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Do Blockholder Incentives Matter? Evidence from Firm Innovation

Chang, Chinghung (Henry) - 2018

We examine whether institutional investors with short-term incentives affect firms' innovation performance. We find … innovation performance, as measured by patents and citations. To address potential endogeneity, we exploit the positive liquidity … concentrated short-term investors are less likely to engage in explorative innovation. We nevertheless also find that the negative …

Persistent link: https://www.econbiz.de/10012908541

Strategic role of corporate transparency : the case of Ukrainian agroholdings : special issue: agroholdings and mega-farms in a global context

Gagalyuk, Taras - 2017 - Received: 26 February 2016, accepted: 17 November 2016

The paper argues that transparency of large corporate farms operating in transition economies is the factor that affects their competitive position as it helps to preserve access to international equity markets and to reduce uncertainty that arises from imperfect local input markets. We...

Persistent link: https://www.econbiz.de/10011714760

Performance benefits of tight control

Gill, Andrej; Visnjic, Nikolai - 2013

This study investigates the transition from being a listed company with a dispersed ownership structure to being a privately held company with a concentrated ownership structure. We consider a sample of private equity backed portfolio companies to evaluate the consequences of the corporate...

Persistent link: https://www.econbiz.de/10010225758

Private equity, corporate governance and out-performance of high-growth firms

Badunenko, Oleg; Karber, Moritz Fabien; Schäfer, Dorothea - 2010

The paper investigates how Private Equity (PE) ownership influences out-performance of a high-growth firm, and whether it differs from the effect of two other important types of financial investors: banks and non-bank financial firms. We transform the levered return on equity into a unlevered...

Persistent link: https://www.econbiz.de/10011389270

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

Index Fund and ETF Ownership and the German Market for Corporate Control

Dobmeier, Ludwig - 2019

If a bidder launches a takeover offer for a listed company being part of a stock market index, then index funds and exchange traded funds (ETF) as shareholders of this company cannot easily tender their shares without losing track of the index. This paper analyzes the impact of index fund and...

Persistent link: https://www.econbiz.de/10012864050

Monitoring Managers : Does it Matter?

Cornelli, Francesca - 2015

We study how well-incentivized boards monitor CEOs and whether such monitoring improves performance. Using unique, detailed data on boards' information sets and decisions for a large sample of private-equity-backed firms, we find that gathering information helps boards learn about CEO ability....

Persistent link: https://www.econbiz.de/10013037409

Monitoring Managers : Does it Matter?

Cornelli, Francesca - 2015

Persistent link: https://www.econbiz.de/10013038891

Monitoring Managers : Does it Matter?

Cornelli, Francesca - 2018

We study how well-incentivized boards monitor CEOs and whether such monitoring improves performance. Using unique, detailed data on boards' information sets and decisions for a large sample of private-equitybacked firms, we find that gathering information helps boards learn about CEO ability....

Persistent link: https://www.econbiz.de/10012940695

Government Ownership and Venture Capital in China

Suchard, Jo-Ann; Humphery-Jenner, Mark; Cao, Xiaping - 2021

China’s venture capital (VC) market features significant government ownership of VCs. We examine the impact of government-owned VCs on the exit success of entrepreneurial firms. We distinguish between types of government VC according to the degree of government ownership (whole versus partial)...

Persistent link: https://www.econbiz.de/10013231393

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