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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

examines the impact of M&A on profitability of firms in India, where the corporate landscape is dominated by family-owned and … results indicate that, during the 1995-2002 period, M&A in India led to deterioration in firm performance. We also find that …-owned and group affiliated firms in India. …

Persistent link: https://www.econbiz.de/10005677683

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 stock market (currently the eighth largest of the world with market capitalization of over $550 billion). Specifically, using comprehensive financial and accounting data on...

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

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

Competition, Innovation and Growth in Transition: Exploring the Interactions between Policies

Aghion, Philippe; Carlin, Wendy; Schaffer, Mark - William Davidson Institute, University of Michigan - 2002

Transition has entailed the introduction of policies to stimulate product market competition, to establish effective corporate governance and to harden enterprise budget constraints. How do these policies interact? Are they substitute policy instruments or does one policy reinforce the effect of...

Persistent link: https://www.econbiz.de/10005207902

Objectivity, Proximity and Adaptability in Corporate Governance

Boot, Arnoud W.A.; Macey, Jonathan R. - William Davidson Institute, University of Michigan - 1999

between management and monitor (board or shareholders) has a bang-bang solution: either one should capitalize on the better …

Persistent link: https://www.econbiz.de/10005677455

Adapting Corporate Governance for Sustainable Peace

Fort, Timothy L.; Schipani, Cindy A. - William Davidson Institute, University of Michigan - 2003

In previous work, we argued that there is a link between corporate governance and the reduction of violence. In this manuscript, we further explore that link with a focus on how corporations can work toward the goal of reduction of violence in the societies in which they operate. Here, we pose...

Persistent link: https://www.econbiz.de/10005677485

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

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

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

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