This study examines the performance of retail banking focusing on the link between shareholder value creation and operational value drivers. A unique panel data set is used, derived from the monthly Profit and Loss statements of a branch network of a very large commercial bank operating in the...

This paper contributes to the literature that analyses the relationship between Share-Option Based Compensation (SOBC) expense and shareholder returns. It utilises a sample of financial firms listed in the European Economic Area and Switzerland between 2005 and 2016 to make inferences about the...

A controlling shareholder can pledge shares to secure personal loans while retaining control of the firm, but share pledging increases the risk of a margin call and the possibility of losing control of the firm. We investigate how share pledging by controlling shareholders influences the...

The allegation that activist investors demand changes that increase short-term stock prices at the expense of long-term shareholder value (“short-termism”) has led to extensive research on interventions by hedge funds. Few studies include other private (non-hedge fund) activists, even though...

Using a new measure on the concentration of controlling shareholders’ wealth within a business group (i.e., controlling shareholders’ value), this paper investigates whether and how controlling shareholders’ value affects corporate tax planning. Based on a sample of Korean business groups...

We revisit evidence whether incentives or IFRS drive earnings quality changes, analyzing a large sample of German firms in the period from 1998 to 2008. Consistent with previous studies we find that voluntary and mandatory adopters differ distinctively in terms of essential firm characteristics...

We examine the relation between passive ownership and financial reporting quality measured by Beneish's (1999) earnings' manipulation score (M-score). We find that passive ownership is negatively related to M-score and to the likelihood of being designated as a “manipulator” firm. However,...

Objective –The purpose of this research is to empirically examine the effect of corporate governance, ownership and tax aggressiveness on earnings management. Methodology/Technique –The population of this research consists of non-financial companies listed on the Indonesian Stock Exchange...