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Banks-Firms Nexus under the Currency Board: Empirical Evidence from Bulgaria

Nenovsky, Nikolay; Peev, Evgeni; Yalamov, Todor - William Davidson Institute, University of Michigan - 2003

This study analyses bank lending in the larger context of bank-firm relations within the Bulgarian specificity of currency board. It focuses on the ‘intersection’ of credit supply and demand on the side of banks and firms simultaneously. We suggest both traditional and new hypotheses...

Persistent link: https://www.econbiz.de/10005652643

Ownership concentration & firm performance: Evidence from an emerging market

Grosfeld, Irena - William Davidson Institute, University of Michigan - 2006

The initial view of the advantages of ownership concentration in joint stock companies was determined by the concern about the opportunistic managerial behavior. The growing importance of knowledge and human capital in the operation of firms shifts the focus of concern: excessive ownership...

Persistent link: https://www.econbiz.de/10005784634

Mass Privatisation, Corporate Governance and Endogenous Ownership Structure

Grosfeld, Irena; Hashi, Iraj - William Davidson Institute, University of Michigan - 2003

We compare the change in ownership concentration in firms privatized through two different programs of mass privatization: the Czech voucher scheme and the Polish program of National Investment Funds. Despite important differences in ownership structure at the start of the process and in the...

Persistent link: https://www.econbiz.de/10005677549

The emergence of large shareholders in mass privatized firms: Evidence from Poland and the Czech Republic

Grosfeld, Irena; Hashi, Iraj - William Davidson Institute, University of Michigan - 2004

Mass privatization offers a particularly suitable framework to study the change in ownership concentration as the extent of change is unusual for a stable market economy. Focusing on two different mass privatization schemes in two transition economies, Poland and the Czech Republic, we find that...

Persistent link: https://www.econbiz.de/10005652508

The Allocation and Monitoring Role of Capital Markets: Theory and International Evidence

Tadesse, Solomon - William Davidson Institute, University of Michigan - 2003

Capital markets perform two distinct functions: provision of capital and facilitation of good governance through information production and monitoring. I argue that the governance function has more impact on the efficiency with which resources are utilized within the firm. Based on industry...

Persistent link: https://www.econbiz.de/10005652524

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

ECOLOGY AND VIOLENCE: THE ENVIRONMENTAL DIMENSIONS OF WAR

Fort, Timothy L.; Schipani, Cindy A. - William Davidson Institute, University of Michigan - 2004

Research reported by Thomas Homer-Dixon characterizes five social effects that can significantly increase the likelihood of violence in the emerging world, effects that are far deeper than can be controlled by security forces: (1) constrained agricultural production, often in ecologically...

Persistent link: https://www.econbiz.de/10005677526

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

Executive Compensation, Firm Performance, and State Ownership in China: Evidence from New Panel Data*

Kato, Takao; Long, Cheryl - William Davidson Institute, University of Michigan - 2004

This paper provides the first systematic evidence on compensation for executives of firms listed in China’s emerging …, using comprehensive financial and accounting data on China’s listed firms from 1998 to 2002 (data modeled after Compustat … shareholder value in China. The size of the estimated sensitivities imply that a 1000 RMB increase in shareholder value yields a 0 …

Persistent link: https://www.econbiz.de/10005677675

Corporate Governance in China: Then and Now

Schipani, Cindy A.; Junhai, Liu - William Davidson Institute, University of Michigan - 2001

normal trade relations (PNTR) to China and China's anticipated membership in the World Trade Organization (WTO), the American … business community is apt to find more opportunity for investment in China. American investors are likely to be increasingly … their assets. The goal of this paper is to provide an analysis of the corporate governance system in China and offer some …

Persistent link: https://www.econbiz.de/10005652537

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