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Capital structure decisions in family firms: empirical evidence from a bank-based economy
Ampenberger, Markus; Schmid, Thomas; Achleitner, Ann-Kristin - 2009
This study examines how family firm characteristics affect capital structure decisions. In our analysis we disentangle the influence of three distinct components of a family firm: ownership, supervisory and management board activities by the founding family. Thereby, we use a unique panel...
Persistent link: https://www.econbiz.de/10010305690
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Considering the shareholder perspective: value-based management systems and stock market performance
Rapp, Marc Steffen; Schellong, Daniel A.; Schmidt, … - 2010
account for endogeneity concerns. Overall, our findings support the view that shareholders consider the adoption of a value …
Persistent link: https://www.econbiz.de/10010305697
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Aktienbasierte Langfristanreize im Rahmen der Vorstandsverguetung: Evidenz auf Basis Deutscher Prime Standard Unternehmen
Rapp, Marc Steffen; Schaller, Philipp; Wolff, Michael - 2009
is a former executive of the firm. In sum, our evidence is consistent with the view that shareholders use stock …
Persistent link: https://www.econbiz.de/10010305700
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Controlling shareholders and payout policy: do founding families have a special 'taste for dividends'?
Schmid, Thomas; Ampenberger, Markus; Kaserer, Christoph; … - 2010
Around the world (with the U.S. and U.K. as exceptions) concentrated ownership structures and controlling shareholders … are predominant even among listed firms. We provide novel empirical evidence how such controlling shareholders, in … family and non-family controlling shareholders and tensions within the founding family are important determinants of payout …
Persistent link: https://www.econbiz.de/10010305703
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Do corporate governance motives drive hedge funds and private equity activities?
Achleitner, Ann-Kristin; Betzer, André; Gider, Jasmin - 2008
shareholder, in particular family shareholders, PE invest in firms which exhibit the potential to align manager …
Persistent link: https://www.econbiz.de/10010305724
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The German entrepreneurial index (GEX®): a primer on an ownership-based style index in Germany
Achleitner, Ann-Kristin; Kaserer, Christoph; … - 2009
Recent research indicates that the majority of listed firms in Germany (and also in many other countries around the world) have a dominant owner rather than being widely-held. Hence, owner-dominated firms comprise an important subset of listed companies. This article introduces the concept of an...
Persistent link: https://www.econbiz.de/10010305735
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Creditor Rights, Country Governance, and Corporate Cash Holdings
Seifert, Bruce; Faleye, Olubunmi; Gonenc, Halit - 2012
This study examines the impact of creditor rights on cash holdings using a sample of firms from 48 countries. We argue that creditor rights affect the willingness of lenders to provide credit, which in turn affects the need for internal liquidity and cash holdings. Consistent with this, we find...
Persistent link: https://www.econbiz.de/10010500217
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Does geography matter to bondholders?
Francis, Bill; Hasan, Iftekhar; Waisman, Maya - 2007
We find that the location of corporate headquarters significantly affects the firm’s bondholders. Similar to Loughran and Schultz (2006) and others, who show that investors are better able to obtain information on nearby companies, we look at firms located in large metropolitan cities, small...
Persistent link: https://www.econbiz.de/10010292217
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When target CEOs contract with acquirers: Evidence from bank mergers and acquisitions
Brewer, Elijah; Jackson, William E.; Wall, Larry D. - 2006
premium and target shareholders' abnormal returns around the announcement of the deal in a sample of bank mergers during the … period 1990-2004. We find evidence that the target shareholders' returns are negatively related to the postmerger position of … their CEO. However, these lower returns are not matched by higher returns to the acquirer's shareholders, suggesting little …
Persistent link: https://www.econbiz.de/10010292238
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The impact of managerial ownership, monitoring and accounting standard choice on accrual mispricing
Gegenfurtner, Bernhard; Ampenberger, Markus; Kaserer, … - 2009
We analyse to what extent the accrual anomaly is related to the choice of the accounting system as well as firm-level heterogeneity in corporate governance mechanisms. Using a unique dataset of listed German firms over the period 1995 to 2005 we first corroborate former results indicating that...
Persistent link: https://www.econbiz.de/10010305701