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The Impacts of Corporate Governance On the Performance of Privatized Firms In Vietnam

Tran Thi, Que Giang - Université Paris-Dauphine (Paris IX) - 2008

, Nash and Van Randenborgh (MNR 1994) by using the Wilcoxon and proportion tests to compare the pre- and post-privatization … studies, it has its shortcomings. Indeed, this method is unable to isolate the impact of privatization on firm performance … employed in this paper. Both approaches confirm that privatization in Vietnam brings about significant improvement in most …

Persistent link: https://www.econbiz.de/10010706886

Efficacité des structures de contrôle et enracinement des dirigeants

Alexandre, Hervé; Paquerot, Mathieu - Université Paris-Dauphine (Paris IX) - 2000

In the theoretical framework of corporate governance this article studies the efficiency of the control exerted by the ownership structure and the board of directors on managers. The confrontation of entrenchment theory and agency theory allows to determine the necessary conditions of the...

Persistent link: https://www.econbiz.de/10010861596

Développements récents dans la gouvernance d’entreprises

Ginglinger, Edith - Université Paris-Dauphine (Paris IX) - 2005

Persistent link: https://www.econbiz.de/10010905148

Freedom of Choice between Unitary and Two-Tier Boards: An Empirical Analysis

Belot, François; Ginglinger, Edith; Slovin, Myron B.; … - Université Paris-Dauphine (Paris IX) - 2014

We examine board structure in France, which since 1966 has allowed firms freedom to choose between unitary and two-tier boards. We analyze how this choice relates to characteristics of the firm and its environment. Firms with severe asymmetric information tend to opt for unitary boards; firms...

Persistent link: https://www.econbiz.de/10010783759

Crossing takeover premiums and mix of payment : an empirical test of contractual setting in M&A transactions

de La Bruslerie, Hubert - Université Paris-Dauphine (Paris IX) - 2013

The analyses of the tender offer premiums and of the means of payment should not be performed separately. In the empirical literature, these two variables are often considered independently, although they may have an endogenous relationship in a contractual setting. Using a sample of European...

Persistent link: https://www.econbiz.de/10010735772

Seasoned equity offerings: Stock market liquidity and the rights offer paradox

Ginglinger, Edith; Koenig-Matsoukis, Laure; Riva, Fabrice - Université Paris-Dauphine (Paris IX) - 2013

This paper examines the impact of market liquidity on seasoned equity offerings (SEO) characteristics in France. We find that, besides blockholders’ takeup, liquidity is an important determinant of SEO flotation method choice. We document higher direct equity offering flotation costs, but also...

Persistent link: https://www.econbiz.de/10010744752

Debt, Private Benefits, and Corporate Governance: An Analysis in an Option Valuation Framework

de La Bruslerie, Hubert - Université Paris-Dauphine (Paris IX) - 2014

Debt is not frequently analyzed in relation to the conflict between controlling and outside shareholders. At the same time, debt helps to manage the type II corporate agency conflicts because it is easier for controlling shareholders to modify the leverage ratio than to modify their share of...

Persistent link: https://www.econbiz.de/10010790025

Ownership Structure and Debt Leverage: Empirical Test of a Trade-Off Hypothesis on French Firms

de La Bruslerie, Hubert; Latrous, Imen - Université Paris-Dauphine (Paris IX) - 2012

Debt may help to manage type II corporate agency conflicts because it is easier for controlling shareholders to modify the leverage ratio than to modify their share of capital. A sample of 112 firms listed on the French stock market over the period 1998-2009 is empirically tested. It supports an...

Persistent link: https://www.econbiz.de/10010790035

Do target shareholder agreements induce bidders to pay higher premiums?

Belot, François - Université Paris-Dauphine (Paris IX) - 2009

In listed companies, some shareholders can be signatories to agreements that govern their relations. Such agreements are often viewed as means of insulating the firm from the market for corporate control. Specific provisions (namely concerted action, pre-emptive buying rights and repartitioning...

Persistent link: https://www.econbiz.de/10010706570

Ownership, control and market liquidity

Hamon, Jacques; Ginglinger, Edith - Université Paris-Dauphine (Paris IX)

We examine how ownership concentration and the separation of ownership and control affect market liquidity in France. We find that firms with a large insider blockholder exhibit significantly lower liquidity. Different methods of concentrating control affect liquidity in different ways. Pyramid...

Persistent link: https://www.econbiz.de/10010706821

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