Showing 1 - 10 of 10
The top management of corporations has a major influence on the investments and financing of the firms under their control. According to the economics-based principal-agent theory, managers will maximize their own utility, even at the expense of the shareholders and other stakeholders. The...
Persistent link: https://www.econbiz.de/10012779136
This paper investigates three capital structure decisions leverage, debt maturity and the source of debt in a simultaneous setting. Moreover, we investigate whether these choices are influenced by the involvement of banks in a firm. Our results based on a panel of Dutch firms show that bank...
Persistent link: https://www.econbiz.de/10012783366
We study the restructuring process of small and medium-sized firms in financial distress. We have a unique dataset with firms in the Netherlands that are guided in their restructuring effort by banks. Part of our dataset consists of firms that successfully restructure their operations and...
Persistent link: https://www.econbiz.de/10012783830
We analyze the importance of firm-specific and country-specific factors in the leverage choice of firms from 42 countries around the world. Our analysis yields two new results. First, we find that firm-specific determinants of leverage differ across countries, while prior studies implicitly...
Persistent link: https://www.econbiz.de/10012753802
We investigate how competitive behavior affects the capital structure of a firm. Theory predicts that the impact of different types of output market uncertainty (in particular, unanticipated shocks in demand and costs) on a firm's leverage depends on the type of competition in an industry. We...
Persistent link: https://www.econbiz.de/10012753824
We present evidence on the efficiency of the resolution of financial distress in bankruptcy in The Netherlands. We employ a unique data set based on the files of the trustees and court offices, which includes the characteristics of the firms before and in the bankruptcy procedures, the details...
Persistent link: https://www.econbiz.de/10012753861
We examine 865 acquisitions by Dutch industrial firms over the period 1993ndash;2004. Theoretical work based on principalndash;agent problems predicts that managers of exchange-listed corporations may pursue acquisitions even when these do not add value for the shareholders. Corporate governance...
Persistent link: https://www.econbiz.de/10012753955
The consequences of international accounting standards are likely to reach beyond the impact on financial statements. This paper demonstrates one of the economic implications of international standards. We focus on the impact of the IFRS regulation on preference shares (IAS 32) in the...
Persistent link: https://www.econbiz.de/10012754341
Early Modern Dutch corporate finance had two notable features, a remarkable ease of raising large amounts of capital and a flexible legal framework. Having pioneered new corporate forms with two intercontinental trading companies, Dutch business adopted such forms on a wider scale only during...
Persistent link: https://www.econbiz.de/10014038908
With their legal personhood, permanent capital with transferable shares, separation of ownership and management, and limited liability for both shareholders and managers, the Dutch East India Company (VOC) and subsequently the English East India Company (EIC) are generally considered a major...
Persistent link: https://www.econbiz.de/10014040415