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We consider the advantages and disadvantages of stakeholder-oriented firms that are concerned with employees and suppliers as well as shareholders compared to shareholderoriented firms. Societies with stakeholder-oriented firms have higher prices, lower output, and can have greater firm value...
Persistent link: https://www.econbiz.de/10010298375
Persistent link: https://www.econbiz.de/10011318708
affect financial performance. According to this theory, two event studies are conducted to analyze the impact of publishing …
Persistent link: https://www.econbiz.de/10010281513
This article aims to detect how ESG adds value to the long-term shareholder value creation and to discover whether businesses are aware of positive ESG effects and, therefore, whether they will become more ESG-conscious. By conducting a qualitative content analysis on the academic literature,...
Persistent link: https://www.econbiz.de/10012620635
This paper analyzes how policy changes affect shareholder wealth in the context of environmental regulation. We exploit the unique and unexpected German reaction to the Fukushima Daiichi nuclear disaster, which involved the immediate shutdown of almost half of Germany's nuclear reactors while...
Persistent link: https://www.econbiz.de/10010291081
crumbling. Change in the direction of shareholder value is therefore limited. The take-over of Mannesmann by Vodafone after a 3 …
Persistent link: https://www.econbiz.de/10010306886
Do shareholders of acquiring companies profit from acquisitions, or do acquiring CEOs overbidand destroy shareholder value? Answering this question is difficult since the hypotheticalcounterfactual is hard to determine. We exploit merger contests to address the identificationissue. In those...
Persistent link: https://www.econbiz.de/10010326182
both claims by agency theory for the efficiency of takeover markets, as well as the institutional complementarities within … for corporate control have not played a significant role. This case study of the hostile takeover of Mannesmann AG by …
Persistent link: https://www.econbiz.de/10010333008
The adoption of takeover protections, from the empirical side, has been focused to find supporting evidence to the … decisions for additional takeover defenses are taken. Alternatively, external control gives more negotiation power, allowing for … higher takeover prices, which is expected to increase shareholders' wealth. These two hypotheses have been widely tested in …
Persistent link: https://www.econbiz.de/10010377524
Finance theory does not provide a comprehensive framework for explaining risk management within the imperfect financial …
Persistent link: https://www.econbiz.de/10010297586