The purpose of this paper is to examine whether enterprise unions in Japan have changed their attitude toward downsizing before and after 1997. Our empirical analysis reveals that the attitudes of enterprise unions toward downsizing have changed since 1997. Before 1997, firms with strong unions,...

This study examines the relationship between board structure and ownership structure for firms listed on the stock exchanges of twelve Sub-Saharan African countries, using data for the period 2006–2009. We find that ownership concentration, foreign ownership and managerial ownership are...

This paper aims to discover whether or not good corporate governance practices generate positive returns on the Lima Stock Exchange (LSE). The study examines two questions. First, does the announcement that a firm is in the good corporate governance index (GCGI) increase its stock price and...

This paper examines venture capital (VC) governance in innovation processes. The VC literature often presents the relationship between a VC firm and a start-up as dyadic and analyzes it with agency theory. In contrast, this paper deploys the resource interaction framework presented in Håkansson...

Private equity funds invest actively. According to the literature, their portfolio companies maintain superior transparency standards and corporate governance practices, such as keeping independent board members and hiring international auditing firms. Private equity funds require either a...

This brief introduction seeks to guide the reader through the best papers presented at the Strategic Management in Latin America Conference, held in Bogota, Colombia, in January 2011. These papers develop interesting insights for business scholars and practitioners, based on the analysis of...

This paper examines the evolution of corporate boards following a large performance decline. Over 40% of the original directors depart the board during the three years following underperformance. Measures of initial CEO influence over the board such as CEO ownership are associated with smaller...

Multiple blockholder structures are a widespread phenomenon in the U.S. The theoretical literature, however, provides conflicting predictions on whether a single large blockholder or a set of dispersed smaller blockholders is better for firm value. Using U.S. data, we find a negative correlation...

This paper investigates the effects on acquisitions of creditor-director presence on corporate boards. Using a hand-collected dataset for boards of large U.S. corporations, we find that companies with creditor-directors are more likely to engage in acquisitions with attributes that are...

A central issue in corporate governance research is the extent to which “good” governance practices are universal (one size mostly fits all) or instead depend on country and firm characteristics. We report evidence that supports the second view. We first conduct a case study of Brazil, in...