It is the objective of this paper to determine the voting premium for French shares by comparing the values of voting and non-voting shares, and to analyze the value of the voting rights. The study uses data for 25 French companies which had both types of shares outstanding and traded on the...

Since the mid-1990s, major Japanese banks have sold off a significant portion of their holdings of corporate equity. Using information on the identity of Japanese firms' top 10 shareholders, this paper explores the process of banks' equity disposal. There is some evidence that, after FY2001,...

While some of the modern performance measures used in managerial accounting rely on cash flow based figuresothers try to take advantage of the information content of accounting figures. However, whether the additionalinformation content in the accrual components of earnings improves the internal...

Using a new data set of small public firms in Germany, this paper analyzes the incentive and entrenchmenteffects associated witrh mangerial equity owernership. The relationship between firm value and insider ownership is found to be nonlinear: at low levels of ownership firm value is positive...

This paper presents an integrated analysis of the relationships between managerial share ownership (or alternatively the percentage of equity-based compensation), four additional corporate governance mechanisms, and firm value by explicitly incorporating the simultaneity of the process...

We study the implications of ownership and its induced incentives on firm survival on the stock market for young and high-tech firms. Using a unique data set of all 341 firms listed on the Neuer Markt, the German counterpart of the NASDAQ, our results differ from studies on more traditional...

Using a data set of the firms listed on the Neuer Markt in Germany, this paper demonstrates that venture backed firms differ from firms with other financial resources, especially debt. Thus, the results of this study provide evidence for the hypothesis that small and innovative firms are more...

Der Beitrag analysiert die Kapitalstrukturpolitik der größten börsennotierten Unternehmenin Deutschland unter Berücksichtigung des Einflusses sowohl ihrer Kapitalgeberals auch der Informationsintermediäre Finanzanalysten und Rating-Agenturen.Der Arbeitskreis hat dazu eine explorative...

The importance of multinational companies (MNCs) in the UK economy is not inquestion. One way in which this is evident is that Britain is a major recipient offoreign direct investment (FDI) by MNCs, accounting for 8.7% of the inward stockof global FDI. In addition, large numbers of...

In der Führungspraxis multinationaler Großunternehmen genießen heute vielfältigeFührungsinstrumente, Führungssysteme und Führungsrahmenwerkeweithin Bedeutung und Verbreitung. Der Wissensstand der Führungsforschungüber diese Formen struktureller Führung ist relativ gering ausgeprägt,...