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Ownership, Control and Corporate Performance After Large-Scale Privatization
Hanousek, Jan; Evžen Ko?enda; Svejnar, Jan - William Davidson Institute, University of Michigan - 2004
We analyze the effects of ownership type and concentration on performance of a population of firms in a model large-scale privatization economy (Czech Republic). Using specifications based on first-differences and unique instrumental variables, we find that few types of private ownership improve...
Persistent link: https://www.econbiz.de/10005652527
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Retained State Shareholding in Chinese PLCs: Does Government Ownership Reduce Corporate Value?
Tian, Lihui; Estrin, Saul - William Davidson Institute, University of Michigan - 2005
The role of government shareholding in corporate performance is central to an understanding of China’s newly privatized large firms. In this paper, we analyze shareholders as agents that can both harm and benefit companies. We examine the ownership structure of 826 listed corporations and find...
Persistent link: https://www.econbiz.de/10005784638
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Government Shareholding and the Value of China's Modern Firms
Tian, Lihui - William Davidson Institute, University of Michigan - 2001
This paper documents the ultimate shareholding structures of 826 corporations listed on China's stock market and finds large equity holdings of the government. Using a panel data set, this paper further finds that corporate value decreases with an increased size of government shareholding when...
Persistent link: https://www.econbiz.de/10005784758
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Corporate Governance, Managers’ Independence, Exporting And Performance Of Firms In Transition Economies
Filatotchev, Igor; Isachenkova, Natalia; Mickiewicz, Tomasz - William Davidson Institute, University of Michigan - 2005
Using data on 157 large companies in Poland and Hungary this paper employs a Bayesian structural equation modeling to examine interrelationships between corporate governance, managers’ independence from owners in terms of strategic decision-making, exporting and performance. It is found that...
Persistent link: https://www.econbiz.de/10005784774
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Governing for Genuine Profit
O'Hara, Michael J. - William Davidson Institute, University of Michigan - 2003
Business corporations seek profit. That is, after subtracting cost, they maximize net revenue. Spillovers (both costs and benefits) involve trade-offs governing boards should make. Spillovers, especially when coupled with clumsy applications of discounted present value, distort a business'...
Persistent link: https://www.econbiz.de/10005207895
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Post-Privatization Enterprise Restructuring
Bornstein, Morris - William Davidson Institute, University of Michigan - 2000
Post-privatization restructuring of former state-owned enterprises (FSOEs) encompasses both shorter-run "defensive" actions and longer-run "strategic" measures. Restructuring involves changes in corporate governance, organizational structure, management, labor, capital, technology, output, and...
Persistent link: https://www.econbiz.de/10005677509
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Effects of Bank Insolvency and Strategic Uncertainty on Corporate Restructuring in Transition Economies
Hainz, Christa - William Davidson Institute, University of Michigan - 2001
We study the influence of bank insolvency on corporate restructuring in a dynamic model of bank relationship. Using a poorly developed banking technology our model shows that bank insolvency can have a positive effect on firms' incentives to restructure. Due to the technology each firm faces...
Persistent link: https://www.econbiz.de/10005677571
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Impact of M&A on firm performance in India: Implications for concentration of ownership and insider entrenchment
Bhaumik, Sumon Kumar; Selarka, Ekta - William Davidson Institute, University of Michigan - 2008
performance. On the one hand, concentration of ownership that, in turn, concentrates management control in the hands of a strategic investor, eliminates agency problems associated with dispersed ownership. On the other hand, it may lead to entrenchment of upper management which may be...
Persistent link: https://www.econbiz.de/10005677683
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The Allocation and Monitoring Role of Capital Markets: Theory and International Evidence
Tadesse, Solomon - William Davidson Institute, University of Michigan - 2003
information production and monitoring. I argue that the governance function has more impact on the efficiency with which resources … positive relation between market-based governance and improvements in industry efficiency. The measures of governance are also … positively correlated with productivity improvements and growth in real output. Furthermore, while governance affects efficiency …
Persistent link: https://www.econbiz.de/10005652524
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Factors Influencing Corporate Governance in post-Socialist Companies: an Analytical Framework
Heinrich, Andreas; Lis, Aleksandra; Pleines, Heiko - William Davidson Institute, University of Michigan - 2007
In explaining the corporate governance performance of post-socialist companies, this article identifies four factors of influence: (1) pressure from majority shareholders, (2) pressure from outside minority shareholders, (3) pressure resulting from internationalization/ globalization and (4)...
Persistent link: https://www.econbiz.de/10005784597