The 'ratchet effect' refers to a situation where a principal uses private information that is revealed by an agent's early actions to the agent's later disadvantage, in a context where binding multi-period contracts are not enforceable. In a simple, context-rich environment, we experimentally...

In markets with imperfect information and heterogeneity, the information technology affects the rate at which agents meet, which in turn affects the distribution of production technologies across firms. We show that in models for such markets there are typically multiple equilibria because...

The main objective of this research is to analyze the relationship between managerial ownership, institutional ownership, risk, debt policy, and dividend policy which are included as strategic variables in company.s decision making of Indonesian stock market. Company size, liquidity,...

State multinationals were investigated in the 1980s. Since then, little work on the state multinational has been done because of the dramatic changes in the world in terms of both politics and economics, such as the waves of liberalization, deregulation and privatization. However, in the current...

This paper examines the impact on underpricing and firm market value arising from IPO firms implementing a range of governance attributes such as the separation of CEO and Chairman roles, the founder ceding CEO position, establishment of committees and board size. Furthermore I study the...

We extend agency theory to propose that structural reform positively impacts firm profitability in developing countries because the improvements in external monitoring that accompany structural reform decrease the agency costs faced by firms. However, we also argue that not all firms benefit...

This study examined the influence of gender diversity on capital structure decisions among Ethiopian banks from 2010 to 2022. Clarifying the relationships between board composition and strategic financing choices carries academic and practical significance. Research questions focused on whether...

The main aim of this paper is to examine the determinants that contribute to the establishment of a risk management committee (RMC) in a firm. Unlike previous studies, this paper investigates the types of ownership structure, comprising family, institutional, government, managerial, and foreign...

The study aims to investigate the nexus between financing decision, ownership type and financial performance of listed non-financial companies in Ghana. Data were selected from 22 listed non-financial companies on the Ghana Stock Exchange from the years 2010 to 2021. A non-parametric estimation...

In recent research, there has been increased attention on the chairman's role in companies' adoption of non-financial reporting. However, no empirical research has explored the chairman's role in improving the quality of integrated reporting (IR). Using the agency theory, this study responded to...