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Serafeim, George - 2017

Over the past few years, there has been a significant increase in the number of initiatives seeking to mobilize investor voice towards positive social impact. In this paper, I provide a framework outlining the role of investors as stewards of the commons. While companies are increasingly...

Persistent link: https://www.econbiz.de/10011901764

Corporate Capture of Blockchain Governance

Ferreira, Daniel - 2020

We develop a theory of blockchain governance. In our model, the proof-of-work system, which is the most common set of … services. We analyze the interactions between blockchain governance and the market structure of the industries in the … blockchain ecosystem. Our main result is that the proof-of-work system leads to a situation where a large firm captures the …

Persistent link: https://www.econbiz.de/10012850357

Corporate capture of blockchain governance

Ferreira, Daniel Bernardo Soares; Li, Jin; Nikolowa, … - 2019

We develop a theory of blockchain governance. In our model, the proof-of-work system, which is the most common set of … services. We analyze the two-way interactions between blockchain governance and the market structure of the industries in the … blockchain ecosystem. Our main result is that the proof-of-work system leads to a situation where the governance of the …

Persistent link: https://www.econbiz.de/10011962959

Overlapping Board Connections with Banker Directors and Corporate Loan Terms : Evidence from Syndicated Loans

Eğrican, Aslı Togan - 2020

I look at the relationship between corporate loan terms and connections of board members to bankers through employment on other boards, a connection less likely to be affected by confounding factors. Specifically, I examine whether loan terms such as pricing and maturity as well as other loan...

Persistent link: https://www.econbiz.de/10012844268

Global Ownership and Corporate Control Networks

Rungi, Armando - 2019

In this contribution, at first, we introduce a basic network framework to study pyramidal structures and wedges between ownership and control of companies. Then, we apply it to a dataset of 53.5 million of companies operating in 208 countries. Among others, we detect a strong concentration of...

Persistent link: https://www.econbiz.de/10012901128

The Effect of Board Structure on Firm Performance - New Evidence from Product Market Conditions

Hu, Xiaoyuan - 2019

We study the effect of corporate board structure on firm performance under different product market conditions. Using customer-supplier links to identify exogenous downstream demand shocks, we find that board independence has a more significant effect on firm performance when the firm-specific...

Persistent link: https://www.econbiz.de/10012899406

Organizational Transparency and Power in Firm Ownership Networks

Grosman, Anna - 2018

When public institutions do not support information disclosure and contract enforcement, controlling owners may compensate by setting up ownership networks that facilitate the exchange of resources and alignment of interests. We examine how firms' controlling owners draw power from ownership...

Persistent link: https://www.econbiz.de/10012937095

Director Networks and Initial Public Offerings

Feng, Yi - 2020

We investigate how director networks impact IPO characteristics and find that firms with better-connected directors have higher IPO market valuation, more positive offer price revisions, higher first-day returns, more pre-IPO media coverage, and superior post-IPO stock performance. Director...

Persistent link: https://www.econbiz.de/10012832643

Equity stakes and hold-up problems

Harbaugh, Rick - 2001

Equity ties between businesses change the division of the firms joint profits, thereby affecting incentives for relation-specific investments and other strategic actions. Depending on which side owns the equity and how readily the equity can be resold, we find that the changed incentives can...

Persistent link: https://www.econbiz.de/10011568807

Product market competition, ultimate controlling structure and related party transactions

Chen, Shenglan; Wang, Kun; Li, Xiaoxue - In: China journal of accounting research : CJAR 5 (2012) 4, pp. 293-306

Previous studies have shown that product market competition has an important effect on corporate strategies and internal governance mechanisms. Using a sample of China’s listed firms from 2004 to 2009, we explore the relationship between product market competition and normal related party...

Persistent link: https://www.econbiz.de/10011825726

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