Theoretically, corporate restructuring is meant to remove firms' operating and financial constraints and improve firms performance. However, corporate restructuring announcement might be interpreted differently by the market. Using event-study method, this study examines the impact of corporate...

We examine how employee layoffs, an action that lowers a firm's social performance, affect stakeholders' wealth and contract terms. We find that although layoff-performance sensitivity is similar between firms with high and low corporate social responsibility (CSR) performance, high CSR firms'...

This paper examines the interaction effects of restructuring activities for a sample of Australian firms experiencing significant declines in operating performance. Our sample firms respond to performance shocks with both financial and corporate restructuring and they achieve significant...

Does state ownership breed risk-taking behavior in commercial banks? This paper examines this issue using a panel of Chinese banks. We find that state-ownership is in general associated with higher risks. In addition, we find that banks controlled by the central government have the highest...

Using a sample of 1470 cross-border mergers and acquisitions from 1997 through 2011, it finds two distinctive features of the financial market in China. First, better investor protection mechanisms at target countries, such as better law and order conditions, lower public sector corruption and...

This paper analyses the causes of managerial change and the impact of different reforms on firm performance, using survey data from 300 Ukrainian firms. The main findings are: 1) ownership and competition are linked to managerial change: de novo firms but also privatised firms experienced less...