Existing literature on the evaluation of the economic consequences of board reforms has some limitations including: their estimation results fail to show the causal effects of the regulatory reforms; they have limited policy implications for an economy where family businesses are dominant; and...

This paper examines how outside directors facilitate corporate R&D investment in the face of family control and the discrepancy between share ownership and decision control. Our panel regression analysis of large Korean firms (1998 to 2005) shows that mere addition of a shareholder-oriented...

We examine stock market reactions to the announcement of outside director appointments in Taiwan. Our empirical findings indicate significantly positive reactions to such announcements, as cumulative abnormal returns reach 4.776 percent. We also find that abnormal returns are positive and higher...

Because a political crisis may negatively affect stock returns, it is important for investors to know which firms will be affected less adversely by such a crisis. This study shows that firms that are controlled by families or have high growth opportunities will experience larger declines in...

In this paper, using a unique dataset of joint-stock companies, we empirically examine the determinants of the choice and size of the collective executive board, a core element of the multi-tier board system of Russian firms. Our empirical evidence strongly suggests that the need of company...

Durch vermehrt aufgetretene Finanzskandale und Zusammenbrüche namhafter Unternehmen wurde in den letzten Jahren das Vertrauen der Anleger nachhaltig gestört. Um die Glaubwürdigkeit in die veröffentlichten Finanzinformationen und in die Sicherheit der unternehmerischen Überwachungsprozesse...

Mit der Weigerung, die Vergütung ihres Vorstandes einzeln offen zu legen, verstoßen vieler DAX-Unternehmen gegen eine Empfehlung des Deutschen Corporate Governance Kodex. Brigitte Zypries, Bundesjustizministerin, plädiert zwar für die Offenlegung der Vorstandsgehälter: "Damit Aktionäre ihr...

В статье рассматривается система управления корпорацией и ее ключевые элементы. Автор показал, что корпоративное управление и его качество находятся под...