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This paper investigates whether investment spending of firms is sensitive to the availability of internal funds. Imperfect capital markets create a hierarchy for the different sources of funds such that investment and financial decisions are not independent. The relation between corporate...
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. Listed firms in the Netherlands have a long tradition of employing many anti-shareholder mechanisms limiting shareholders … insiders, corporate governance ; antishareholder mechanisms ; anti-takeover mechanisms …
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shareholders is required to reach an absolute majority of voting rights. Even though the average firm has a dispersed ownership … than 30 per cent. The ownership structure is also shaped by regulation; the mandatory takeover threshold of 30%, for … example, has an important impact on the ownership structure. In about 4% of sample companies, corporate shareholders hold just …
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This study examines managerial disciplining in poorly performing firms using large panels for Belgian, French, German and UK firms. We consider the monitoring role of large blockholders, the market for share blocks, creditors, and non-executive directors. Board restructuring is correlated to...
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mitigating agency problems between managers and shareholders.We find that both the CEO's industry-adjusted monetary compensation …
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