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Nominal Uniqueness and Money Non-neutrality in the Limit-Price Exchange Process
Giraud, Gaël; Tsomocos, Dimitrios P. - HAL - 2010
nominal variables. Money is not neutral, either in the short-run or long-run, and a localized version of the quantity theory … towards Pareto optimal rest-points. Below this growth rate, the economy enters a (sub-optimal) liquidity trap where monetary … policy is ineffective ; above this threshold inflation rises. Finally, market liquidity, measured through the speed of real …
Persistent link: https://www.econbiz.de/10010603678
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Ownership Structure and Debt Leverage: Empirical Test of a Trade-Off Hypothesis on French Firms
Bruslerie, Hubert De La; Latrous, Imen - HAL - 2012
Debt may help to manage type II corporate agency conflicts because it is easier for controlling shareholders to modify the leverage ratio than to modify their share of capital. A sample of 112 firms listed on the French stock market over the period 1998-2009 is empirically tested. It supports an...
Persistent link: https://www.econbiz.de/10010820683
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Women and Corporate Governance : Towards a New Model!
Beaufort, Viviane De; Summers, Lucy - HAL - 2013
The feminization of Boards has the potential to be a vector of change, bringing "added value" to organisations through gender diversity, thus creating greater efficiency. Promoting women to positions of power only makes sense, however, if these women are allowed to bring, in terms of skills and...
Persistent link: https://www.econbiz.de/10010820799
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A mission-centric view of the firm: Lessons from Social Entrepreneurship
Levillain, Kevin; Segrestin, Blanche - HAL - 2012
Social Entrepreneurship causes increasing debate in the literature and represents a growing enigma for theories of the firm. Beyond the divergences in its definitions, we show that its mission to create "social value" is an identifiable common feature that cannot be satisfactorily described...
Persistent link: https://www.econbiz.de/10010821084
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Una contribución a la evaluación de las reformas al Gobierno Corporativo de las empresas: aplicación a la Argentina
Chisari, Omar; Ferro, Gustavo - HAL - 2012
applied to non-listed firms and even to state owned enterprises and NGOs. There is a normative theory, which emphasizes good … a survey on the literature on theory and practice of corporate governance, we discuss the problem in the local …
Persistent link: https://www.econbiz.de/10010821129
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What do we know about delistings? A survey of the literature
Djama, Constant; Martinez, Isabelle; Serve, Stéphanie - HAL - 2012
Relative to the decision to go public, the decision to delist is less studied in the corporate finance literature despite its importance in the life of the firm. This article surveys the recent literature, both theoretical and empirical, regarding delisting in an international context...
Persistent link: https://www.econbiz.de/10010736419
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Taxes on severance pay, corporate governance and golden handshakes
Llense, Fabienne - HAL - 2009
This paper puts forward an explanation of the rapid increase in golden handshake provision in Europe over the last ten years, based on both enhanced investor protection and attractive tax codes for severance pay. This article takes up a framework in which asymmetric information about the quality...
Persistent link: https://www.econbiz.de/10010738557
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Ownership concentration and firm performance: Evidence from an emerging market
Grosfeld, Irena - HAL - 2006
The initial view of the advantages of ownership concentration in joint stock companies was determined by the concern about the opportunistic managerial behavior. The growing importance of knowledge and human capital in the operation of firms shifts the focus of concern: excessive ownership...
Persistent link: https://www.econbiz.de/10010738833
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Large shareholders and firm value: Are high-tech firms different?
Grosfeld, Irena - HAL - 2009
This paper explores the relationship between ownership structure and firm value in a transition economy. It distinguishes firms belonging to the sector of innovative technologies and firms from more "traditional" industries. For the latter, the results of the estimation of a simultaneous...
Persistent link: https://www.econbiz.de/10010738964
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Financial Policy, Managerial Discretion and Corporate Governance : The Example of Usinor
Wirtz, Peter - HAL - 2001
This paper examines the proposition that financial policy and corporate governance are linked and change as a part of a dynamic process.
Persistent link: https://www.econbiz.de/10010898651