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Deposit Insurance, Corporate Governance and Discretionary Behavior: Evidence from Thai Financial Institutions

Anuchitworawong, Chaiyasit - Center for Economic Institutions, Institute of Economic … - 2004

Claiming that the implicit cost of deposit insurance is an alternative proxy for risk-taking behavior, we examine the … management on the risk of Thai financial institutions. Our empirical results suggest that, during 1994-1996, the largest … shareholders engage in low risk-taking activities when they hold large cash flow rights and have low deviation of cash flow from …

Persistent link: https://www.econbiz.de/10005045248

Foreign Ownership, Listed Status and the Financial System in East Asia: Evidence from Thailand and Malaysia

Mieno, Fumiharu - Center for Economic Institutions, Institute of Economic … - 2011

Existing studies on the financial system in East Asia have emphasized its excessive debt financing, the lack of a bond market and its limited function on corporate governance. Other apparent facts, such as the average low debt ratio, the existence of large but unlisted firms, and the...

Persistent link: https://www.econbiz.de/10009643956

Fundraising Behaviors of Listed Companies in Vietnam: An Estimation of the Influence of Government Ownership

Okuda, Hidenobu; Nhung, Lai Thi Phuong - Center for Economic Institutions, Institute of Economic … - 2011

This study investigates the capital structure and investment activities of listed companies on the Hanoi Securities Exchange and the Ho Chi Minh Securities Exchange in Vietnam. Estimation analysis using panel data covering the four-year period 2006-2009 revealed the following results. (1)...

Persistent link: https://www.econbiz.de/10009643957

Incentive and Entrenchment Effects in European Ownership

Bennedsen, Morten; Nielsen, Kasper Meisner - Center for Economic Institutions, Institute of Economic … - 2009

In a large sample of European firms we analyze the value discount associated with disproportional ownership structures first documented by Claessens et al (2002). Consistent with a theoretical model of incentives and entrenchment effects, we find higher value discount in family firms, in firms...

Persistent link: https://www.econbiz.de/10008548295

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

血縁主義の弊害 : 日本の同族企業のデータを用いた実証分析

政郁, 羃 - Center for Economic Institutions, Institute of Economic … - 2009

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Persistent link: https://www.econbiz.de/10008496344

Fund Mobilisation and Investment Behavior in Thai Manufacturing Firms in the Early 1990s

Mieno, Fumiharu - Center for Economic Institutions, Institute of Economic … - 2004

This paper investigates the capital structure and investment behaviour in Thailand in the early half of the 1990s. First, we examine the idea of 'pecking order' preferences for firms' fund raising in developing countries generally and in Thailand in particular. We consider unique features such...

Persistent link: https://www.econbiz.de/10005045087

Board Structure and Price Informativeness

Ferreira, Daniel; Ferreira, Miguel A.; Raposo, Clara C. - Center for Economic Institutions, Institute of Economic … - 2008

We develop and test the hypothesis that private information incorporated into stock prices affects the structure of corporate boards. Stock price informativeness may be a complement to board monitoring, because the information revealed by prices can be used by directors to monitor management....

Persistent link: https://www.econbiz.de/10005045097

Determinants of the Size and Structure of Corporate Boards: 1935-2000

Lehn, Kenneth; Patro, Sukesh; Zhao, Mengxin - Center for Economic Institutions, Institute of Economic … - 2008

We argue that the size and composition of corporate boards are determined by tradeoffs involving the information that directors bring to boards versus the coordination costs and free rider problems associated with their additions to boards. Our hypotheses lead to predictions that firm size and...

Persistent link: https://www.econbiz.de/10005045098

Do Main Banks Extract Rents from their Client Firms? Evidence from Korean Chaebol

Kim, Yitae; Park, Kwangwoo; Ratti, Ronald; Shin, Hyun-Han - Center for Economic Institutions, Institute of Economic … - 2002

Using a unique data set on all industrial firms listed on Korea Stock Exchange and KOSDAQ stock market from 1991 to 2000, we find that cash ratios for chaebol firms are lower than for non-chaebol firms. Controlling for access to the bond market and financial services arms does not change this...

Persistent link: https://www.econbiz.de/10005045106