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Investment policy, internal financing and ownership concentration in the UK
Goergen, Marc (contributor); Renneboog, Luc (contributor) - 2000 - [Elektronische Ressource]
and the tax advantages of debt. More importantly, we investigate whether ownership concentration by class of shareholder … combined equity stakes of families and industrial companies and the Herfindahl index of industrial ownership are high. This …
Persistent link: https://www.econbiz.de/10001537200
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Governance Through Ownership and Sustainable Corporate Governance
Goergen, Marc - 2022
Sustainable corporate governance has been defined as corporate governance that ensures corporations are run in such a way that they are sustainable over the long term. Note that for corporations to be sustainable in the long run, they need to ensure the preservation, as well as possibly the...
Persistent link: https://www.econbiz.de/10013405934
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Strong Managers and Passive Institutional Investors in the UK
Goergen, Marc; Renneboog, Luc - 1999
than 30 per cent. The ownership structure is also shaped by regulation; the mandatory takeover threshold of 30%, for …The first striking feature is that ownership of the average UK company is diffuse: a coalition of at least eight … shareholders is required to reach an absolute majority of voting rights. Even though the average firm has a dispersed ownership …
Persistent link: https://www.econbiz.de/10011608485
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Earnings Management around Founder CEO Re-appointments and Successions in Family Firms
Goergen, Marc - 2019
This paper studies CEO re-appointment and succession events in listed family firms with an incumbent family CEO in France, Germany and the UK over 2001-2016. The paper explores whether family firms with a founder CEO are more likely to engage in earnings management pre-event than other family...
Persistent link: https://www.econbiz.de/10012865105
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The determinants of the CEO successor choice in family firms
Ansari, Iram Fatima; Goergen, Marc; Mira, Svetlana - In: Journal of Corporate Finance 28 (2014) C, pp. 6-25
This paper studies the factors that influence the CEO succession decision in family firms whose incumbent CEO is a member of the controlling family. The sample includes all such firms from France, Germany and the UK. We propose a new measure of directors' independence, which adjusts for various...
Persistent link: https://www.econbiz.de/10010939811
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Strong Managers and Passive Institutional Investors in the UK
Goergen, Marc; Renneboog, Luc - Fondazione ENI Enrico Mattei (FEEM) - 1999
than 30 per cent. The ownership structure is also shaped by regulation; the mandatory takeover threshold of 30%, for …The first striking feature is that ownership of the average UK company is diffuse: a coalition of at least eight … shareholders is required to reach an absolute majority of voting rights. Even though the average firm has a dispersed ownership …
Persistent link: https://www.econbiz.de/10005385447
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Corporate Governance Convergence: Evidence From Takeover Regulation Reforms in Europe
Goergen, Marc; Martynova, Marina; Renneboog, Luc - School of Economics, Universiteit Utrecht - 2005
takeover code may result in dispersed ownership, in others it may further consolidate the blockholder-based system. …This paper contributes to the research on corporate governance by predicting the effects of European takeover … regulation. In particular, we investigate whether the recent reforms of takeover regulation in Europe are leading to a …
Persistent link: https://www.econbiz.de/10005040861
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The Transfer of Control in British and German IPOs
Goergen, Marc - EconWPA - 1998
This paper analyses the evolution of ownership and control in German and UK IPOs. In a first stage we try to explain … with UK IPOs to obtain a first sample and matched by industry to obtain a second sample. Ownership and control for both … matched samples evolves in a different way. An empirical model based on recent theories of ownership is specified, which …
Persistent link: https://www.econbiz.de/10005134798
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Index membership vs. loss of voting power : the unification of dual-class shares
Betzer, André; Bongard, Inga van den; Goergen, Marc - 2017 - This version: March 2017
A change in the index selection rules of Deutsche Börse provides a unique opportunity to investigate the drivers behind the decision to a bolish dual-class shares. As of June 2002, selection is based on the market capitalization of the free-float of the more liquid share class rather than the...
Persistent link: https://www.econbiz.de/10011794012
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Firms' rationales for CEO duality : evidence from a mandatory disclosure regulation
Goergen, Marc; Limbach, Peter; Scholz-Daneshgari, Meik - 2022 - [Vers. 02/2019]
Exploiting the 2009 amendments to Regulation S-K, we provide unique evidence on the first-time disclosure of the reasons firms state for combining (separating) the roles of CEO and chairman. The stated reasons support both agency theory and organization theory. They are more numerous and...
Persistent link: https://www.econbiz.de/10013271931