Showing 1 - 10 of 69
This paper analyses ownership and control structures of Dutch listed companies. Legislation effective since 1992 mandates all shareholders with holdings of 5 percent or more in Dutch companies to disclose their holdings. Our analysis shows that the average ownership stakes of the largest and the...
Persistent link: https://www.econbiz.de/10005570373
We follow the evolution of ownership structure in a sample of 80 Israeli companies that unified their dual-class shares in the 1990s, and compare it with a control sample of firms that maintained their dual share structure at least until 2000. Our main findings are as follows. First, controlling...
Persistent link: https://www.econbiz.de/10008502115
The first striking feature is that ownership of the average UK company is diffuse: a coalition of at least eight shareholders is required to reach an absolute majority of voting rights. Even though the average firm has a dispersed ownership, the reader should bear in mind that there are about...
Persistent link: https://www.econbiz.de/10005385447
We test under what circumstances boards discipline managers and whether such interventions improve performance. We exploit exogenous variation due to the staggered adoption of corporate governance laws in formerly Communist countries coupled with detailed ‘hard’ information about the...
Persistent link: https://www.econbiz.de/10008540409
I analyse the effect of ownership structure and bank control on performance. I employ a unique data set of 715 German takeovers to test whether group structure, large shareholders, and bank control affect their value to shareholders. First, I find that takeovers increase bidder value, but...
Persistent link: https://www.econbiz.de/10005423210
a statistically significantly positive effect on the corruption rate in China. Our findings, therefore, underscore the … the incidence of corruption. We first present an interaction-based model on corruption that predicts that the level of … corruption is positively associated with social interaction. Then we empirically verify the theoretical prediction using within …
Persistent link: https://www.econbiz.de/10008828390
China. We also find that corruption strongly reduces tax revenue. Looking at things from an expenditure point of view we … observe that corruption significantly decreases government spending on education, R&D and public health in China. We also …With complementary Chinese data sets and alternative corruption measures, we explore the consequences of corruption …
Persistent link: https://www.econbiz.de/10008465524
In this study we explore in detail the causes of corruption in China using two different sets of data at the regional … level (provinces and cities). We observe that regions with more anti-corruption efforts, histories of British rule, higher … heterogeneity, regulation, abundance of resource and state-owned enterprises substantially breed regional corruption. Moreover …
Persistent link: https://www.econbiz.de/10008465545
We survey the theoretical literature on privatization and efficiency by tracing its evolution from the applications of agency theory to recent contributions in the field of political economy. The first ones extend the theory of regulation with incomplete information to address privatization...
Persistent link: https://www.econbiz.de/10005230833
The industrial organization of developing countries is characterized by the pervasive use of subcontracting arrangements among small, financially constrained firms. This paper asks whether vertical integration relaxes those financial constraints. It shows that vertical integration trades off the...
Persistent link: https://www.econbiz.de/10008502126