In June 2005, a questionnaire survey was sent to 9000 companies in the Kansai Area (Osaka, Kyoto and Hyogo), the second largest economic block in Japan, with 2041 companies responding. This article introduces the results of this questionnaire survey. The greatest feature of this study is that,...

Recent ”law and finance” research implies that minority shareholder rights are heavily affected by the legal tradition. This in turn has economic implications for a company´s ability to raise equity capital from outsiders, i.e., from minority investors. In a famous study by La Porta et al....

Legislation affects corporate governance and the return to human and financial capital. We allow the preference of a political majority to determine both the governance structure and the extent of labor rents. In a society where median voters have relatively more at stake in the form of human...

Although it is widely acknowledged that the benefits of corporate governance reform could be substantial, systematic evidence on such reforms is scant. We both document and evaluate a contemporary corporate governance reform by constructing 18 measures of shareholder and creditor protection for...

We apply control rights theory to explain the structure and determinants of financial covenants in private equity backed leveraged buyouts. We analyze 130 German transactions from 2000 to 2008, covering about 40 percent of the LBO market during this period. We consider Germany to be a superior...

Dieses Diskussionspapier beleuchtet die PRME-Verpflichtung der Hochschule Pforzheim und die daraus resultierenden Probleme (Abschnitt 2) aus vier Perspektiven: der erkenntnistheoretischen (Abschnitt 3), der erfahrungswissenschaftlichen (Abschnitt 4), der juristischen (Abschnitt 5) und einer...

This paper seeks to expand on two topical strands in Government Finance and Political Science literature, rent-seeking and the soft-budget constraint, so as to bring forth a strong linkage with corporate governance environments. It will attempt to accomplish this task by setting up a distinctive...

This article proposes a theory of corporate transparency and its determinants. We show that under imperfect product market competition, the corporate transparency decision affects the value of equity and debt claims differently. We then embed this insight in a model of endogenous investor...

We argue that the recent corporate governance reform in the Netherlands provides a natural experiment to explore the impact of changes in corporate governance on financing policy. We find that, relative to a control sample of comparable firms outside the Netherlands, Dutch firms significantly...