We investigate determinants of foreign ownership in newly privatized firms. We analyze data on privatized Czech firms to address two related general questions. First, what characteristics distinguish transition firms that attract a foreign investor? Second, how do firm-specific characteristics...

Significant increases in the level of target leverage have been previously documented, following unsuccessful takeover attempts. This increased leverage may signal managerial commitment to improved performance, suggesting that corporate performance and leverage should be positively related. If,...

A signaling argument has recently been developed whereby IPO underpricing is a signal of future firm value. Only higher quality firms can be expected to recover the cost of this signal through subsequent offerings of seasoned equities. This study uses three proxies for firm quality and finds...

Purpose: Because of our limited understanding of the incidence and effect of board busyness globally, the mixed evidence of the effect of board busyness obtained in the USA and the divergence of international patterns of director busyness from that observed in the USA, the author contends that...

The relationships between risk and performance were tested employing within and between analyses at the level of strategic groups in three different industries. As hypothesized, systematic risk did not exhibit a consistent relationship with performance. By contrast, all of the total...

We compare top management compensation among prospector, defender, and analyzer strategic types, and the effects of differences in managers' employment risks, firm performance, and firm size. Prospectors performed better and they paid their top management group more than did analyzers. They were...