This paper analyzes simultaneity and endogeneity of ERM and Corporate Governance. It assesses quantitative relationship between Corporate Governance, ERM and value of the firm. The research results provide quantitative justifications for the boards to make investments in ERM and Corporate...

The paper examines the impact of business group affiliation on cost of loans in an emerging market setting. It focuses on operational strategy, organizational structure and internationalization policies of business group firms and their impact on borrowing cost of affiliated firms. Bank loans...

This paper tests the hypothesis that the threat of a contested <p> takeover improves corporate performance. This is done by a cross-sectional <p> analysis of listed Danish firms with and without effective takeover defenses. <p> Takeover defenses adopted by Danish firms mainly consist of dual class <p>...</p></p></p></p>

The article studies how takeover defenses influence managerial <p> incentives with respect to long term investments, excess liquidity and the amount of <p> debt relative to equity. The article conducts a cross-sectional regression based on a <p> sample of Danish listed firms, dealing explicitly with the...</p></p></p>

We examine the impact of ownership structure on audit pricing, using number of Multiple Large Shareholders (MLS), in order to understand their monitoring and oversight function. Previous studies have focused exclusively on percentage holding as a measure of ownership structure with less than...

This paper examines the effect of ownership structure of a controlling shareholder on the financial constraints of non-financial firms in 22 economies for the 1982-2009 period. We find that the overinvestment propensity of a controlling shareholder becomes less severe with an increase in...

We study if a CEO's equity-based compensation affects the expected value generation in takeovers. When the objectives of management and shareholders are more aligned, as proxied by the use of equity-based compensation, more value-maximizing acquisitions are expected. Whereas in widely-held firms...

We study if a CEO's equity-based compensation affects the expected value generation in takeovers. When the objectives of management and shareholders are more aligned, as proxied by the use of equity-based compensation, more value-maximizing acquisitions are expected. Whereas in widely-held firms...

This paper examines the relation between investor protection and real earnings management. We build on the work of La Porta et al. (2000), who found that countries with different legal systems protect investors differently. Using a sample of more than 13,000 unique firms in over 54 countries,...

This paper investigates the determinants of capital structure for a sample of 13,070 small medium sized enterprises (SMEs) and 67,449 firm-year observations from Eastern European countries over the period 1994-2004. The use of a sample of SMEs in our analysis rather than large listed firms...