This study evaluates the link between CEO governance heterogeneity, power structure of the firm, and product market … competition on various facets of post-IPO cash policy. Our results suggest that post-IPO cash holdings as well as marginal value … of cash reserves are higher under a founder CEO governance regime relative to non-founder CEOs. Concentrating board power …

This study investigates whether corporate governance can discipline opportunistic earnings management during IPO … process and thus enhance long-run stock returns. Using a sample of IPOs in Taiwan, the study shows that there is a negative …. Most importantly, the results of the study demonstrate that corporate governance can deter the abuse of accounting …

This paper analyses the evolution of ownership and control in German and UK IPOs. In a first stage we try to explain … why the pre-IPO shareholders of some firms sell out whereas those of other firms do not. German IPOs are matched by size … with UK IPOs to obtain a first sample and matched by industry to obtain a second sample. Ownership and control for both …

improving corporate governance would help unlock corporate savings. The main policy implication of our analysis is that … comprehensive corporate governance reform should be a key component of Japan’s growth strategy. …

an economy with weak investor protection (Taiwan). Product market competition can substitute for governance mechanisms …. Product market competition alleviates the effects of agency conflicts and corporate governance practices on dividend policies. …We examine the link between the intensity of product market competition and the dividend models of agency conflicts in …

governance, while firms in non-competitive industries--where lack of competitive pressure fails to enforce discipline on managers …--should benefit relatively more. Whether we look at the effects of governance on long-horizon stock returns, firm value, or operating … performance, we consistently find the same pattern: The effect is monotonic in the degree of competition, it is small and …

force behind governance transparency is product market competition. Tougher competition leads to more firms competing for …This paper analyzes the determinants of governance transparency. In our model, entrepreneurs optimally decide the …

collection. Under strategic competition, transparency results in higher variability of profits and output. Thus lenders prefer …

By reducing the fear of a hostile takeover, business combination (BC) laws weaken corporate governance and create more … consistent with the general notion that competition mitigates managerial agency problems, our results are, in particular … competitive industries. When we examine which agency problem competition mitigates, we find evidence consistent with a “quiet …

product markets. Disclosure rules aimed at improving transparency in corporate governance or network-based credit markets can …