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We argue in favor of the shareholder model of the firm for three main reasons. First, serving multiple stakeholders leads to ill-defined property rights. What sounds like a fair compromise between stakeholders can easily evolve in a permanent struggle about the ultimate goal of the company....
Persistent link: https://www.econbiz.de/10010276828
I show that ownership by blockholding and board composition is an important determinant of corporate debt maturity … link with insider ownership is non-linear. …
Persistent link: https://www.econbiz.de/10010277921
blockholders, often in the form of individuals, family groups, other corporations, or lending institutions are the dominant players … institutional ownership and activism in the United States and other countries. We also discuss studies of the efficacy of such … activism. We then examine differences in ownership structures around the world and the implications of the interactions of …
Persistent link: https://www.econbiz.de/10010279069
The German corporate governance system has long been cited as the standard example of an insider-controlled and stakeholder-oriented system. We argue that despite important reforms and substantial changes of individual elements of the German corporate governance system the main characteristics...
Persistent link: https://www.econbiz.de/10010316087
This research paper brings forward a non-standard convertible zero-coupon bond endowed with a set of distinctive features attached to it so as to strengthen the corporate governance of the issuer, namely that conversion actually takes place at maturity date only; that conversion is mandatory; it...
Persistent link: https://www.econbiz.de/10010323155
We allow the preference of a political majority to determine boththe corporate governance structure and the division of profits betweenhuman and financial capital. In a democratic society where financialwealth is concentrated, a political majority may prefer to restraingovernance by dispersed...
Persistent link: https://www.econbiz.de/10010325240
We argue in favour of the shareholder model of the firm for three main reasons. First, serving multiple stakeholders leads to ill-defined property rights. What sounds like a fair compromise between stakeholders can easily evolve in a permanent struggle between the stakeholders about the ultimate...
Persistent link: https://www.econbiz.de/10010325305
This study examines the impact of creditor rights on cash holdings using a sample of firms from 48 countries. We argue that creditor rights affect the willingness of lenders to provide credit, which in turn affects the need for internal liquidity and cash holdings. Consistent with this, we find...
Persistent link: https://www.econbiz.de/10010500217
the lack of separation of ownership and control and insufficient diversification of family-investors are said to lead to … in legal structure, size, age, industry, and - most importantly - in the degree of family ownership, family management … and family control. The results of our analysis reveals differentiated results. Fundamentally, family ownership and family …
Persistent link: https://www.econbiz.de/10010308799
competition is weak and public pension fund ownership is low as well. By contrast, when industry competition is intense and …/or public pension fund ownership is high, ATPs do not hurt bidder returns. Conclusions: The complementarity among ATPs, excess … cash, industry competition, and public pension fund ownership suggests that ATPs per se do not necessarily result in value …
Persistent link: https://www.econbiz.de/10011541234