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Existe-t-il une structure optimale de la propriété des firmes en termes de profit ?

Gabrié, Hubert - Université Paris-Dauphine (Paris IX) - 2008

The possible existence of a link between the structure of firms' equity and profitability is a recurrent question among economists. The primary objective of this article is to provide a critical analysis of the two most recent hypotheses on the subject, one put forward by Demsetz, and the other...

Persistent link: https://www.econbiz.de/10010708491

Foreign currency derivative use and shareholder value

Belghitar, Yacine; Clark, Ephraim; Mefteh, Salma - Université Paris-Dauphine (Paris IX) - 2013

This paper investigates the effect of foreign currency (FC) derivative use on shareholder value. Exposures are broken down by currency, by whether the currency is appreciating or depreciating and by whether exposures are symmetric or asymmetric. We find that derivatives are effective in reducing...

Persistent link: https://www.econbiz.de/10010707997

Ownership Concentration and Capital Structure Adjustments

Kasbi, Salma - Université Paris-Dauphine (Paris IX) - 2009

We investigate the capital structure dynamics of a panel of 766 firms from five Western Europe countries: France, Italy, UK, Germany and Switzerland over the period 1996-2007. If firms adjust their capital structure towards an optimal level with adjustment costs affecting this optimization...

Persistent link: https://www.econbiz.de/10010708984

Efficacité des structures de contrôle et enracinement des dirigeants

Alexandre, Hervé; Paquerot, Mathieu - Université Paris-Dauphine (Paris IX) - 2000

ownership structure and the board of directors on managers. The confrontation of entrenchment theory and agency theory allows to …

Persistent link: https://www.econbiz.de/10010861596

Disclosure Quality and Ownership Structure: Evidence from the French Stock Market

Ben Ali, Chiraz; Gettler-Summa, Mireille - Université Paris-Dauphine (Paris IX) - 2007

This paper aims to examine the effect of many ownership features on firm's disclosure quality using the theoretical framework of the agency theory, which states that investors information demand increases with agency costs of the firm. Public ownership increases agency costs and therefore should...

Persistent link: https://www.econbiz.de/10010905388

Assessing France's joint audit requirement: are two heads better than one?

Vanstraelen, Ann; Richard, Chrystelle; Francis, Jere - Université Paris-Dauphine (Paris IX) - 2006

We examine auditor choice for listed companies in France where two (joint) auditors are required by law. The joint audit requirement creates a unique setting to study if a firm’s ownership structure affects its auditor-pair choice as well the consequences on earning quality. The results...

Persistent link: https://www.econbiz.de/10010905394

Ownership structure and firm performance in transition countries : the case of European Union new members

Tran Thi, Que Giang - Université Paris-Dauphine (Paris IX) - 2005

Our study focuses on the EU new members, which are transition countries. After a long period of privatization and restructuring, the ownership structure of firms in these countries takes a clearer form. This evolution of ownership structure has a considerable effect on firm performance. In using...

Persistent link: https://www.econbiz.de/10010905411

Disclosure Quality and Corporate Governance: Evidence from the French Stock Market

Ben Ali, Chiraz - Université Paris-Dauphine (Paris IX) - 2005

This paper examines a combined set of corporate governance features that influence disclosure quality in a context of ownership concentration. Agency theory presents a theoretical framework linking disclosure decision to corporate governance mechanisms. Using a Multiple Correspondence Analysis...

Persistent link: https://www.econbiz.de/10010706427

The Impacts of Corporate Governance On the Performance of Privatized Firms In Vietnam

Tran Thi, Que Giang - Université Paris-Dauphine (Paris IX) - 2008

exogenously, we avoid the simultaneity problem often present in studies on transition economies where existing managers become … owners or are replaced. In addition, due to the limited number of managers with market-economy skills in Vietnam, we avoid … the selection problem often present in studies for market economies where new managers may be better suited than existing …

Persistent link: https://www.econbiz.de/10010706886

Ownership structure and firm performance in transition countries : the case of European Union new members

Tran Thi, Que Giang - Université Paris-Dauphine (Paris IX) - 2005

Persistent link: https://www.econbiz.de/10010707391