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Germany's Corporate Governance Reforms; Has the System Become Flexible Enough?

Odenius, Jürgen - International Monetary Fund (IMF) - 2008

This article reviews Germany's corporate governance system and the effectiveness of recent reforms. Since the early 1990s far-reaching reforms have complemented the traditional stakeholder system with important elements of the shareholder system. Instead of taking a view on the superiority of...

Persistent link: https://www.econbiz.de/10005263885

Corporate Governance Reforms in the EU; Do they Matter and How?

Ivaschenko, Iryna V.; Brooks, Petya Koeva - International Monetary Fund (IMF) - 2008

This paper proposes a new approach to quantifying the effects of corporate governance reforms, by focusing on the dynamics of the voting premiums, a measure of the private benefits of control in a corporation. The results indicate that the reforms have been successful in reducing the voting...

Persistent link: https://www.econbiz.de/10005825659

Corporate Governance Quality; Trends and Real Effects

Ueda, Kenichi; Nicoló, Gianni De; Laeven, Luc - International Monetary Fund (IMF) - 2006

This paper constructs a composite index of corporate governance quality, documents its evolution from 1994 through 2003 in selected emerging and developed economies, and assesses its impact on aggregate and corporate growth and productivity. Our investigation yields three main findings. First,...

Persistent link: https://www.econbiz.de/10005769260

Effects of Culture on Firm Risk-Taking; A Cross-Country and Cross-Industry Analysis

Mihet, Roxana - International Monetary Fund (IMF) - 2012

This paper investigates the effects of national culture on firm risk-taking, using a comprehensive dataset covering 50,000 firms in 400 industries in 51 countries. Risk-taking is found to be higher for domestic firms in countries with low uncertainty aversion, low tolerance for hierarchical...

Persistent link: https://www.econbiz.de/10011242211

Peopleâ€™s Republic of China; Detailed Assessment Report: IOSCO Objectives and Principles of Securities Regulation

International Monetary Fund (IMF); International … - 2012

This paper discusses a detailed assessment report on the observance of Chinaâ€™s compliance with the International Organization of Securities Commission's objectives and principles of securities regulation. The reform of nontradable shares introduced a market-based pricing system for...

Persistent link: https://www.econbiz.de/10011242961

Australia; Financial Sector Assessment Program: Technical Note: Investor Protection, Disclosure, and Financial Literacy

International Monetary Fund (IMF); International … - 2006

important element of corporate governance because it promotes compliance and implementation of disclosure and corporate … governance obligations. The legislative and regulatory framework in Australia includes disclosure requirements that meet or … exceed the requirements that exist in many other countries. Disclosure and transparency are key components of the OECD …

Persistent link: https://www.econbiz.de/10011243130

United States; Publication of Financial Sector Assessment Program Documentation: Detailed Assessment of Implementation of the IOSCO Objectives and Principles of Securities Regulati...

International Monetary Fund (IMF); International … - 2010

This paper presents Detailed Assessment of the United Statesâ€™s implementation of the International Organization of Securities Commissionsâ€™ Objectives and Principles of Securities Regulation. The general preconditions for effective securities regulation in the United States are...

Persistent link: https://www.econbiz.de/10011243733

How Does Privatization Work? Ownership Concentration and Enterprise Performance in Ukraine

Pivovarsky, Alexander - International Monetary Fund (IMF) - 2001

This paper investigates the relationship between ownership concentration and enterprise performance in Ukraine. Using data on 376 medium and large enterprises, it finds that ownership concentration is positively associated with enterprise performance in Ukraine. The paper also finds that...

Persistent link: https://www.econbiz.de/10005826048

Credibility and Crisis Stress Testing

Ong, Li L.; Pazarbasioglu, Ceyla - International Monetary Fund (IMF) - 2013

Credibility is the bedrock of any crisis stress test. The use of stress tests to manage systemic risk was introduced by the U.S. authorities in 2009 in the form of the Supervisory Capital Assessment Program. Since then, supervisory authorities in other jurisdictions have also conducted similar...

Persistent link: https://www.econbiz.de/10011142183

Unstash the Cash! Corporate Governance Reform in Japan

Aoyagi, Chie; Ganelli, Giovanni - International Monetary Fund (IMF) - 2014

Japanâ€™s high corporate savings might be holding back growth. We focus on the causes and consequences of the current corporate behavior and suggest options for reform. In particular, Japanâ€™s weak corporate governanceâ€”as measured by available indexesâ€”might be...

Persistent link: https://www.econbiz.de/10011142069