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Cumulative voting and the conflicts between board and minority shareholders
Zhao, Aiwu; Brehm, Alexander J. - In: Managerial Finance 37 (2011) May, pp. 465-473
Purpose – The purpose of this paper is to investigate whether cumulative voting can help ease the conflicts between board of directors and minority shareholders. Design/methodology/approach – The authors use voting result of shareholder proposals as an indicator of the level of conflicts...
Persistent link: https://www.econbiz.de/10009275428
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Monitoring CEOs: can insider-dominated boards do a good job?
Wang, Yuwei - In: Managerial Finance 40 (2014), pp. 355-375
Purpose -The purpose of this paper is to examine the monitoring effectiveness of insider-dominated boards and outsider-dominated boards on different types of CEOs. Design/methodology/approach -To test whether boards monitor inside CEOs and outside CEOs differently and to compare the sizes of the...
Persistent link: https://www.econbiz.de/10010757797
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Conflicts of interest on corporate boards: The effect of creditor-directors on acquisitions
Hilscher, Jens; Şişli-Ciamarra, Elif - In: Journal of Corporate Finance 19 (2013) C, pp. 140-158
This paper investigates the effects on acquisitions of creditor-director presence on corporate boards. Using a hand-collected dataset for boards of large U.S. corporations, we find that companies with creditor-directors are more likely to engage in acquisitions with attributes that are...
Persistent link: https://www.econbiz.de/10011052882
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The incentives of grey directors: Evidence from unexpected executive and board chair turnover
Borokhovich, Kenneth A.; Boulton, Thomas J.; Brunarski, … - In: Journal of Corporate Finance 28 (2014) C, pp. 102-115
We study the stock market's reaction to the unexpected death of a top executive or board chair for insight into grey director incentives. Whereas there is little debate as to the motives of inside and strict outside directors, the allegiance of grey directors is less certain. We find that grey...
Persistent link: https://www.econbiz.de/10010939807
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Sources of value gains in minority equity investments by private equity funds: Evidence from block share acquisitions
Chen, Guojun; Kang, Jun-Koo; Kim, Jin-Mo; Na, Hyun Seung - In: Journal of Corporate Finance 29 (2014) C, pp. 449-474
Using block share acquisitions made by private equity (PE) funds, we examine the sources of value gains in PE minority equity investments. We find that compared with non-PE acquirers, PE acquirers are more likely to place representatives with finance experience or those with experience in the...
Persistent link: https://www.econbiz.de/10011117516
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Impact of board gender diversity on firm risk
Lenard, Mary Jane; Yu, Bing; York, E. Anne; Wu, Shengxiong - In: Managerial Finance 40 (2014), pp. 787-803
Purpose -The purpose of this paper is to study gender diversity on the board of directors and the relation to risk …-2011. The authors then measure the effect of gender diversity on corporate performance in terms of firm risk, using the model by … Cheng (2008) which measures the variability of stock market return. Findings -The study shows that more gender diversity on …
Persistent link: https://www.econbiz.de/10010812063
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Do shareholder agreements affect market valuation?
Carvalhal, Andre - In: Journal of Corporate Finance 18 (2012) 4, pp. 919-933
Shareholder agreements are contracts that govern the relationship among different shareholders in a firm. This article uses a unique dataset to analyze shareholder agreements in listed companies and shows how they affect firm valuation. While shareholder agreements may be used to expropriate...
Persistent link: https://www.econbiz.de/10010599408
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Does ownership concentration improve M&A outcomes in emerging markets?
Bhaumik, Sumon Kumar; Selarka, Ekta - In: Journal of Corporate Finance 18 (2012) 4, pp. 717-726
Using firm level data from India, we examine the impact of ownership concentration on post-M&A performance of firms. Our analysis has implications for both the M&A literature, which emphasises the role of agency conflict between managers and owners of widely held companies as a key reason for...
Persistent link: https://www.econbiz.de/10010599409
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Private contracting and corporate governance: Evidence from the provision of tag-along rights in Brazil
Bennedsen, Morten; Nielsen, Kasper Meisner; Nielsen, … - In: Journal of Corporate Finance 18 (2012) 4, pp. 904-918
We identify two opposing effects of issuing equity with tag-along rights that secure an equal price in the event of a takeover. First, the anti-self dealing effect commits controlling owners to sell only to new owners that increase shareholder value. Second, the rent transfer effect shifts rents...
Persistent link: https://www.econbiz.de/10010599414
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Investment spending and corporate governance: Evidence from the ASE listed firms
Dedoussis, Elias; Papadaki, Afroditi - In: Managerial Finance 36 (2010) March, pp. 201-224
Purpose – The purpose of this paper is to present evidence on the effects that different ownership's structures of Greek listed firms exercise on the relation between investment and liquidity constraints. Design/methodology/approach – Corporate governance in Greece is primarily based on the...
Persistent link: https://www.econbiz.de/10009319844