Search results for "G3"
showing 10 items of 153 documents
Vector-valued analytic functions of bounded mean oscillation and geometry of Banach spaces
1997
When dealing with vector-valued functions, sometimes is rather difficult to give non trivial examples, meaning examples which do not come from tensoring scalar-valued functions and vectors in the Banach space, belonging to certain classes. This is the situation for vector valued BMO. One of the objectives of this paper is to look for methods to produce such examples. Our main tool will be the vector-valued extension of the following result on multipliers, proved in [MP], which says that the space of multipliers between H and BMOA can be identified with the space of Bloch functions B, i.e. (H, BMOA) = B (see Section 3 for notation), which, in particular gives that g ∗ f ∈ BMOA whenever f ∈ H…
Assessment of the Insolvency Risk in Companies Listed on the Bucharest Stock Exchange
2019
Abstract The present study presents, from the theoretical and pragmatic point of view, 6 of the established score models regarding the assessment of the insolvency risk, belonging to the Anglo-Saxon, Continental and Romanian schools. The research sample is made up of 26 companies belonging to the hotel industry and restaurants, listed on the Bucharest Stock Exchange. The research was carried out over a period of 11 years (2007-2017). Following the application of the score models, it was found that during the period covered by the research, a number of 14 companies had a relatively high insolvency risk and 12 of them had a relatively low insolvency risk.
Successful turnarounds in bankrupt firms? Assessing retrenchment in the most severe form of crisis
2019
During economic downturns, firms file for bankruptcy in an effort to attempt a “turnaround.” The objective of this study is to assess the effectiveness of retrenchment strategies in the context of bankruptcy, as the most severe form of crisis. We conducted a longitudinal analysis of a sample of 868 bankrupt Spanish firms during the period 2004–2017. The empirical results show that stakeholder support and deep cost retrenchment increase the likelihood of survival and performance recovery, while aggressive layoffs are detrimental for turning bankrupt firms around. Surprisingly, intense asset retrenchment had no significant effects on firm survival and also pushed performance downward. The fi…
Pour une véritable théorie de la latitude managériale et du gouvernement des entreprises.
1996
Le problème du contrôle des dirigeants et la notion de gouvernement des entreprises font l'objet depuis longtemps de travaux, souvent liés à des théories de l'organisation parmi les plus connues (théorie des coûts de transaction, théorie de l'agence…). Mais il semble que ces analyses, notamment parce qu'elles sont trop centrées sur les relations avec les actionnaires et négligent l'examen de la « latitude managériale », ne puissent qu'incomplètement rendre compte du statut et du comportement effectif des dirigeants. L'auteur propose ici de suivre diverses pistes pour dépasser cette situation en enrichissant les approches réductrices aujourd'hui dominantes.
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…
How Law Affects Lending
2006
A voluminous literature seeks to explore the relation between law and finance, but offers little insights into dynamic relation between legal change and behavioral outcomes or about the distributive effects of law on different market participants. The current paper disentangles the law-finance relation by using disaggregate data on banks’ lending patterns in 12 transition countries over a 8 year period. This allows us to control for country level heterogeneity and differentiate between different types of lenders. Employing a differences-in-differences methodology in an exclusive ”laboratory” setting as well as unique hand collected datasets on legal change as well as changes in bank ownersh…
An upper echelons perspective on information technology business value
2017
This paper argues that information technology (IT) outcomes are more valuable to companies when their top management team (TMT) moves from flirting with IT to marriage. Previous research has demonstrated an association between top management support (TMS) and IT value. We extend the concept of TMS with the imbrication metaphor to define the construct of TMT-IT imbrication, which allows us to account for a tighter and continuous entwining of the TMT and IT to create IT value. Our definition of the TMT-IT imbrication construct embraces four dimensions: involvement, participation, attention, and use. In addition, with the support of upper echelons (UE) theory, we explore certain managerial tra…
Los grupos de interés en las entidades de crédito Españolas
2012
RESUMENSe plantean los orígenes, evolución y clasificación de los grupos de interés (stakeholders). Se pone de relieve la relación que se entabla entre la entidad de crédito como organización social y sus diferentes grupos de interés, analizándose la importancia que se asigna a estos.El trabajo de campo se realizó a través de una encuesta contestada por 57 entidades de crédito españolas. Los resultados del estudio muestran la sensibilidad de las entidades de crédito hacia la RSE (Responsabilidad Social de la Empresa), con referencia al conjunto del sector financiero español. Nuestro objetivo es analizar la importancia que tienen los diversos grupos de interés: accionistas, empleados, client…
The monitoring role of female directors over accounting quality
2017
Recent research in accounting suggests female directors exert more stringent monitoring over the financial reporting process than their male counterparts. However, an emerging literature in finance and economics provides mixed findings and questions whether females in leadership roles significantly differ from their male counterparts. Building on this literature, we re-examine the link between the presence of female directors, gender biases, and financial statements quality. Using a large sample of UK firms we find that a larger percentage of women among independent directors is significantly associated with lower earnings management practices. However, we show that this relation disappears…
The board of directors and dividenc policy: the effect of gender diversity
2015
In this article, we aim to study the impact on dividends policy of gender diversity on the board of directors (hereinafter BD). We hypothesize that the proportion of women directors, the proportion of independent, institutional, and executive female directors, and the percentage of shares held by female directors on BD, have an impact on the dividends policy of Spanish companies. Our findings, analyzing the whole sample, show that the proportion of female directors and shares held by female directors are positively associated with dividend payout, while the percentage of institutional female directors has a negative impact. The percentage of independent and executive female directors has no…