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Stakeholders vs. shareholders in corporate governance

Chilosi, Alberto; Damiani, Mirella - Volkswirtschaftliche Fakultät, … - 2007

The paper is divided in two coordinate parts. The first considers in general the issue of stockholders vs. stakeholders oriented governance systems and their relative merits and demerits. The second part deals specifically with the issue of the principal-agent problem in a stakeholder context.

Persistent link: https://www.econbiz.de/10005837450

Law and Equity Markets: a Simple Model

Lombardo, Davide; Pagano, Marco - Centro Studi di Economia e Finanza (CSEF)

considered and on the degree of international stock market segmentation. The model is useful to interpret the results of recent …We analyze how the law and its enforcement affect equity market equilibrium. Improvements in the legal system, while …

Persistent link: https://www.econbiz.de/10005839176

Corporate Fraud, Governance and Auditing

Immordino, Giovanni; Pagano, Marco - Centro Studi di Economia e Finanza (CSEF) - 2008

We analyze corporate fraud in a model where managers have superior information but, due to private benefits from empire …

Persistent link: https://www.econbiz.de/10005839199

The Adoption of a Code of Best Practice: Incentive Implications.

Alonso-Paulí, Eduard - Departamento de Economía, Universidad Pablo de Olavide - 2007

We study the incentives induced by the adoption of a Code of Best Practice. Using an agency model, we analyze whether …

Persistent link: https://www.econbiz.de/10005762873

A Revealed Preference Approach. To Understanding Corporate Governance Problems: Evidence From Canada

Chirinko, Robert S.; Schaller, Huntley - Department of Economics and Finance Research and … - 2003

use actual investment decisions to measure the gap between the manager’s effective discount rate and the market rate. Our … governance problems to these institutional control mechanisms. For the firms most likely to be affected by the agency problems … highlighted by Jensen (1986), estimated discount rates are 350-400 basis points less than the market rate, supporting the Free …

Persistent link: https://www.econbiz.de/10005764206

The Role of Law in China's Economic Development

Clarke, Donald; Murrell, Peter; Whiting, Susan - University of Maryland, Department of Economics - 2006

This paper surveys China's legal system in the economic reform era. We analyze the role of law in the economy, assessing whether China's formal legal system contributed to those expectations of stable and predictable rights of property and contract that are prerequisites for growth. The paper...

Persistent link: https://www.econbiz.de/10005764510

Financing High-Tech Growth: The Role of Debt or Equity

Audretsch, David B.; Lehmann, Erik E. - Max-Planck-Institut für Ökonomik, Max-Planck-Gesellschaft - 2004

Using a data set of the firms listed on the Neuer Markt in Germany, this paper demonstrates that venture backed firms differ from firms with other financial resources, especially debt. Thus, the results of this study provide evidence for the hypothesis that small and innovative firms are more...

Persistent link: https://www.econbiz.de/10005765249

The Effects of Experience, Ownership, and Knowledge on IPO Survival: Empirical Evidence from Germany

Audretsch, David B.; Lehmann, Erik E. - Max-Planck-Institut für Ökonomik, Max-Planck-Gesellschaft - 2004

We study the implications of ownership and its induced incentives on firm survival on the stock market for young and …

Persistent link: https://www.econbiz.de/10005765285

A Revealed Preference Approach to Understanding Corporate Governance Problems: Evidence from Canada

Chirinko, Robert S.; Schaller, Huntley - CESifo - 2002

less than the market rate by 350-400 basis points. This wedge is reduced for firms with a concentrated ownership structure …

Persistent link: https://www.econbiz.de/10005765749

Ownership Concentration, Monitoring and Optimal Board Structure

Graziano, Clara; Luporini, Annalisa - CESifo - 2005

The paper analyzes the optimal structure of the board of directors in a firm with a large shareholder sitting on the board. In a one-tier structure the sole board performs all tasks, while in a two-tier structure the management board is in charge of project selection and the supervisory board is...

Persistent link: https://www.econbiz.de/10005765820