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Les augmentations de capital réservées aux salariés en France - Employee Equity Issue:Evidence from France

Alidou, Djaoudath - Université de Bourgogne - CREGO EA7317 Centre de … - 2011

(VF)Cet article se propose de vérifier, du point de vue de la théorie positive de l’agence, si la décision des entreprises de recourir à une augmentation de capital réservée aux salariés est influencée par la prise en compte par les dirigeants des intérêts des actionnaires et de la...

Persistent link: https://www.econbiz.de/10009146899

What matters more in R&D and Capital Expenditures Financing by Japanese Firms:Multinationality or Bank Affiliation?

Nekhili, Mehdi; Nekhili, Dhikra Chebbi; Vaillant, Nicolas - Université de Bourgogne - CREGO EA7317 Centre de … - 2009

In this paper, we investigate the relation between cash flow, debt, investment and performance according to whether the firm is multinational (versus domestic), keiretsu (versus independent) or both multinational and keiretsu. Using a Japanese sample of 3024 firm-year observations in the period...

Persistent link: https://www.econbiz.de/10008625961

The Impacts of LBOs on the Performance of Acquired Firms:the French Case

Desbrières, Philippe; Schatt, Alain - Université de Bourgogne - CREGO EA7317 Centre de … - 2002

This paper investigates the financial characteristics and changes in performance of French companies involved in a leveraged buy-out. The empirical study covers a sample of 161 MBOs in France from 1988 to 1994. The acquired firms outperform their counterparts in the same sector of activity...

Persistent link: https://www.econbiz.de/10005111279

Le leverage buy-out

Desbrières, Philippe - Université de Bourgogne - CREGO EA7317 Centre de … - 1998

Les acquisitions de sociétés à l'aide d'un holding endetté, ou leverage buy-outs (LBO), ont connu un essor remarquable aux Etats-Unis (depuis les années 1970) et en Europe (à partir des années 1980). Ces opérations permettent aux acquéreurs (capital-investisseurs, personnes...

Persistent link: https://www.econbiz.de/10005111331

Dual Class Stock in Russia: What Explains the Price Differential between Common and Preferred Shares?

Muravyev, Alexander - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2007

This paper aims to explain the large premium paid on common (voting) shares relative to preferred (non-voting) shares in the Russian stock market. Empirical analysis focuses on two main explanations relating the premium either to the voting right attached to common shares or to differences in...

Persistent link: https://www.econbiz.de/10005068793

Financial Constraints and Continental Business Groups: Evidence from German Konzerns

Schäfer, Dorothea; Gorodnichenko, Yuriy; Talavera, … - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2006

Using a unique, large panel of German firms, we examine whether participation in business groups reduces the sensitivity of investment to cash flow. The main finding is that the reduction in the sensitivity is small for small firms and negligible for medium and large firms. We argue that by...

Persistent link: https://www.econbiz.de/10005069012

Facteurs psychologiques de l’institutionnalisation des «meilleures pratiques» de gouvernance en France

Wirtz, Peter - Université de Bourgogne - CREGO EA7317 Centre de … - 2007

(VF)Depuis 1995, en France, nous assistons à l’institutionnalisation d’un corps de règles souvent qualifié de « meilleures pratiques » de gouvernance d’entreprise. Ces pratiques sont d’inspiration anglo-saxonne et mettent fortement l’accent sur des mécanismes censés réduire les...

Persistent link: https://www.econbiz.de/10005111227

Venture capitalists, investment appraisal and accounting information: a comparative study of the US, UK, France, Belgium and Holland

Desbrières, Philippe; Manigart, Sophie; Waele, Koen De; … - Université de Bourgogne - CREGO EA7317 Centre de … - 1999

The differences between the information used for the pre-investment valuation and the valuation methods used by venture capital investors in five countries (US, UK, France, Belgium and Holland) are empirically studied. The analysis is based on postal questionnaire surveys of representative...

Persistent link: https://www.econbiz.de/10005111257

Privatization and Stakeholder Governance:Theoretical and Methodological issues;Privatisation et gouvernance partenariale enjeux théoriques et méthodologiques

Chatelin, Céline - Université de Bourgogne - CREGO EA7317 Centre de … - 2003

Une revue des arguments théoriques et des résultats empiriques sur la relation particulière privatisation-performance montre que l'hypothèse d'accroissement de performance induit par la privatisation est encore très controversée. Nous développons une approche partenariale de la théorie...

Persistent link: https://www.econbiz.de/10005111292

Corporate Governance and Dividend Policy in Poland

Kowalewski, Oskar; Stetsyuk, Ivan; Talavera, Oleksandr - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2007

that companies with weak shareholder rights pay dividends less generously than do firms with high corporate governance … standards. Therefore, minority shareholders often use power to extract dividends. We also find that large and more profitable … companies have a higher dividend payout ratio, while riskier and more indebted firms prefer to pay lower dividends. …

Persistent link: https://www.econbiz.de/10004963769

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