This paper contributes to the current corporate governance debate through describing changes that have taken place in Nokia during the past decade. It can be seen that traditional ways of corporate governance and management do not apply for companies operating in a fast changing business and...

Close corporations account for 51 percent of the private sector output and 52 percent of all private employment in the US. Understanding governance issues facing these firms is therefore of considerable importance.(...)

This paper develops a model of corporate investment and financing decisions thatdiffers from previous contributions by recognizing that firms face uncertainty regardingtheir future access to credit markets and may have to search for creditors when raisingdebt financing. We show that accounting...

The paper studies whether and how CEO turnover in Ukrainian firms is related to theirperformance. Based on a novel dataset covering Ukrainian joint stock companies in 2002-2006, the paper finds statistically significant negative association between the pastperformance of firms measured by return...

Even 50 years after Modigliani/Miller’s irrelevance theorem, the basic question of how firmschoose their capital structure remains unclear. This survey paper aims at summarizing anddiscussing corresponding recent developments in empirical capital structure research, which,in our view, are...

Taxes play an important role in determining the capital structure of companies. Consequently,a multinational company would choose its capital structure according to differencesin international taxation. Unlike purely national firms, multinationals can also use intercompanyloans to shift profits...

1. Introduction 1.1 Background 1.2 Problem Setting 1.3 Research Objectives 2. Theoretical Framework 2.1 Transaction Cost Economics 2.2 Ownership Problems and Corporate Governance 3. Research Methodology 3.1 Research Location 3.2 Data Sources 3.3 Method of Analysis3.4 Classification of Variables...

National borders are still strong barriers for mergers and acquisitions inEurope. We estimate a gravity equation model based on NUTS 2-regionsand find that the restraining impact of national borders decreased byabout a third between 1990 and 2007. However, there has been nosignificant change...