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Gains to Australian Shareholders from Perturbations in Corporate Financial Policy.
Benge, M. - College of Business and Economics, Australian National … - 1999
Benge (1997) examined the effects of the Australian full imputation company tax system and capital gains tax provisions on dividend policy and financial policy for an optimizing firm. However, there has been no attempt to quantify the financial policy biases that were identified in the earlier...
Persistent link: https://www.econbiz.de/10010876550
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Tunnelling.
Johnson, S.; La Porta, R.; Lopez-de-Silanes, F.; … - Harvard Institute of Economic Research (HIER), … - 2000
shareholders. We describe the various forms that tunnelling can take, and examine under what circumstances it is legal. We discuss …
Persistent link: https://www.econbiz.de/10005245608
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Corporate Governance Structures, Control and Performance in European Markets: a Tale of Two Systems.
Crama, Y.; Leruth, L.; Renneboog, L.; Urbain, J.-P. - CentER for Economic Research, Universiteit van Tilburg - 1999
Traditionally share price returns and their variance have been explained by factors linked to the operations of the company such as systematic risk, corporate size and P/E ratios or by factors related to the influence of the macro-economic environment. In these models, the institutional...
Persistent link: https://www.econbiz.de/10005775456
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Share Ownership and the Alignment of Stakeholder's Interests in French Large Companies.
Alcouffe, A.; Alcouffe, C. - Laboratoire Interdisciplinaire de recherche sur les … - 1999
There is very few reliable data on French executive compensations, but compiling all recent disclosures, we find consistent hints proving that stock options are a big issue in this framework. In order to explain how stock option plans arrived to play so important part in executive compensation,...
Persistent link: https://www.econbiz.de/10005630587
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Large Shareholder Activism in Corporate Governance in Emerging Economies: Evidence from India.
Sarkar, J.; Sarkar, S. - Indira Gandhi Institute of Development Research (IGIDR) - 1999
This paper provides evidence on the role of large shareholders in monitoring company value from a developing country …
Persistent link: https://www.econbiz.de/10005474671
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Shareholding Cascades: the Separation of Ownership and Control in Belgium.
Becht, M.; Chapelle, A.; Renneboog, L. - CentER for Economic Research, Universiteit van Tilburg - 1999
This paper analyses the control of Belgian listed companies.The analysis reveals that control of listed companies in Belgium is highly concentrated . Business groups, holding companies, and voting pacts, play an important role in bringing about this concentration.The main characteristics of the...
Persistent link: https://www.econbiz.de/10005660457
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The effect of corporate taxation and ownership on raising shareholder capital
Krämer, Robert; Lipatov, Vilen - 2013
We analyze how interactions between corporate taxation and corporate governance affect shareholder capital. Using a … model with strategic interaction between managers and outside shareholders, we hypothesize that, while an increase in the …
Persistent link: https://www.econbiz.de/10010199748
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Blockholder Power, Shareholder Conflicts and Legal Protection : Evidence from Tax Preferences and Payout Decisions
Kaserer, Christoph - 2014
Tax codes regularly create conflicts of interests between small and large shareholders with respect to the payout … shareholders. Based on an extensive data set covering 3,944 European firms over the 1999-2008 period, we find that payout behavior … preferences of minority shareholders are more likely to be partially reflected in the payout decision. Our results are stable …
Persistent link: https://www.econbiz.de/10013066380
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The Effect of Corporate Taxation and Ownership on Raising Shareholder Capital
Krämer, Robert - 2013
We analyze how interactions between corporate taxation and corporate governance affect shareholder capital. Using a … model with strategic interaction between managers and outside shareholders, we hypothesize that, while an increase in the …
Persistent link: https://www.econbiz.de/10013073608
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Tax Incentive Heterogeneity Between Shareholders, Voting Rights Power, and Capital Structure
Babbel, Michael - 2018
Using a sample of public European firms and a multitude of shifts in cross-country taxation data, we examine the … influence of individual shareholders' tax incentives on capital structure. We find that the largest shareholder's tax incentive … incrementally relevant for leverage. However, tax incentive heterogeneity between shareholders reduces the positive influence of the …
Persistent link: https://www.econbiz.de/10012908530