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Innovationsverhalten in Familienunternehmen
Hülsbeck, Marcel; Lehmann, Erik; Weiß, Dominik; … - 2011
. -- Familienunternehmen ; Corporate Governance ; Performance ; Innovation … to less innovation activity. In this study we investigate the innovation activity of 436 German manufacturing firms … management are detrimental to firm innovation, at the same time family control has a positive impact on innovation activities …
Persistent link: https://www.econbiz.de/10009514503
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Firms' innovation strategy under the shadow of analyst coverage
Guo, Bing; Pérez-Castrillo, J. David; Toldra, Anna - 2017
We study the effect of analyst coverage on firms' innovation strategy and outcome. By considering three different … negative effect becomes not significant when firms' in-house R&D spending and external innovation channels are taken into … account. We find that more financial analysts encourage firms to make more efficient investments related to innovation, which …
Persistent link: https://www.econbiz.de/10011688059
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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
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Venture capital exit rights
Bienz, Carsten; Walz, Uwe - 2008
Theorists argue that exit rights can mitigate hold-up problems in venture capital. Using a hand-collected data-set of venture capital contracts from Germany we show that exit rights are included more frequently in venture capital contracts when a hold-up problem associated with the venture...
Persistent link: https://www.econbiz.de/10003864098
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Governance und Vertragsstrukturen in der deutschen VC Industrie : eine empirische Einschätzung
Bienz, Carsten; Hirsch, Julia; Walz, Uwe - 2008
Diese Arbeit analysiert die wesentlichen Elemente der Vertragsstrukturen in der Venture Capital-Industrie. Aufbauend auf einem sehr umfangreichen und detaillierten Datensatz, der die Verträge zwischen Venture Capital-Investoren und deren Portfoliounternehmen abbildet, werden die Kontroll-,...
Persistent link: https://www.econbiz.de/10003864100
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Monitoring managers : does it matter?
Cornelli, Francesca; Kominek, Zbigniew; Ljungqvist, … - 2010
This paper investigates under what circumstances boards of directors fire CEOs and whether this action leads to better firm performance. We use unique and detailed data, covering 473 companies in the transition region, on boards’ actions, expectations and beliefs about CEO ability. We find...
Persistent link: https://www.econbiz.de/10003916269
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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
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Monitoring managers : does it matter?
Cornelli, Francesca; Kominek, Zbigniew; Ljungqvist, … - 2010
We test under what circumstances boards discipline managers and whether such interventions improve performance. We exploit exogenous variation due to the staggered adoption of corporate governance laws in formerly Communist countries coupled with detailed ‘hard’ information about the...
Persistent link: https://www.econbiz.de/10008702077
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Insight private equity
Gill, Andrej; Visnjic, Nikolai - 2013
We are able to shed light on the black box of restructuring tools private equity investors use to improve the operational performance of their portfolio companies. By building on previous work considering performance evaluation of PE backed companies, we analyze whether private equity improves...
Persistent link: https://www.econbiz.de/10010225798
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Entrepreneurial spawning : experience, education, and exit
Cumming, Douglas J.; Walz, Uwe; Werth, Jochen - 2016
We investigate the career dynamics of high-tech entrepreneurs by analyzing the exit choice of entrepreneurs: to act as a business angel, to found another firm, or to become dependently employed. Our detailed data from CrunchBase indicate that founders are more likely to stick with...
Persistent link: https://www.econbiz.de/10011539856