This paper argues that imperfect corporate control is a determinant of market structure. We integrate a widely accepted version of the separation of ownership and control -- Jensen's (1986) 'empire-building' hypothesis -- into a dynamic oligopoly model. Our main observation is that, due to...

We investigate the relationship between a company's dividend strategy and its risk of takeover. Our results from a large panel of UK quoted companies suggest that higher dividend payments are associated with a significantly lower conditional probability (hazard) of takeover. Moreover, firms...

Parting from a pragmatic constructivist epistemological paradigm, and based on a qualitative methodology, this abductive research explores the strategic management control of inter-organisational relationships (IORs) in civil aerospace. Based on both participating observation and specific case...

In this paper we extend the corporate governance literature by combining stakeholder and strategic contingency theories to provide an explanation of how owners influence the financial performance of firms. We hypothesize that ownership influences financial performance through three other...

The mergers and acquisitions (M&As) have evolved as most used and successful strategy of corporate restructuring. In last 20 years, India has registered increase both in terms of value of deals and number of deals. An applied research is being initiated in this area with the help of descriptive...

This research considers the strategies on the initial public offering of company equity at the stock exchanges in the imperfect highly volatile global capital markets with the nonlinearities. We provide the IPO definition and compare the initial listing requirements on the various markets. We...

הקפיטליזם שולט בעולם. דיונים סוערים מתנהלים בין המלומדים הממסדיים לבין "הביקורתיים" על טיבו של הקפיטליזם הגלובלי. הבעיה היא שטיבו של המוסד המרכזי בקפיטליזם -- ההון...

This study assesses the impact of the single market program (SMP) and the European monetary union (EMU) on the German banking sector. As a main result, the introduction of the EMU can be assessed as more important for the German banking system than the SMP because of the relative liberal...

Banks continue to differ in many ways, for instance with respect to business models, growth strategies, or financial health. Neglecting these differences confuses inefficiency with heterogeneity while sub-sample estimation prohibits efficiency comparisons across different samples. We use a...