Narrow search
Showing 1 - 10 of 84
Cover Image
The Impact of Firm and Industry Characteristics on Small Firms' Capital Structure : Evidence from Dutch Panel Data
Degryse, Hans; de Goeij, Peter; Kappert, P. - Tilburg University, Center for Economic Research - 2009
, whereas growth increases long term debt. This implies that when internal funds are depleted, long term debt is next in the …
Persistent link: https://www.econbiz.de/10011090758
Cover Image
Informal or Formal Financing? Or Both? First Evidence on the Co-Funding of Chinese Firms
Degryse, Hans; Lu, L.; Ongena, S. - Tilburg University, Center for Economic Research - 2013
growth in developing countries. Using unique survey data, we find that informal finance is associated with higher sales … growth for small firms and lower sales growth for large firms. We identify a complementary effect between informal and formal … finance for the sales growth of small firms, but not for large firms. Informal finance offers informational and monitoring …
Persistent link: https://www.econbiz.de/10011091153
Cover Image
Dividend Policy of German Firms
Renneboog, Luc; Goergen, M.; Correia Da Silva, L. - Tilburg University, Center for Economic Research - 2004
German firms pay out a lower proportion of their cash flows than UK and US firms.However, on a published profits basis, the pattern is reversed.Company law provisions and accounting policies account for these conflicting results.A partial adjustment model is used to estimate the implicit target...
Persistent link: https://www.econbiz.de/10011092638
Cover Image
Corporate Governance Structures, Control and Performance in European Markets : A Tale of Two Systems
Renneboog, Luc; Crama, Y.; Leruth, L.; Urbain, J-P. - Tilburg University, Center for Economic Research - 1999
Traditionally share price returns and their variance have been explained by factors linked to the operations of the company such as systematic risk, corporate size and P/E ratios or by factors related to the influence of the macro-economic environment. In these models, the institutional...
Persistent link: https://www.econbiz.de/10011092775
Cover Image
Do Corporate Control and Product Market Competition Lead to Stronger Productivity Growth? Evidence from Market-Oriented and Blockholder-Based Governance Regimes
Renneboog, Luc; Koke, J. - Tilburg University, Center for Economic Research - 2003
growth for two large samples of German and UK firms. In poorly performing UK firms, the presence of strong outside … bank debt concentration which stimulates productivity growth. Whereas high bank debt concentration also supports … productivity growth in German profitable firms, leverage is unrelated to productivity growth in UK firms. Weak product market …
Persistent link: https://www.econbiz.de/10011092792
Cover Image
Collateral, Renegotiation and the Value of Diffusely Held Debt
Hege, U.; Mella-Barral, P. - Tilburg University, Center for Economic Research - 1999
Debt with many creditors is analyzed in a continuous-time pricing model of the levered firm. We specifically allow for debtor opportunism vis-a-vis a non-coordinated group of creditors, in form of repeated strategic renegotiation offers and default threats. We show that the creditors' initial...
Persistent link: https://www.econbiz.de/10011092877
Cover Image
Share Price Reactions to CEO Resignations and Large Shareholder Monitoring in Listed French Companies
Renneboog, Luc; Dherment-Ferere, I. - Tilburg University, Center for Economic Research - 2000
This study has analysed the share price reactions to changes in top management.A distinction was made among different types of CEO turnover: forced resignation, voluntary departures and age-related retirements.The announcement of a forced CEO resignation is hailed favourably by the market with a...
Persistent link: https://www.econbiz.de/10011092880
Cover Image
How Relevant is Dividend Policy under Low Shareholder Protection?
Renneboog, Luc; Szilagyi, P.G. - Tilburg University, Center for Economic Research - 2006
This paper reopens the debate on the substitutability of dividends and shareholder control in mitigating free cash flow concerns, by examining dividend behavior when shareholder control is restricted in the firm.We consider the stakeholder-oriented governance regime of the Netherlands, where...
Persistent link: https://www.econbiz.de/10011092883
Cover Image
A Generalization of the Aumann-Shapley Value for Risk Capital Allocation Problems
De Waegenaere, Anja; Norde, Henk; Boonen, T.J. - Tilburg University, Center for Economic Research - 2012
Abstract: This paper analyzes risk capital allocation problems. For risk capital allocation problems, the aim is to allocate the risk capital of a firm to its divisions. Risk capital allocation is of central importance in risk-based performance measurement. We consider a case in which the...
Persistent link: https://www.econbiz.de/10011092920
Cover Image
Control Structures and Payout Policy
Renneboog, Luc; Trojanowski, G. - Tilburg University, Center for Economic Research - 2005
This paper examines the payout policies of UK firms listed on the London Stock Exchange during the 1990s.It complements the existing literature by analyzing the trends in both dividends and total payouts (including share repurchases).In a dynamic panel data regression setting, we relate target...
Persistent link: https://www.econbiz.de/10011090300