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Monitoring managers : does it matter?
Cornelli, Francesca; Kominek, Zbigniew; Ljungqvist, … - 2010
We test under what circumstances boards discipline managers and whether such interventions improve performance. We exploit exogenous variation due to the staggered adoption of corporate governance laws in formerly Communist countries coupled with detailed ‘hard’ information about the...
Persistent link: https://www.econbiz.de/10008702077
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The Impact of a Break-Through Rule on European Firms
Bennedsen, Morten; Nielsen, Kasper - 2002
We analyze the impact of a 75 pct. Break-Through rule on 1,035 European firms with dual class shares. In 3-5 pct. of the firms the controlling owners incur a direct loss of control, whereas in additional 11-17 pct. of the firms the controlling owners are likely to incur a control loss. Firms in...
Persistent link: https://www.econbiz.de/10012142260
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The Principle of Proportionality: Separating the Impact of Dual Class Shares, Pyramids and Cross-ownership on Firm Value Across Legal Regimes in Western Europe
Bennedsen, Morten; Meisner, Kasper, Nielsen - 2006
Recent policy initiatives within the harmonization of European company laws have promoted a so-called "principle of proportionality" through proposals that regulate mechanisms opposing a proportional distribution of ownership and control. We scrutinize the foundation for these initiatives by...
Persistent link: https://www.econbiz.de/10012142316
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Business groups as hierarchies of firms : determinants of vertical integration and performance
Altomonte, Carlo; Rungi, Armando - 2013
We explore the nature of Business Groups, that is network-like forms of hierarchical organization between legally autonomous firms spanning both within and across national borders. Exploiting a unique dataset of 270,474 headquarters controlling more than 1,500,000 (domestic and foreign)...
Persistent link: https://www.econbiz.de/10009737190
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Bankruptcy choice with endogenous financial constraints
Tamayo, Cesar E. - 2017
In this paper we study firm dynamics and industry equilibrium when firms under financial distress face a non-trivial choice between alternative bankruptcy procedures. Given limited commitment and asymmetric information, financial contracts specify default, renegotiation and reorganization...
Persistent link: https://www.econbiz.de/10011673284
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China import competition and El Salvador manufacturing firm performance
Li, Kun; Moreira, Mauricio Mesquita - 2019
negative effect on firms employment, total factor productivity (TFP), and revenue. A 1-percentage-point increase in the measure … of Chinese import competition in El Salvador reduces the employment of production workers by 2.27%. The negative impact … is mainly reflected in employment at firms with less than 50 employees and those with low capital intensity. A 1 …
Persistent link: https://www.econbiz.de/10012126599
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The effects of the energy transition on power sector employment in Latin America
López, David; Weiss, Mariana; Pessanha, Jose Francisco … - 2023
The present study analyzes the relationship between energy transition and job creation potential in Latin America. It looks at companies' characteristics to infer potential hiring process drivers in forthcoming years. The analysis is based on an econometric model applied to cross-sectional data...
Persistent link: https://www.econbiz.de/10014474531
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Long term changes in voting power and control structure following the unification of dual class shares
Lauterbach, Beni; Yāfe, Yišay - 2009
We follow the evolution of ownership structure in a sample of 80 Israeli companies that unified their dual-class shares in the 1990s, and compare it with a control sample of firms that maintained their dual share structure at least until 2000. Our main findings are as follows. First, controlling...
Persistent link: https://www.econbiz.de/10008840054
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Capital structure and financial flexibility : expectations of future shocks
Lambrinoudakis, Costas; Neumann, Michael; Skiadopoulos, … - 2014 - This draft: 3 October 2014
We test one of the main predictions of the financial flexibility paradigm that expectations about future firm-specific shocks affect the firm's leverage. We extract the expectations of small and large future shocks from the market prices of equity options. We find that expectations for future...
Persistent link: https://www.econbiz.de/10010472840
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Sample separation and the sensitivity of investment to cash flow : is the monotonicity condition empirically satisfied?
Iona, Alfonsina; Leonida, Leone - 2018
This paper studies whether the monotonicity condition of the investment-cash flow sensitivity is satisfied empirically. We show that if this condition holds, then the point of sample separation does not affect the monotonic relationship between the sensitivities of any two complementary classes...
Persistent link: https://www.econbiz.de/10011872436