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Mavericks, Universal, and Common Owners - the Largest Shareholders of U.S. Public Firms
Amel-Zadeh, Amir; Kasperk, Fiona; Schmalz, Martin - 2022
We construct a novel data set to show that, between 2003-2020, up to one-fifth of America’s largest firms had a non-financial blockholder or insider as their largest shareholder. Blockholders and insiders tend to be less diversified than institutional investors. Measures of “universal” and...
Persistent link: https://www.econbiz.de/10014077008
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Politics-Business Co-evolution Paths : Workers’ Organization and Capitalist Concentration
Belloc, Marianna - 2012
Most pre-crisis explanations of the various corporate governance systems have considered the separation between ownership and control to be an advantage of the Anglo-American economies. They have also attributed the failure of other countries to achieve these efficient arrangements to their...
Persistent link: https://www.econbiz.de/10013116042
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Incorporation and Productivity
Barro, Robert J. - 2019
Corporate versus pass-through status trades off productivity benefits (related to perpetual identity, limited liability … productivity (TFP) and corporate shares of economic activity, implies that, for 1958-2013, the declining wedge and gap between … corporate and pass-through productivity contributed 0.37% per year out of the total TFP growth rate of 1.09% per year. From 1994 …
Persistent link: https://www.econbiz.de/10012860291
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International R&D Spillovers and Marginal Social Returns on R&D
Ogawa, Kazuo; Sterken, Elmer; Tokutsu, Ichiro - 2016
Productivity. We endogenize the accrual of the R&D stocks by estimating an R&D investment function. We find that the marginal …
Persistent link: https://www.econbiz.de/10011584954
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Trade Liberalization, Input Intermediaries and Firm Productivity : Evidence from China
Defever, Fabrice - 2019
We investigate theoretically and empirically the role of wholesalers in mediating the productivity effects of trade … liberalization. Intermediaries provide indirect access to foreign produced inputs. The productivity effects of input tariff cuts on … firms experience productivity gains from reducing input tariffs if trade intermediation of foreign inputs within their …
Persistent link: https://www.econbiz.de/10012857766
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Taking the Lord's Name in Vain: The Impact of Connected Directors on 19th Century British Banks
Grossman, Richard S.; Imai, Masami - 2014
This paper utilizes data on the presence of prominent individuals that is, those with political (e.g., Members of Parliament) and aristocratic titles (e.g., lords)--on the boards of directors of English and Welsh banks from 1879-1909 to investigate whether the appointment of well-connected...
Persistent link: https://www.econbiz.de/10010480859
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The Unfinished Business of State-Owned Enterprise Reform in the People's Republic of China
Holz, Carsten A. - 2019
This paper examines the progress of state-owned enterprise (SOE) reform in the People’s Republic of China. After defining SOEs and considering their scope of operation within the PRC economy, the focus of the paper is on the major reform waves that followed the deterioration of SOE...
Persistent link: https://www.econbiz.de/10012867873
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The Economics of Politically Connected Firms
Choi, Jay Pil; Thum, Marcel P. - 2021
Political connections between firms and autocratic regimes are not secret and often even publicly displayed in many developing economies. We argue that tying a firm's available rent to a regime's survival acts as a credible commitment forcing entrepreneurs to support the government and to exert...
Persistent link: https://www.econbiz.de/10013317003
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Learning from the past: trends in executive compensation over the twentieth century
Frydman, Carola - 2008
In recent years, a large academic debate has tried to explain the rapid rise in CEO pay experienced over the past three decades. In this article, I review the main proposed theories, which span views of compensation as the result of a competitive labor market for executives to theories based on...
Persistent link: https://www.econbiz.de/10010264485
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Optimal delegation when the large shareholder has multiple tasks
Graziano, Clara; Luporini, Annalisa - 2010
We analyze the optimal ownership, delegation and compensation structures when a manager is hired to run a firm and to gather information on investment projects. The initial owner has two tasks: monitoring the manager and supervising project choice. Optimality would require a large ownership...
Persistent link: https://www.econbiz.de/10010270637