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We analyze equity financing for a two-stage investment and consider different informational structures. When private information is short-term, equilibria are consistent with signalling theory and pecking-order theory. When private information is long-term, equilibria may exist where high...
Persistent link: https://www.econbiz.de/10011110472
The authors perform an original research on the fundamentals of winning virtuous strategies creation toward the leveraged buyout transactions implementation during the private equity investment in the conditions of the resonant absorption of discrete information in the diffusion - type financial...
Persistent link: https://www.econbiz.de/10011107335
The aim of this paper is to determine the place and role of corporate governance and performance measures in the efforts of managers to maximize shareholder value, and the attitude of Serbian corporations toward these issues. The paper first analyses the importance of corporate governance and...
Persistent link: https://www.econbiz.de/10011107418
According to the prior literature, family executives of family-controlled firms receive lower compensation than non-family executives. One of the key driving forces behind this is the existence of family members who are not involved in management, but own significant fraction of shares and...
Persistent link: https://www.econbiz.de/10011108030
This paper studies the effect of corporate governance on value creation for listed companies. It also examines whether the fact that a business is owned or partly owned by a family has an impact on this variable as well as the behavior of companies at different stages of the economic cycle. Our...
Persistent link: https://www.econbiz.de/10011108184
We model bidding behavior and the interaction of private equity and strategic buyers in corporate asset sales. Private equity bidding and in turn seller gains, and type and time of exit, are determined by private equity's ability to enhance the asset's value. Our empirical results show excess...
Persistent link: https://www.econbiz.de/10011108711
The post-Apartheid South African corporate governance (CG) model is a unique hybridisation of the traditional Anglo-American and Continental European-Asian CG models, distinctively requiring firms to explicitly comply with a number of affirmative action and stakeholder CG provisions, such as...
Persistent link: https://www.econbiz.de/10011110097
This paper investigates the relationship between director shareownership and corporate performance in South Africa using a sample of 169 listed firms from 2002 to 2007. Our results suggest a statistically significant and positive association between director shareownership and corporate...
Persistent link: https://www.econbiz.de/10011110287
Outside directors and audit committees are widely considered to be central elements of good corporate governance. We use a 1999 Korean law as an exogenous shock to assess how board structure affects firm market value. The law mandates 50% outside directors and an audit committee for large public...
Persistent link: https://www.econbiz.de/10011110403
This paper investigates whether foreign institutional investors in emerging markets can enhance shareholder value. We pay special attention to two dimensions of investor heterogeneity: whether an investor declares itself as an activist, and whether an investor comes from a country with a strong...
Persistent link: https://www.econbiz.de/10011110645