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in Europe and Latin America, where several governments are large shareholders in a variety of public firms. In a sense …, the subprime crisis induced these governments to behave as active large shareholders. This paper uses a sample of public … firms in Brazil to show that government activism lowers the value of minority shareholders' voting rights. While the …
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where these companies’ shareholders reside …
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Integrated capital markets facilitate risk sharing across countries. Lower home bias in financial investments is an indicator of risk sharing. We highlight that existing indicators of equity home bias in the literature suffer from incomplete coverage because they consider only listed equities....
Persistent link: https://www.econbiz.de/10011613999
2000. Our main findings are as follows. First, controlling shareholders offset the dilution of voting rights they incurred … suggests that marginal voting rights are important to controlling shareholders even beyond the 50% threshold. Second, share … unifications were not associated with much change in the identity of controlling shareholders. Third, the proportion of firms …
Persistent link: https://www.econbiz.de/10008840054
We analyse the relationship between the extent of a firm's corporate social responsibility (CSR) and its long-term survival probability. We conjecture that a better CSR rating is associated with a lower probability of corporate failure and a longer survival period. Consistent with this, we...
Persistent link: https://www.econbiz.de/10012815072
We develop a theory of blockchain governance. In our model, the proof-of-work system, which is the most common set of rules for validating transactions in blockchains, creates an industrial ecosystem with specialized suppliers of goods and services. We analyze the two-way interactions between...
Persistent link: https://www.econbiz.de/10011962959
We analyse the relationship between the distribution of ownership and the allocation of control in Danish closely held corporations. First, we investigate why firms have boards. Second, we identify relationships between owners, boardmembers and CEOs in these firms. Third, we show the presence of...
Persistent link: https://www.econbiz.de/10012142245
This paper presents evidence of the effects of gender diversity on firm innovation outcomes and their productivity in … Colombian manufacturing firms, by extending a CDM model to include women’s participation in science, technology and innovation … endogeneity issues of women’s participation in STI and innovation behavior. An upward bias of the impact of gender diversity on …
Persistent link: https://www.econbiz.de/10011882005