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Financial Tunnelling and the Revenge of the Insider System
Kirchmaier, Tom; Grant, Jeremy - Manchester Business School - 2005
In this paper, we document how European companies can use financial tunnelling to the disadvantageof minority shareholders, despite improved legislation directed at eliminating such activities. In fourcase studies, two German and two Italian, we document how newly established corporate...
Persistent link: https://www.econbiz.de/10005869985
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The Proactive Response to External Pressure?: Changes in Corporate Governance and the Significance of Auditing in Japan
Komori, Naoko - Manchester Business School - 2005
governance, by focusing on the changes in accounting and auditing in post-war Japan. Design/methodology/approach-It delineates … the three key stages in the process by which auditing was shaped in Japan: first, contextual analysis was conducted by … of stakeholder-orientated corporate governance in Japan. It also shows that in the current auditing context, where the …
Persistent link: https://www.econbiz.de/10005870170
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Firm Performance: Do Non-Executive Directors Have Minds Of TheirOwn? Evidence From UK Panel Data
Mura, Roberto - Manchester Business School - 2007
I investigate the relation between firm performance and both ownership structure and board composition. Use of theGMM methodology permits simultaneous control of both endogeneity of the independent variables and fixedeffects. The data comprise an original, large, hand-collected panel dataset of...
Persistent link: https://www.econbiz.de/10005870174
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ON THE RELEVANCE OF OWNERSHIP STRUCTURE IN DETERMINING THE MATURITY OF DEBT
Marchica, Maria-Teresa - Manchester Business School - 2008
tradeoff underinvestment against the liquidity risk entailed in shorter maturities.... …
Persistent link: https://www.econbiz.de/10005870604
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The Institutional Construction of Firms
Whitley, Richard - Manchester Business School - 2008
The nature and economic role of legally constituted firms varies between market economiesand changes over time. In particular, the governance of leading firms and how they developdistinctive organisational capabilities vary between institutional regimes and their supportingpolitical-economic...
Persistent link: https://www.econbiz.de/10005870631
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Foreign vs. domestic listing: an entrepreneurial decision
Ding, Yuan; Nowak, Eric; Zhang, Hua - Institut für Schweizerisches Bankwesen <Zürich> - 2007
In this paper, we use a unique hand-collected dataset to analyze stock listing as an entrepreneurial decision. By comparing mainland Chinese entrepreneurial firmslisted in Hong Kong with the same type of firms opting for a domestic listing on the Shenzhen second board market, we argue that the...
Persistent link: https://www.econbiz.de/10005857778
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Director independence as strategic behavior
Wagner, Alexander F. - Institut für Schweizerisches Bankwesen <Zürich> - 2007
This paper analyzes the independence of boards of directors as an optimally chosen, non-contractible behavior. A board behaves loyally to a CEO when it agrees to a negative NPV-pro ject, giving the CEO private benefits. While the CEO benefitsfrom competent directors because they help him make...
Persistent link: https://www.econbiz.de/10005858055
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The (Ir)relevance of Disclosure of Compliance with Corporate Governance Codes-Evidence from the German Stock Market
Nowak, Eric; Rott, Roland; Mahr, Till G. - Institut für Schweizerisches Bankwesen <Zürich> - 2006
This paper studies the short- and long-run announcement effects of declaring compliance with the German Corporate Governance Code (the Code). We examine a unique, hand-collected data set of 317 German listed firms from 2002-2005. First, we present evidence from an analysis of firms compliance...
Persistent link: https://www.econbiz.de/10005858374
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Ein Corporate Governance Ratingfür deutsche Publikumsgesellschaft
Drobetz, Wolfgang; Schillhofer, Andreas; Zimmermann, Heinz - Institut für Schweizerisches Bankwesen <Zürich>; … - 2003
Die aktuelle Corporate Governance Literatur stützt die verbreitete Hypothe-se, dass sicht „gute“ Corporate Governance durch eine höhere Unterneh-mensbewertung manifestiert. Die Mehrzahl der empirischen Studien unter-sucht jedoch nur ausgewählte Corporate Governance Mechanismen...
Persistent link: https://www.econbiz.de/10005858711
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The Political Economy of Bank- and Market Dominance
Thadden, Ernst-Ludwig von; Perotti, Enrico C. - Institut für Schweizerisches Bankwesen <Zürich>; … - 2003
Legislation affects corporate governance and the return to human and financial capital. We allow the preference of a political majority to determine both the governance structure and the extent of labor rents. In a society where median voters have relatively more at stake in the form of human...
Persistent link: https://www.econbiz.de/10005858758