This study investigates the role of ownership and control structure of firms when determining their cash holdings and focuses mainly on the association between excess control rights and cash holdings. Using a sample of Taiwanese publicly listed companies from 1997 to 2009, this study shows that...

Pour une entreprise, le maintien d’une croissance soutenue pendant une longue période est délicat. Il suppose, outre des conditions de marché favorables, un pilotage du rythme de développement adapté aux contraintes financières.

We evaluate differences in investment behavior between stock market listed and privately held firms in the U.S. using a rich new data source on private firms. Listed firms invest less and are less responsive to changes in investment opportunities compared to observably similar, matched private...

Prior research has found that public firm investment rates are more sensitive than private firm investment rates to new investment opportunities. We confirm these findings and offer a new explanation for this result. Public and private firm investment sensitivities differ because the types of...

In transition countries, the real impact of banking crises has so far been rather moderate. We study the effect of bank insolvency on corporate incentives in a model where incumbent banks possess an informational advantage. We find that bank insolvency reduces the incentive to restructure for...

This paper examines how the corporate governance of the Japanese cotton spinning enterprise was formed in 20th century beginning. The establishment of the corporate governance which makes long-term growth possible has been thought to be reached by the rise of the professional manager who pursued...

In this study, we contribute to the ongoing research on the rationales for corporate diversification. Using plant-level data from the U.S. Census Bureau, we examine whether combining several lines of business in one entity leads to increased productive efficiency. Studying the direct effect of...

As increasingly obvious signs tell us that the natural environment is changing abruptly and, unfortunately, noticeably, the natural resources are increasingly depleted but have to support a growing population, strategies for the sustainable development of the society will have to be implemented,...

This paper proposes an explanation of merger waves based on the interaction between competitive pressure and irreversibility of mergers in an uncertain environment. A set of acquirers compete over time for scarce targets. At each point in time, an acquirer can either postpone a takeover attempt,...

We study advertising at the brand level in a sample of corporate acquisitions. New owners display an elevated propensity to sharply cut advertising in acquired brands. This behavior is most pronounced in private equity transactions. When a buyer's existing brands overlap with the acquired...