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This paper explores the potential role of anti-takeover provisions (ATPs) in long-term value creation. Using multiple research designs, we find that long-term focused (innovative) firms benefit from takeover protection. We also find that the protected innovative firms are less likely to engage...
Persistent link: https://www.econbiz.de/10013049867
Persistent link: https://www.econbiz.de/10011570425
Can corporate governance ratings reduce problems of asymmetric information between companies and investors? To answer this question, we set out to examine the information basis for providing such ratings by reviewing corporate governance attributes that are required or recommended in laws,...
Persistent link: https://www.econbiz.de/10010469303
' current income (dividends) is moderated by technical efficiency (te) and profitability. The study employs econometrics on … this study, a company's dividend policy is influenced by its TD levels, which are controlled by its efficiency and … profitability, efficiency, and dividend distribution choices to ascertain whether the companies' operating effectiveness and …
Persistent link: https://www.econbiz.de/10014485338
background of two concepts of performance evaluation – the terms efficiency and productivity, and empirically, the performance …
Persistent link: https://www.econbiz.de/10012178843
Focusing on an environment where ownership concentration is prevalent and where sustainability disclosure is not a new phenomenon, we show that communication via social responsibility reporting has a positive effect on earnings informativeness. Moreover, this positive effect is greater as the...
Persistent link: https://www.econbiz.de/10013048696
There are several measures of equity compensation that may provide shareholders with distinct and useful information for evaluating CEO pay. We examine whether shareholders consider additional disclosures of equity compensation measures beyond the grant date fair value when participating in...
Persistent link: https://www.econbiz.de/10012903909
This study investigates the relation between corporate governance and disclosure quality in a context of principal-principal conflicts and poor investor protection. Overall, the empirical results suggest that minority expropriation risk harms disclosure quality. Specifically, we find that...
Persistent link: https://www.econbiz.de/10013058949
Being able to separate temporary global macroeconomic influences - caused by fluctuations in exchange rates, interest rates and inflation - from intrinsic performance - related to a superior product, production process or management - is crucial to the assessment of the development of a firm’s...
Persistent link: https://www.econbiz.de/10011952135
Agency conflicts between investors are particularly severe in the presence of high family and block-holder ownership. By focusing on a setting characterised by high ownership concentration, we study the role of independent directors in promoting transparency through increased disclosure. In our...
Persistent link: https://www.econbiz.de/10013045164