This paper studies how the main institutional factors characterizing corporate governance systems around the world affect the relationship between ownership structure and firm value. Our study gives rise to the following findings. First, ownership concentration and insider ownership levels are...

This paper proposes a new empirical approach that allows us to appropriately control for the non-linearities of ownership with respect to firm value when analysing how managerial entrenchment and expropriation affect the relations among control mechanisms. Unlike findings in previous US-based...

In this paper we investigate the relationship between ownership structure and value in Spanish firms. We therefore provide new evidence on this relation, since the Spanish corporate governance system differs from the ones considered in previous theoretical and empirical research. According to...

In this paper we develop a methodology complementing event studies in order to analyse the relationship between investment and firm value. The results of our model using panel data show a relationship between the two variables that is direct but inversely proportional. In addition, the empirical...

This paper suggests a two-stage methodology to classify firms as financially constrained or unconstrained. First, we develop a financial constraints model that objectively separates over 50% of all firms, and enables us to classify the remaining firms by using logit analysis. Our methodology...

This paper analyzes the firm characteristics which are determinants of capital structure, according to different explanatory theories, and how institutional characteristics affect capital structure. We have developed a target adjustment model, which has then been confirmed by our empirical...