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Bank consolidation is a global phenomenon that may enhance stakeholders value if managers do not sacrifice value to build empires. We find strong evidence of managerial entrenchment at U.S. bank holding companies that have higher levels of managerial ownership, better growth opportunities,...
Persistent link: https://www.econbiz.de/10012706335
Policies that spur more efficient corporate restructuring can revive productivity growth by targeting three inter-related sources of labour productivity weakness: the survival of “zombie” firms (low productivity firms that would typically exit in a competitive market), capital misallocation...
Persistent link: https://www.econbiz.de/10011779088
The conventional view is that capital requirements, those intended to reduce bank risks, can have a negative impact on bank lending. This paper reconsiders this view by studying the interaction between capital requirements and corporate governance. Our model highlights how capital requirements...
Persistent link: https://www.econbiz.de/10014254556
Bank consolidation is a global phenomenon that may enhance stakeholders' value if managers do not sacrifice value to build empires. We find strong evidence of managerial entrenchment at U.S. bank holding companies that have higher levels of managerial ownership, better growth opportunities,...
Persistent link: https://www.econbiz.de/10005742695
The effects of private equity buyouts on employment, productivity, and job reallocation vary tremendously with macroeconomic and credit conditions, across private equity groups, and by type of buyout. We reach this conclusion by examining the most extensive database of U.S. buyouts ever...
Persistent link: https://www.econbiz.de/10013167912
One influential criticism of the stock market oriented U.S. financial system is that its excessive focus on short term quarterly earnings forces public firms to behave in a myopic manner. We hypothesize that if capital markets pressure listed firms to be myopic in a way that impacts efficiency,...
Persistent link: https://www.econbiz.de/10013131799
This paper studies the direct effect of foreign investment on target firm operating performance and growth. Foreign-invested firms grow in size but not in productivity compared with non-invested firms over a four-year horizon. Decomposing foreign investment into foreign direct investment and...
Persistent link: https://www.econbiz.de/10013096648
The effects of private equity buyouts on employment, productivity, and job reallocation vary tremendously with macroeconomic and credit conditions, across private equity groups, and by type of buyout. We reach this conclusion by examining the most extensive database of U.S. buyouts ever...
Persistent link: https://www.econbiz.de/10013163171
In Japan, since 2013, Japanese corporate governance reform has been developed by Japanese Government initiatives. This paper provides a theoretical framework for understanding what Japanese corporate governance reform means for Japanese companies by an application of agency theory. Corporate...
Persistent link: https://www.econbiz.de/10012837422
The goal of this paper is to examine the effects of different ownership structures and of the quality of corporate governance on the Farrell measure of efficiency. Data Envelopment Analysis and Limited Dependent Variable Estimations are applied to the set of Ukrainian joint-stock companies...
Persistent link: https://www.econbiz.de/10012780588