findings of a questionnaire survey of fund managers carried out in 2003. Statistical analysis of the survey results reveals a short-term...

Persistent link: https://www.econbiz.de/10005045166

Can Corporate Governance Variables Enhance the Prediction Power of Accounting-Based Financial Distress Prediction Models?

Lee, Tsun-Siou; Yeh, Yin-Hua; Liu, Rong-Tze - Center for Economic Institutions, Institute of Economic … - 2003

We integrated accounting, corporate governance, and macroeconomic variables to build up a binary logistic regression model for the prediction of financially distressed firms. Debt ratio and ROA are found to be the most explanatory accounting variables while the percentage of directors controlled...

Persistent link: https://www.econbiz.de/10005045178