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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
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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
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Meanings of ownership of the firm
Learmount, Simon; Roberts, John - ESRC Centre for Business Research - 2002
The notion of 'ownership of the firm' is central to conventional treatments of corporate governance, yet there is very … the notion of ownership in various disciplinary fields, and then recount and discuss some of the meanings associated with … ownership of the firm that we have found in two empirical studies carried out in the UK and Japan. Our aim is to illuminate and …
Persistent link: https://www.econbiz.de/10005549382
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Does Law Matter?: The Separation Of Ownership And Control In The United Kingdom
Cheffins, Brian - ESRC Centre for Business Research - 2000
The corporate world today subdivides into rival systems of dispersed and concentrated ownership, with different … tentatively unless there is a legal environment which is hospitable to dispersed share ownership. This paper provides evidence on … orientation and the focus is on the emergence of a separation of ownership and control, characterised by widely dispersed share …
Persistent link: https://www.econbiz.de/10005162856
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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 … board ownership and takeover profitability, and between board ownership and post-takeover share returns. We cast the …
Persistent link: https://www.econbiz.de/10005813050
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Are Good Managers Required for a Separation of Ownership and Control?
Cheffins, Brian R - ESRC Centre for Business Research - 2003
is delegated to a cohort of full?time executives, there needs to be “good” managers. In Britain, however, ownership … explain how ownership structures were reconfigured when doubts existed about managerial quality. …
Persistent link: https://www.econbiz.de/10005688021
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Applying 'Comply-or-Explain': Conformance with Codes of Corporate Governance in the UK and Germany
Seidl, David; Sanderson, Paul; Roberts, John - ESRC Centre for Business Research - 2009
The comply-or-explain principle is a central element of most codes of corporate governance. Originally put forward by the Cadbury Committee in the UK as a practical means of establishing a code of corporate governance whilst avoiding an inflexible ‘one size fits all’ approach, it has since...
Persistent link: https://www.econbiz.de/10010614644
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The Mechanism of Voting Efficiency
Schouten, M.C. - ESRC Centre for Business Research - 2010
In the wake of the financial crisis, shareholders are increasingly relied upon to monitor directors. But while much has been written about directors' flawed judgments, remarkably little is known about shareholders' ability to make accurate judgments. What determines whether shareholders make the...
Persistent link: https://www.econbiz.de/10010614650
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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
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The Impact of Foreign Corporate Ownership on Downsizing and Labour Cost
Chai, D.H. - ESRC Centre for Business Research - 2010
This study examines the impact of foreign ownership on the firm's labour cost using a panel data of 496 publicly traded … Korean companies during the post Asian financial crisis period of 1998-2003. It shows that foreign ownership is positively …
Persistent link: https://www.econbiz.de/10010614658