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Cash holdings at the onset of a financial crisis are a key determinant of investment by SMEs not only during the crisis but also during the recovery period. Cash-rich SMEs could maintain their capital stock during the global financial crisis, while cash-poor rivals reduced theirs. This gave...
Persistent link: https://www.econbiz.de/10012509557
Concentrated ownership of large listed companies is widespread throughout the world, and Germany is typical in this respect. This paper proposes a method of distinguishing empirically between the beneficial and harmful effects of ownership concentration, and applies it to German data. The...
Persistent link: https://www.econbiz.de/10009781688
literature on the relationship between corporate governance and performance. We use a unique dataset made of corporate governance … 1998-2007. We find that the corporate governance reforms introduced over the period considered have shown some … been negatively related with company performance. -- corporate governance ; interlocking directorships ; company …
Persistent link: https://www.econbiz.de/10009009693
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/10013365123
We analyze how interactions between corporate taxation and corporate governance affect shareholder capital. Using a …
Persistent link: https://www.econbiz.de/10010199748
The paper argues that the weakest link principle, which has been widely used as a measure of ultimate owners' control rights, has a number of serious problems. A theoretically more satisfactory method of measuring control rights, based on voting power indices, is proposed, and the different...
Persistent link: https://www.econbiz.de/10011450369
This paper proposes a theoretical model that incorporates corporate governance into the basic CAPM, where corporate … governance affects the disutility of managerial effort and the possibility of managers to divert company resources. It shows that … corporate governance affects firms’ stock returns and also how the quality of corporate governance is chosen endogenously. The …
Persistent link: https://www.econbiz.de/10010212666
are less disciplined by traditional governance mechanisms than non-SOEs - cut their loan guarantees. SOEs whose CEOs have … cost-effective governance mechanism when other forms of governance are ineffective. …
Persistent link: https://www.econbiz.de/10011973941
Most pre-crisis explanations of the various corporate governance systems have considered the separation between … this view with the co-evolution approach based on the hypothesis that politics and corporate governance influence each … a single model of corporate governance. We argue that this hypothesis provides a more convincing explanation of the past …
Persistent link: https://www.econbiz.de/10003923223
shareholder ; delegation ; monitoring ; board of directors ; corporate governance …
Persistent link: https://www.econbiz.de/10003965886