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Do shareholder agreements affect market valuation?
Carvalhal, Andre - In: Journal of Corporate Finance 18 (2012) 4, pp. 919-933
Shareholder agreements are contracts that govern the relationship among different shareholders in a firm. This article uses a unique dataset to analyze shareholder agreements in listed companies and shows how they affect firm valuation. While shareholder agreements may be used to expropriate...
Persistent link: https://www.econbiz.de/10010599408
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Winning virtuous strategy creation by interlocking interconnecting directors in boards of directors in firms in information century
Ledenyov, Dimitri O.; Ledenyov, Viktor O. - Volkswirtschaftliche Fakultät, … - 2015
The article presents an original research on 1) the information theory of the board of directors and 2) the strategy creation by the interlocking interconnecting directors in the boards of directors in the firms in an information century. We review the possible structures of the board of...
Persistent link: https://www.econbiz.de/10011145366
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The problem of causality in corporate governance research: The case of governance indexes and firm valuation
Saravia, Jimmy A.; Saravia-Matus, Silvia - UNIVERSIDAD EAFIT - 2015
In recent years the problem of the determination of causality has become an increasingly important question in the field of corporate governance. This paper reviews contemporary literature on the topic and finds that the current approach is to attempt to determine causality empirically and that...
Persistent link: https://www.econbiz.de/10011147554
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CORPORATE GOVERNANCE AND CASH HOLDINGS: A COMPARATIVE ANALYSIS OF CHINESE AND INDIAN FIRMS
Paskelian, Ohannes G.; Bell, Stephen; Nguyen, Chu V. - In: The International Journal of Business and Finance Research 4 (2010) 4, pp. 59-73
In this study, we examine the impact of concentrated ownership on cash valuation and the level of cash holdings in firms the emerging nations of China and India. Agency theories suggest that firms with high levels of concentrated ownership are subject to greater extraction of private benefits...
Persistent link: https://www.econbiz.de/10011206058
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Leadership Structure and Corporate Governance in Switzerland
Schmid, Markus M.; Zimmermann, Heinz - Wirtschaftswissenschaftliches Zentrum, Universität Basel - 2007
The question of whether the CEO should also serve as chairman of the board is one of themost hotly debated issues in the recent corporate governance discussion. While agencytheoreticarguments advocate a separation of decision and control functions, the empiricalevidence focusing on U.S....
Persistent link: https://www.econbiz.de/10009024976
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Corporate Governance, Unternehmensbewertung und Wettbewerb - eine Untersuchung für die Schweiz
Beiner, Stefan; Drobetz, Wolfgang; Schmid, Markus M.; … - Wirtschaftswissenschaftliches Zentrum, Universität Basel - 2004
Persistent link: https://www.econbiz.de/10009025079
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How much of the diversification discount can be explained by poor corporate governance?
Hoechle, Daniel; Schmid, Markus; Walter, Ingo; Yermack, … - In: Journal of Financial Economics 103 (2012) 1, pp. 41-60
We investigate whether the diversification discount occurs partly as an artifact of poor corporate governance. In panel data models, we find that the discount narrows by 16% to 21% when we add governance variables as regression controls. We also estimate Heckman selection models that account for...
Persistent link: https://www.econbiz.de/10010702370
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Takeover defenses and IPO firm value in the Netherlands
Roosenboom, Roosenboom, P.G.J.; van der Goot, T. - Erasmus Research Institute of Management (ERIM), … - 2003
The central question of this study involves the relation between the use of takeover defenses and IPO firm value. We … report that management frequently uses takeover defenses before taking the firm public. The use of takeover defenses is … reduce the price they pay for the IPO shares if takeover defenses are adopted. Although managers internalize this cost of …
Persistent link: https://www.econbiz.de/10010837490
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Conglomerate Firms, Internal Capital Markets, and the Theory of the Firm
Maksimovic, Vojislav; Phillips, Gordon M. - In: Annual Review of Financial Economics 5 (2013) 1, pp. 225-244
This article reviews the conglomerate literature, with a focus on recent papers that have cast strong doubt on the hypothesis that conglomerate firms destroy value on average when compared to similar stand-alone firms. Recent work has shown that investment decisions by conglomerate firms are...
Persistent link: https://www.econbiz.de/10010709609
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Geographic diversification and firm value in the financial services industry
Schmid, Markus M.; Walter, Ingo - In: Journal of Empirical Finance 19 (2012) 1, pp. 109-122
This paper investigates whether geographic diversification is value-enhancing or value-destroying in the financial services sector, broadly defined. Our dataset comprises approximately 3579 observations over the period from 1985 to 2004 and covers the entire range of U.S. financial...
Persistent link: https://www.econbiz.de/10011042115