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We study the role of corporate governance in abnormal returns around announcements of seasoned equity offerings (SEOs) by publicly traded U. S. firms from 2001 - 2004. We find that investors react more positively for firms in which different people hold the CEO and board chairman positions. We...
Persistent link: https://www.econbiz.de/10009458997
Enterprise risk management (ERM) has emerged as a new paradigm for managing the portfolio of risks that face organizations, and policy makers continue to focus on mechanisms to improve corporate governance and risk management. Despite these developments, there is little research on factors...
Persistent link: https://www.econbiz.de/10009459108
This dissertation examines how a fundamental group decision-making bias referred to as group polarization may influence boards’ major strategic decisions (i.e. acquisition premiums, executive compensation, and diversification) and the diffusion of practices through interlock networks. I begin...
Persistent link: https://www.econbiz.de/10009476655
This study examines the association between external audit fees, and board and audit committee characteristics of 736 Malaysian listed firms. It is hypothesised that good corporate governance practices reduce auditors' risk assessments, resulting in lower audit fees. Drawing on the existence of...
Persistent link: https://www.econbiz.de/10009441721
The initial view of the advantages of ownership concentration in joint stock companies was determined by the concern about the opportunistic managerial behavior. The growing importance of knowledge and human capital in the operation of firms shifts the focus of concern: excessive ownership...
Persistent link: https://www.econbiz.de/10009476880
This dissertation consists of three essays examining the relation between corporate governance and firm performance. The theme of this study is that the widely documented long-term underperformance in equity carve-outs can be partly explained by weak corporate governance. The first essay...
Persistent link: https://www.econbiz.de/10009451104
performance. On the one hand, concentration of ownership that, in turn, concentrates management control in the hands of a strategic investor, eliminates agency problems associated with dispersed ownership. On the other hand, it may lead to entrenchment of upper management which may be...
Persistent link: https://www.econbiz.de/10009477189
back on the enterprise sector, as the state can no longer support the institutions necessary for the effective functioning …
Persistent link: https://www.econbiz.de/10009477529
of the reason may be related to the interaction between weak institutions and trade. In particular, I construct a model … in which trade opening in societies with weak institutions (in particular autocratic and elite-controlled political …
Persistent link: https://www.econbiz.de/10012530145
This paper investigates the influence of managerial entrenchment on private placements by examining the firm's decision to appoint representatives of the private investors to the board without shareholder approval. By analyzing a sample of U.S. firms that appoint directors in combination with...
Persistent link: https://www.econbiz.de/10009484532