Gewerkschaftsfusionen gelten als eine Erneuerungsstrategie und sind oft mit dem Ziel der Staerkung von Organisationsmacht verbunden. Dennoch ist wenig erforscht, wie sich Fusionen tatsaechlich auf beteiligte Gewerkschaften auswirken und wie sie zu deren Erneuerung beitragen koennen. Dieser...

This paper examines the relationship between family ownership and the quality of labor relations. We find that family ownership is more prevalent in countries in which labor relations are hostile, consistent with the notion that family firms are particularly effective at coping with difficult...

We examine the ex-ante performance of 1185 firms that filed for bankruptcy between 1992 and 2009. Evidence suggests that firm specific poor operating performance and industry wide distress are the principal causes (contributing 42% each for cash flow shortfall) of corporate distress. We observe...

This study is dedicated to an important aspect of the long-run performance of firms, namely their survival under rapidly changing conditions in a transition economy. The analysis is focused on the question of whether privatization and ownership structure have affected the likelihood of...

In this cross-country analysis, we find evidence of a positive relation between creditor rights and the level of corporate cash holdings. In addition, we find that the excess cash motivated by creditor rights has a significant negative impact on firm value. These relationships, however, are...

Private equity, hedge funds, sovereign wealth funds and other private pools of capital form part of the growing shadow banking system in the United States; these new financial intermediaries provide an alternative investment mechanism to the traditional banking system. Private equity and hedge...

Pour une entreprise, le maintien d’une croissance soutenue pendant une longue période est délicat. Il suppose, outre des conditions de marché favorables, un pilotage du rythme de développement adapté aux contraintes financières.

The instrument to be applied in order to raise net circulating capital is stepped coupon bonds, a novel solution non-existent on the Polish market. Restructuring factoring applied sporadically in Poland and Germany is an instrument reducing the demand for the corporate net circulating capital....

This article analyzes the manifold situations in which the efficient-market hypothesis (EMH) has influenced—or has failed to influence—federal securities regulation and state corporate law, and the prospective roles for the EMH in these contexts. In federal securities regulation, the EMH has...

We analyze the link between creditor rights and firms' investment policies, proposing that stronger creditor rights in bankruptcy reduce corporate risk-taking. In cross-country analysis, we find that stronger creditor rights induce greater propensity of firms to engage in diversifying...