This paper reproduces a survey - previously applied in two different Continents, North America and Europe - to inquire about cost of capital, capital budgeting, capital structure, and corporate governance. The survey utilized in this article is Graham amp; Harvey's survey ( 2001) and its...

As the oversight role of the corporate board in Enterprise Risk Management (ERM) expands, companies feel the need to fill a knowledge gap on effective risk governance practices.The concept of correlating risk management, governance, and strategy in an enterprise-wide structure first appeared in...

Prior research on the cross-country variation of accounting choices induced by managerial incentives to extract private benefits is limited in its use of accounting measures that have limited empirical correlations with direct estimates of private control benefits. This study attempts to resolve...

European family-controlled public companies tend to perform less well in the stock market than their American counterparts. Also, while more and more investment funds that focus on family-firm opportunities are being formed in the United States, data indicates that institutional investors remain...

Having focused heavily on Sarbanes-Oxley requirements and more rigorous corporate governance and compliance standards, U.S. corporate boards are now beginning to assess their evolving role in providing oversight in the area of enterprise risk management (ERM).This paper documents how boards of...

We examine the impact of state payout restrictions on firm credit ratings and bond yields. Using publicly traded bond data for a sample of large firms, we find that firms incorporated in states with more restrictive payout statutes (e.g., New York and California), have better credit ratings and...

We analyze simultaneously the determinants of governance, debt, and activist institutional ownership as a system of three equations. We find that governance relates positively to activist institutional ownership, but has no relation with leverage. Leverage is negatively related to governance and...

We examine the impact of the agency conflicts of debt on firm financing decision. Consistent with the hypothesis that firm financing policy is determined by the tradeoff between the market for corporate control (takeover defenses) and managerial opportunism, we find that managerial equity...

We show that the agency theory of overvalued equity (see Jensen, 2005) rather than investors' fixation on accruals explains the accrual anomaly, i.e., abnormal returns to an accrual trading strategy (see Sloan, 1996).Under the agency theory of overvalued equity, managers of overvalued firms are...

Corporate Governance has become a relevant issue in the Financial Literature. However, teaching on Corporate Finance is not keeping up with this educational change, and textbooks on Corporate Finance remain quite standard in their contents. Only a few exceptions incorporate Corporate Governance...