Search results for " ownership"
showing 10 items of 72 documents
Unveiling the Role of Multiple blockholders: Evidence from Closely Held Firms.
2019
Research Question/Issue. This paper disentangles how the modes of ownership distribution among multiple blockholders and their heterogeneity shape principal–principal conflicts and, in turn, affect firm performance. The paper offers empirical evidence from a panel of Italian closely held firms over the period 2009–2014. Research Findings/Insights. We explore the principal–principal conflicts among blockholders across two distinct control structures. When a single blockholder controls the firm, principal–principal conflicts are shaped by the trade‐off between the alignment effect and the monitoring effect. In this scenario, we find that the relationship between the two largest blockholders' …
Frontoparietal cortex and cerebellum contribution to the update of actual and mental motor performance during the day
2016
AbstractActual and imagined movement speed increases from early morning until mid-afternoon. Here, we investigated the neural correlates of these daily changes. Fifteen subjects performed actual and imagined right finger opposition movement sequences at 8 am and 2 pm. Both actual and imagined movements were significantly faster at 2 pm than 8 am. In the morning, actual movements significantly activated the left primary somatosensory and motor areas, and bilaterally the cerebellum; in the afternoon activations were similar but reduced. Contrast analysis revealed greater activity in the cerebellum, the left primary sensorimotor cortex and parietal lobe in the morning than in the afternoon. Im…
Protectionism through legislative layering: Implications for auditors and investors
2021
AbstractProtectionism is on the rise. Although it tends to be associated with tariffs on imports, governments are increasingly applying other mechanisms to influence international business. Import substitution initiatives have been used to replace purchases from foreign producers with local alternatives. Russia implemented import substitution through legislative layering where layers of regulation created requirements targeting different industries and companies. Following sanctions imposed in 2014 on Russia, the government responded with additional import substitution efforts. We are interested in effects of such measures on the Big 4, global professional service firms, and the choice of a…
Building Bridges Between User and Designer: Co-creation, Immersion and Perspective Taking
2016
Designing for users rather than with users is still a common practice in technology design and innovation as opposed to taking them on board in the process. Design for inclusion aims to define and understand end-users, their needs, context of use, and, by doing so, ensure that end-users are catered for and included, while the results are geared towards universality of use. We describe the central role of end-user and designer participation, immersion and perspective to build user-driven solutions. These approaches provided a critical understanding of the counterpart role. Designer(s) could understand what the user’s needs were, experience physical impairments, and see from other’s perspecti…
Multiple Blockholders and Firm Value: A Simulation Analysis
2023
In this paper, we analyse the relationship between the distribution of ownership and firm value in the presence of multiple blockholders. In recent years, the topic has attracted the attention of many scholars. Yet, the empirical evidence on the relationship between the distribution of ownership among large shareholders and firm value has been non-conclusive and contradictory. We focus on the interaction between a controlling block of shareholders and a non-controlling block that can monitor the largest controlling block. We develop and simulate a simple model combining the two effects related to the presence of additional blockholders that can monitor the largest controlling block of share…
Ownership, Board Compensation and Company Performance in Sub-Saharan African Countries
2013
In countries with weak institutions, board governance becomes more important. This study uses a unique dataset from listed sub-Saharan African companies to examine the relationship between ownership composition and board compensation. It further analyses the association between board compensation and company performance. The findings indicate that board ownership and chief executive officer ownership are positively associated, whereas state ownership and concentrated ownership are negatively associated with board compensation. There is no evidence of a significant association between chairperson ownership or foreign ownership and board compensation. Finally, there is a negative but not sig…
Who Uses Intermediaries in International Trade? Evidence from Firm-level Survey Data
2013
The present paper uses data from the World Bank Enterprise Survey conducted in Turkey in 2005 to shed light on the firms that use intermediaries in international trade. It lends robust empirical support to recent theories which suggest that indirect exporters are mostly small firms that are not profitable enough to cover the high fixed costs of building an own distribution network abroad. Manufacturers who develop new products are more likely to use trade intermediaries, as are firms that produce low-quality goods. In contrast, neither foreign ownership nor credit constraints are correlated with the choice of export mode. Moreover, firms that rely on trade intermediaries to sell their goods…
La compra silenciosa. Arrendamientos, estabilidad y mejoras en la agricultura valenciana de regadío (1850–1930)
2007
Resumen Este articulo analiza como fue posible, en el regadio valenciano, un desarrollo agrario basado en el arrendamiento de pequenas explotaciones. Del estudio de los contratos firmados en la huerta de Gandia se deduce, en primer lugar, que los arrendatarios ocupaban la parcela durante un periodo bastante prolongado de tiempo, que tendio a crecer durante la segunda mitad del siglo XIX; y, en segundo, que a menudo los cultivadores eran indemnizados al finalizar su contrato por las mejoras que habian introducido. A largo plazo, todo ello consolido su posicion, porque el cultivador se convirtio en “semipropietario” de hecho de la tierra mejorada. Por su parte, los terratenientes rentistas ob…
The Cost of Ownership in Microfinance Organizations
2009
Accepted version of article published in the journal: World Development Published version available on Science Direct: http://dx.doi.org/10.1016j.worlddev.2008.03.006 We compare the ownership-cost of shareholders firms (SHFs), non-profit organizations (NPOs), and cooperatives (COOPs) invoked in microfinance. A paradoxical situation motivates us: most providers, both historically and today, are NPOs or COOPS,while policy papers advocate SHFs, We lay out it theoretical framework to understand ownership-costs in microfinance organizations (MFOs) better. We propose that cost-variable related to market contracting favor NPOs and COOPS, whereas most cost-variables related to the practice of owner…
The determinants of employees’ investments in their company share
2007
Our research is motivated by an observation. Employee Ownership is a form of savings that is becoming moreand more sought after these days. The concentration of the employee savings into employee ownership isbecoming stronger. These evolutions translate into a fact: employees facing a savings menu tend to chooseEmployee Ownership. The high exposure to risk of the employee-shareholders might have some consequence fortheir assets and their job. For companies, the cost of this exposure to risk can also be high. These observationshave led us to wonder about the causes of employees’ investments in their company stock. Thus, this researchtries to answer the question: Which are determinants of emp…