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In a world where corporate boards are not required by law, I identify a governance and a distribute motive for board … interpretation of strategic board establishment, I find little effect of the presence of boards on performance. I conclude that both … motives are significant and discuss related corporate governance implications. …
Persistent link: https://www.econbiz.de/10005419448
considering the global financial crisis as an exogenous shock. The descriptive statistics suggests a comparability of boards … that suggests effective governance in funding allocation to R&D. …
Persistent link: https://www.econbiz.de/10011988740
considering the global financial crisis as an exogenous shock. The descriptive statistics suggests a comparability of boards … that suggests effective governance in funding allocation to R&D. …
Persistent link: https://www.econbiz.de/10012657435
considering the global financial crisis as an exogenous shock. The descriptive statistics suggests a comparability of boards … that suggests effective governance in funding allocation to R&D. …
Persistent link: https://www.econbiz.de/10011878394
considering the global financial crisis as an exogenous shock. The descriptive statistics suggests a comparability of boards … that suggests effective governance in funding allocation to R&D. …
Persistent link: https://www.econbiz.de/10011880631
The representation of women in top corporate officer positions is steadily increasing. However, little is known about the impact this will have. A large literature documents that women are different from men in their choices and in their preferences, but most of this literature relies on samples...
Persistent link: https://www.econbiz.de/10005015549
corporate boards. We find that after a new gender balance law surprisingly stipulated that the firm must be liquidated unless at … balance may produce firms with inefficient organizational forms or inefficient boards. …
Persistent link: https://www.econbiz.de/10011052916
The industrial organization of developing countries is characterized by the pervasive use of subcontracting arrangements among small, financially constrained firms. This paper asks whether vertical integration relaxes those financial constraints. It shows that vertical integration trades off the...
Persistent link: https://www.econbiz.de/10010279622
This paper develops a novel theory of capital mis-allocation within firms that stems from managers’ empire building and informational frictions within the organization. Introducing an internal capital market into a two-factor model of multi-segment firms, we show that international competition...
Persistent link: https://www.econbiz.de/10012799726
In continental Europe, banks are more and more replaced by non-bank institutional investors in the financing and control of firms. This must not imply a shift to arm's length finance, if these institutional investors develop relationships with firms similar to the traditional longterm bank-firm...
Persistent link: https://www.econbiz.de/10010319246