Search results for "Finance"
showing 10 items of 4676 documents
COVID-19 Crisis - A Test for European Union’s Solidarity
2020
Abstract The crises the European Union has gone through over time have called into question the Union’s legitimacy and efficiency. The 2008-2009 financial crisis, the European debt crisis, the migration crisis and Brexit, have all tested the solidarity between member states. The COVID-19 pandemic is without a doubt the most drastic crisis in the EU’s history, with very severe socioeconomic consequences. The EU leaders were strongly criticized for not reacting quickly and efficiently enough to mitigate the impact of the virus, reduce suffering, and ward off the economic crisis. In this context, the questions that arise are: Is the Union a modern-day Titanic? Will it sink or it will sustain i…
Differences and similaritites between corporate governance principles in Islamic banks and Conventional banks
2017
Abstract The purpose of this paper is to present the some differences and similarities between corporate governance principles in Islamic banks and conventional banks by paradigmatic diversification. Since Corporate governance in Islamic banks is a social phenomenon in Islamic societies, the paper uses social theory paradigms (functionalist, interpretive, radical humanist and radical structuralist) to compare between corporate governance in Islamic banks and conventional banks. This paper demonstrates that mainstream corporate corporate governance theories are not a law of nature but a social construct.
Fostering Dynamic Growth in New Ventures through Venture Capital: Conceptualizing Venture Capital Capabilities
2017
There is ample evidence of the influence of venture capital on the creation and growth of new ventures, yet scant attention has been paid to the heterogeneity of venture capitalists and their capacity to contribute to the dynamic growth of new ventures. This paper aims to contribute to the existing literature by exploring the notion that venture capitalists have beneficial effects on the growth of new ventures when they rely on a set of distinctive skills and processes that we associate with venture capital capabilities. We bridge the venture capital and resource-based view research streams to identify the foundational mechanisms of venture capital capabilities. We develop a set of proposit…
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' …
L'apport du sentiment de l'investisseur dans l'explication des crises boursières : Une analyse en données de panel
2011
Un debat tres anime portant sur le lien entre les aspects comportementaux des investisseurs et les marches financiers s’est largement developpe au cours de la derniere decennie. La presente etude teste l’impact du sentiment de l’investisseur sur un panel de marches boursiers internationaux. Nous etudions l’influence du sentiment de l’investisseur sur la probabilite de survenance des crises boursieres. Nos resultats montrent que les crises boursieres sont precedees de periodes de montee de l’euphorie des investisseurs.
The industry effect and the decision to integrate vertically in a crisis context
2019
The objective of this work is twofold: firstly, to study if the characteristics of the industry affect certain financial and strategic decisions of manufacturing firms and, secondly, to determine i...
ICT Barriers and Critical Success Factors in Developing Countries
2013
Since the early 1990s, Information and Communication Technology (ICT) has been perceived as a catalyst for development. However, the UNICEF State of the World’s Children Report 2011 acknowledges that the poor in many developing countries remain largely excluded from ICT and its benefits. This paper aims to address three issues. Firstly, identify ICT barriers in the literature from 2000 to 2011. Secondly, identify ICT barriers through empirical findings and thirdly, categorize these barriers into critical success factors. These aims are achieved by comparing the findings in the literature to our recent empirical results. Two methodologies are used in this study, namely, a systematic literatu…
Market Risk Disclosure in Banks’ Balance Sheets and the Pillar 3 Report: The Case of Italian Banks
2018
Market risk has taken on growing importance in banking in recent years. Risk disclosure has strategic importance for the efficiency of financial markets and overall financial stability. It plays a pivotal role in strengthening market discipline and building trust in stakeholder relationships.
Ownership and Operating Performance of Spanish Family IPO Firms
2020
Previous studies have shown the existence of a relationship between the ownership structure of a company and its operational performance. In this context, the empirical evidence reveals that after an initial public offering (IPO), companies experience a decline in their operational performance. In this research, the authors investigate whether the characteristics of Spanish family firms led to a different operating behavior with respect to non-family companies when they go public through an IPO. The results show that the particularities of the family firm do not turn into significant differences in operational performance after the listing process.
Corporate Governance Theories: From Micro Theories to National Systems Theories
2004
The objective of this article is to conduct a survey of the different corporate governance theories. In the first part, we present the micro theories by opposing the disciplinary view to the knowledge-based view. The second part deals with the macro or national systems theories. We separate the theories based on appropriation of the organizational rent from those attributing a dominant role to production. This survey highlights that the financial view of corporate governance is a very particular case and presents many limits.