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Ownership Structure, Control Contestability, and Corporate Debt Maturity

Ben‐Nasr, Hamdi - 2015

The corporate governance literature has shown that self-interested controlling owners tend to divert corporate resources for private benefits at the expense of other shareholders. Such behavior leads the controlling owners to prefer long maturity debt to short maturity debt, to avoid frequent...

Persistent link: https://www.econbiz.de/10013014423

Good Corporate Governance Mechanism, Size, Managerial Ownership Structure, and Leverage at Earning Management in Indonesian Public's Banking

Pasaribu, Rowland Bismark - 2017

Corporate Social Responsibility Disclosure in Manufacture Public Companies at Indonesian Stock Exchange. This research aimed at knowing the influence of audit quality, proportion of independent commissioner, audit committee, firm size, managerial ownership and leverage. It used purposive...

Persistent link: https://www.econbiz.de/10012943080

Common Ownership, Common Information Environment?

Jang, In Ji - 2019

We examine the influence of common ownership on commonalities in the information environment. Specifically, we study commonalities in financial statements and in the actions of key agents such as financial analysts and firm managers who contribute and respond to the information environment....

Persistent link: https://www.econbiz.de/10012866578

Moral Hazard and Earnings Manipulation

Miglo, Anton - 2021

production effort and earnings manipulation). Since the agent cannot completely capture the results of his effort, the production … contract trades-off social loss from earnings manipulation and improved incentives for productive effort. In equilibrium some … degree of earnings manipulation can be optimal …

Persistent link: https://www.econbiz.de/10013210757

The Strategies of Anticompetitive Common Ownership

Hemphill, C. Scott - 2020

Scholars and antitrust enforcers have raised concerns about anticompetitive effects that may arise when institutional investors hold substantial stakes in competing firms. Their concern rests on empirical evidence that such common concentrated ownership is associated with higher prices and lower...

Persistent link: https://www.econbiz.de/10012851909

Endogenous Choice of Stakes Under Common Ownership

Hemphill, C. Scott; Kahan, Marcel - 2021

We present a simple model of common ownership in which an investor chooses its stake in competing firms in light of the effects on firm behavior and firm profits. Two firms compete in Cournot duopoly, and ownership affects a firm’s objective function in the manner posited by Bresnahan & Salop...

Persistent link: https://www.econbiz.de/10013213975

Asset Owners and Delegated Managers

Ang, Andrew - 2012

Asset owners (principals) typically do not manage their own investments and leave this job to delegated managers (agents). What is best for the asset owner, however, is usually not best for the fund manager. Additional agency conflicts arise when the asset owner does not know the quality and...

Persistent link: https://www.econbiz.de/10013103917

Debt, Control, and Collusion

Sokol, D. Daniel - 2021

Partial ownership of stock in multiple competing firms is an important scholarly and policy topic in both corporate and antitrust law. Until now, the discussion has focused on ownership. This essay shifts the debate from a focus on common ownership to a focus on common control. No prior work has...

Persistent link: https://www.econbiz.de/10013236520

Family business groups and earnings manipulation : an emerging economy perspective

Khan, Sattar; Kamal, Yasir - In: Cogent economics & finance 10 (2022) 1, pp. 1-26

manipulation on a sample of Pakistani listed firms for the period of 2014 to 2019. The sample of this paper consists of 323 listed … earnings management have been used: one is discretionary accruals and the other is real activity manipulation. The study … findings show a negative relationship of family business groups' affiliated firms with accrual-based earnings manipulation …

Persistent link: https://www.econbiz.de/10013464388

Stable Shareholdings, the Decision Horizon Problem, and Earnings Smoothing

Shuto, Akinobu - 2014

Prior studies argue that stable shareholders do not encourage firm managers to manage their earnings to achieve short-term earnings goals. They also state that firm managers with stable shareholders have an incentive to report smooth earnings to maintain long-term relationships with such...

Persistent link: https://www.econbiz.de/10013066151