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The Effect of Board Structure on Bidder-Shareholders' Wealth: Further Evidence from the UK Bidding Firms

Constantinou, Charalambos Th.; Constantinou, Costas Th. - ESRC Centre for Business Research - 2003

In this study we provide evidence of cross-sectional dependence of bidder-shareholder wealth and target’s board characteristics. More specifically we provide evidence that the percentage of non-executives, the board size, the stock holdings of executives, and the other directorships held by...

Persistent link: https://www.econbiz.de/10005162855

Shareholder Primacy and the Trajectory of UK Corporate Governance

Armour, John; Deakin, Simon; Konzelmann, Suzanne J. - ESRC Centre for Business Research - 2003

Core institutions of UK corporate governance, in particular those relating to takeovers, board structure and directors’ duties, are strongly orientated towards a norm of shareholder primacy. Beyond the core, in particular at the intersection of insolvency and employment law, stakeholder...

Persistent link: https://www.econbiz.de/10005687992

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

Foreign Corporate Ownership and Dividends

Chai, D.H. - ESRC Centre for Business Research - 2010

This paper investigates the relatively unexplored relationship between dividends and ownership structure in an emerging … payouts as the shareholdings of foreigners increase. This result is consistent with the agency theory view of dividends, i ….e. dividends can substitute for direct monitoring of firms by large external shareholders. . …

Persistent link: https://www.econbiz.de/10010614637

Corporate Governance and Financial Crisis in the Long Run

Deakin, S. - ESRC Centre for Business Research - 2010

Prior to the global financial crisis which began in 2007, corporate governance reforms of the preceding thirty years had promoted a shareholder-value based model of management for which there was little historical precedent. The underlying legal model of the firm retained a vestigial sense of...

Persistent link: https://www.econbiz.de/10010614652

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

Managerial Discretion and Takeover Performance

Cosh, A; Guest, P; Hughes, A - ESRC Centre for Business Research - 2001

We investigate the relation between long run takeover performance and board share ownership in the acquiring company for a sample of 142 UK takeovers completed between 1985-95. We find evidence of a non-linear relationship both between board ownership and takeover profitability, and between...

Persistent link: https://www.econbiz.de/10005813050

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

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