This paper examines whether a bank exercises a monitoring role when a banker is represented on a firm’s board. Bank monitoring reduces information asymmetries, and hence lessens firm’s financial constraints—phenomenon frequently measured by investment-cash flow sensitivity in the sample of...

Companies are under increasing pressure to have their corporate governance rated by an independent corporate governance metrics firm, such as Institutional Shareholder Services (ISS) or Governance Metrics International (GMI). These rating firms claim to be able to determine how effective and...

Prior studies show that agency conflicts are important in explaining corporate financial policies and that the board of directors is central to corporate governance. In this study, we examine the role of this governing body in the accumulation of cash reserves. Using a sample of 597 French...

We argue that Boards of Directors of Danish companieshave been socially constructed as an importantdecision making body in the companies. Since 1974,employees have elected members to the Board ofDirectors. Today they can elect one third of the Boardmembers. In spite of this new composition of...

Internationalization is a strong challenge that firms have to face today. However, small and medium-sized family firms internationalize their business after consolidating their position in domestic markets. Family SMEs approach international markets usually through export activities....

The paper discusses the ownership and control structures of local public utilities by showing evidence from the Italian case. In this discussion, the focus is on three main aspects: the ownership structure, the board composition and independence, and citizens’ involvement (service charters)....