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Managerial Entrenchment and Capital Structure : The Effect of Diversification
Ji, Shuangshuang - 2018
This paper empirically examines how diversification influences the relation between corporate governance and capital … robust to different measures of leverage, diversification, and governance, and continue to hold when we correct for selection … bias and account for the joint endogeneity of leverage, diversification, and governance. Our evidence shows that the …
Persistent link: https://www.econbiz.de/10012906856
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Agency conflicts around the world
Morellec, Erwan; Nikolov, Boris; Schürhoff, Norman - 2015
We use a dynamic model of financing decisions to measure agency conflicts for a large panel of 12,652 firms from 14 countries. Our estimates show that agency conflicts are large and vary significantly across firms and countries. Differences in agency conflicts are largely due to differences in...
Persistent link: https://www.econbiz.de/10011410744
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On the relevance of ownership structure in determining the maturity of debt
Marchica, Maria (contributor) - 2008
I show that ownership by blockholding and board composition is an important determinant of corporate debt maturity structure. Using GMM methodology to control for the potential endogeneity of all regressors, I find a statistically and economically significant negative relation between shortterm...
Persistent link: https://www.econbiz.de/10003732470
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Structure and determinants of financial covenants in leveraged buyouts - evidence from an economy with strong creditor rights
Achleitner, Ann-Kristin; Braun, Reiner; Tappeiner, Florian - 2009
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...
Persistent link: https://www.econbiz.de/10003919605
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Capital structure decisions in family firms : empirical evidence from a bank-based economy
Ampenberger, Markus; Schmid, Thomas; Achleitner, Ann-Kristin - 2009
This study examines how family firm characteristics affect capital structure decisions. In our analysis we disentangle the influence of three distinct components of a family firm: ownership, supervisory and management board activities by the founding family. Thereby, we use a unique panel...
Persistent link: https://www.econbiz.de/10003858192
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Corporate governance and leverage : evidence from a natural experiment
Arping, Stefan; Sautner, Zacharias - 2009
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...
Persistent link: https://www.econbiz.de/10011380020
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Who cares? : corporate governance in today's equity markets
Isaksson, Mats; Çelik, Serdar - 2013
There are two main sources of confusion in the public corporate governance debate. One is the confusion about the role of public policy intervention. The other is a lack of empirical knowledge about the corporate landscape where rules are supposed to be implemented and the functioning of...
Persistent link: https://www.econbiz.de/10009775539
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Determinants of acquisition and failure : stylized facts and lessons for empirical studies
Köke, F. Jens - 2001
This study provides new stylized facts on the determinants of corporate failure and acquisition in Germany. It also offers important lessons for the design of empirical studies. We show that firms experiencing failure or acquisition are significantly different from surviving firms on a number of...
Persistent link: https://www.econbiz.de/10011446202
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Private Equity Financial Bubble? Value Creation, Financial Leverage and Corporate Governance
Harbula, Péter - 2011
This article aims to analyze the evolution of private equity over the last decade in terms of valuation (asset prices), determinants of private equity returns and the role that leverage and corporate governance plays in the success of private equity. The years 2005-2007 were characterized by a...
Persistent link: https://www.econbiz.de/10013120690
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Operating Performance, Valuation, Leverage, and Corporate Governance of Leveraged Buy-Out Transactions : A Continental European Perspective
Harbula, Péter - 2011
This article aims to analyse the evolution over the recent years of LBO funds, in terms of valuation (asset prices) and the role that leverage and corporate governance played in its evolution.Leverage is one of the positive factors that is supposed to contribute to the success of private equity,...
Persistent link: https://www.econbiz.de/10013123032