In a political structure with several power levels, how should regulatory authority in the area of corporate law be efficiently allocated between the different levels ? This question arises amidst a larger debate over the issue of the organization of governmental action when it takes place in a...

This paper aims to analyze the impact of recent industrial changes on the governance structure of power relationships. To achieve this goal, three insights are discussed. First, the definition of what a firm is in both economic theory and in corporate law is clarified. Second, the four core...

French business law has been deeply influenced by the theory of ?Corporate Governance? since the middle of the Nineties. Among others, Marc Viénot and Daniel Bouton?s reports supported innovations, such as principles of transparency and of compliance, and institutions acting as independent...

In this paper we extend the stationarity test proposed by Kurozumi and Tanaka (2010) for reducing size distortion with one structural break. We find the bias up to the order of 1/T for four types of models containing structural breaks. The simulations on finite samples show a reduction of size...

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This paper investigates the relationship between ownership concentration and enterprise performance in Ukraine. Using data on 376 medium and large enterprises, it finds that ownership concentration is positively associated with enterprise performance in Ukraine. The paper also finds that...

We shed new light on the corporate governance role of institutional investors in markets where concentrated ownership and business groups are prevalent. When companies have controlling shareholders, institutional investors, as minority shareholders, can play only a limited role in corporate...