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The theory of the firm suggests that firms can respond to poor contract enforcement by vertically integrating their production process. The purpose of this paper is to examine whether firms' integration opportunities affect the way institutions determine international trade patterns. We find...
Persistent link: https://www.econbiz.de/10010320321
document which ought to be regarded as the mainstay of governance. In the first place, we show that an organization carries out … the Charter as a compact of regulatory and discretionary governance, comprised not only by the articles and certificate of … incorporation, but also internal bylaws of the organization, the Statute of Governance, the Code of Good Practices, and provisions …
Persistent link: https://www.econbiz.de/10010323077
This paper sets forth that governance brokerage can be regarded as a natural outgrowth of the actual practice of … Corporate Governance. To lay the foundations of our subject, firstly we delve into the dual nature of any transaction. Then we … move on to define what the expression governance broker means, underlining five professional arrangements from which …
Persistent link: https://www.econbiz.de/10010323122
The attention for the governance of financial sector supervisors is of a recent date. The debate has risen to the fore … governance debate. We first discuss the main premise of the paper, that regulatory governance plays a pivotal role in instilling … financial sector governance, which in turn is a key source of corporate governance in the nonfinancial sector (the governance …
Persistent link: https://www.econbiz.de/10011689931
This study analyzes the effect that banks' investments in corporate social responsibility (CSR) have on bank performance. I find that banks' investments in CSR have a positive impact on financial performance, measured in terms of both accounting performance and stock market value. However, not...
Persistent link: https://www.econbiz.de/10013200312
The paper examines the impact of business group affiliation on cost of loans in an emerging market setting. It focuses on operational strategy, organizational structure and internationalization policies of business group firms and their impact on borrowing cost of affiliated firms. Bank loans...
Persistent link: https://www.econbiz.de/10012611002
We show that U.S. banks price deposits almost uniformly across their branches and that this pricing practice is crucial to explain the deposit rate dynamics following bank mergers. We find a strong and sharp post-merger convergence between the deposit rates of the acquired branches and the...
Persistent link: https://www.econbiz.de/10012619616
This paper analyses the effects of scope expansion on the core activity of banks and provides a rationale for their interest in offering a wider product range. We show that scope economies may stem from moral hazard in the core business, and argue that a cost of scope expansion might be the...
Persistent link: https://www.econbiz.de/10005791861
This paper analyzes the consequences of bank diversification into fee-based businesses. Universal banks raise welfare by expanding the range of services available to entrepreneurs. However, because they may choose to rescue failed entrepreneurs in order to sell them fee-based financial services,...
Persistent link: https://www.econbiz.de/10005792170
Private equity buyouts have become a common element in the industrial development process. I survey the literature on the real economic effect of buyouts: employment, wages, productivity, and long-run investments. Employment tend to marginally fall after a buyout in most countries studied, with...
Persistent link: https://www.econbiz.de/10008548989