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The Disciplining Role of Leverage in Dutch Firms

de Jong, A. - Tilburg University, Center for Economic Research - 2001

In this study we investigate the role of leverage in disciplining overinvestment problems.We measure the relationships … between leverage, Tobin s q and corporate governance characteristics for Dutch listed firms.Besides, our empirical analysis … tests for determinants of leverage from tax and bankruptcy theories.Representing growth opportunities, q is expected to be …

Persistent link: https://www.econbiz.de/10011090661

Business Groups and Profit Redistribution : A Boon or Bane for Firms

George, R.; Kabir, M.R.; Douma, S.W. - Tilburg University, Center for Economic Research - 2004

This study investigates how profit redistribution affects the performance of firms affiliated to business groups.It shows that inefficient profit redistribution causes group-affiliated firms to perform poorly relative to independent firms.This underperformance persists even after controlling for...

Persistent link: https://www.econbiz.de/10011090611

Beyond Penrose : A Cognitive Theory of the Firm

Nooteboom, B. - Tilburg University, Center for Economic Research - 2006

This paper uses a cognitive theory of firms and organizations, with a focus on learning and innovation.Here, cognition is a wide notion, including value judgments and corresponding feelings and emotions.This paper focuses on the relation between that cognitive theory and Penrose's theory of the...

Persistent link: https://www.econbiz.de/10011090370

Do UK Institutional Shareholders Monitor their Investee Firms?

Renneboog, Luc; Goergen, M.; Zhang, C. - Tilburg University, Center for Economic Research - 2008

As institutional investors are the largest shareholders in most listed UK firms, one expects them to monitor the firms they invest in. However, there is mounting empirical evidence which suggests that they do not perform any monitoring. This paper provides a new test on whether UK institutional...

Persistent link: https://www.econbiz.de/10011090281

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

Investment Policy, Internal Financing and ownership Concentration in the UK

Renneboog, Luc; Goergen, M. - Tilburg University, Center for Economic Research - 2000

a leverage factor which captures potential bankruptcy costs and the tax advantages of debt.More importantly, we …

Persistent link: https://www.econbiz.de/10011090481

Econometric Modelling in Blockholder Systems of Corporate Governance

Manjon, M.C. - Tilburg University, Center for Economic Research - 2004

Persistent link: https://www.econbiz.de/10011090535

A Managed Service Economy With an Equilibrium for Marketable Services

Ruys, Pieter H.M. - Tilburg University, Center for Economic Research - 2002

Persistent link: https://www.econbiz.de/10011090561

What is the Role of Legal Systems in Financial Intermediation? Theory and Evidence

Da Rin, Marco; Bottazzi, L.; Hellmann, T. - Tilburg University, Center for Economic Research - 2008

We develop a theory and empirical test of how the legal system affects the relationship between venture capitalists and entrepreneurs. The theory uses a double moral hazard framework to show how optimal contracts and investor actions depend on the quality of the legal system. The empirical...

Persistent link: https://www.econbiz.de/10011090634

How do Mergers and Acquisitions Affect Bondholders in Europe? Evidence on the Impact and Spillover of Governance and Legal Standards

Renneboog, Luc; Szilagyi, P.G. - Tilburg University, Center for Economic Research - 2006

This paper contributes to the comparative corporate governance literature by showing how cross-country differences in governance and legal standards affect the bondholder wealth effects of European merger and acquisitions (M&As).Using investment-grade Eurobonds, we find some remarkable...

Persistent link: https://www.econbiz.de/10011090642