Search results for "Shareholder"
showing 10 items of 84 documents
Corporate Governance and Capital Structure: A Spanish Study
2016
This study explores the relationship between capital structure and corporate governance using a data panel of Spanish listed firms over the period 2005 to 2011. Specifically, two notable conflicts in the area of corporate governance have been analysed: (i) managerial ownership; and (ii) controlling shareholders ownership. Our findings confirm a non-monotonic relationship between both managerial ownership and ownership concentration, and capital structure. In order to mitigate endogeneity concerns, a number of robustness tests have been performed. The empirical evidence obtained yields a number of implications such as the shareholders' need to monitor entrenched managers, the insufficient pr…
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' …
The influence of corporate governance's decision on corporate social responsibility
2018
The need for an accurate and detailed disclosure, the need to understand the mechanisms of government under which the company is managed and controlled, are the starting point of the choices of the many stakeholders that revolve around the company. A large number of players is interested in corporate governance are among these, not only the major shareholders, but also an increasing number of small investors. CSR is an extension of firms efforts to foster effective corporate governance, ensuring firms sustainability via sound business practices that promote accountability and transparency. rnThe paper aims to explore the impact that various corporate governance mechanisms have on the commit…
Akcionāru vai dalībnieku līguma tiesiskais statuss.
2018
Pētījumā “Akcionāru vai dalībnieku līguma tiesiskais statuss” maģistra darba autore ir apskatījusi akcionāru vai dalībnieku līguma tiesisko regulējumu Latvijas Republikā, tā vēsturisko attīstību, galvenos jautājumus un esošo tiesu praksi. Pētījuma mērķis ir noskaidrot akcionāru vai dalībnieku līguma aktuālo regulējumu un tiesisko statusu Latvijas Republikā, atsevišķās Eiropas Savienības un ārpus tās robežām esošajās valstīs, izvērtēt tā nepieciešamību un vietu kapitālsabiedrības pārvaldē, kā arī noskaidrot tā tiesiskās izpildes iespējamību un identificēt nepieciešamos uzlabojumus Latvijas Republikas tiesību aktos. ATSLĒGVĀRDI: AKCIONĀRU VAI DALĪBNIEKU LĪGUMS, KOMERCTIESĪBAS, TIESISKAIS REGU…
Shareholder Wealth Creation in Response to Announcements of Acquisitions of Unlisted Firms: Evidence from Spain
2011
We investigate shareholder value creation of Spanish listed firms in response to announcements of acquisitions of unlisted companies and compare this experience to the purchase of listed firms over the period 1991–2006. Similar to foreign markets, acquirers of listed targets earn insignificant average abnormal returns, whereas acquirers of unlisted targets gain significant positive average abnormal returns. When we relate these results to company and transaction characteristics our findings diverge from those reported in the literature for other foreign markets, as our evidence suggests that the listing status effect is mainly associated with the fact that unlisted firms tend to be smaller …
Between a Rock and Hard Place: Combined Effects of Authentic Leadership, Organizational Identification, and Team Prototypicality on Managerial Prohib…
2019
AbstractManagers are installed by the organization’s stakeholders and shareholders to increase the organization’s value; at the same time, they depend on their subordinates’ acceptance to fulfill this leadership role. If the interest of the organization collides with the interest of their team, some managers act in the interest of their followers accepting potential disadvantages for their organizations and/or external stakeholders. In two experimental studies comprised mainly of German (N = 111) and US (N = 323) managers, we examined combined effects of authentic leadership, organizational identification, and self-perceived team prototypicality on managerial integrity operationalized as ex…
Director Compensation Incentives and Acquisition Outcomes
2018
The principal objective of this chapter is to investigate the relation between director compensation structure and shareholder interests in the context of acquisitions. Our evidence suggests that acquirer firms that compensate their directors with a higher proportion of incentive-based compensation have significantly higher stock returns around the announcement. An increase in director equity-based pay results in a lower probability of value-destroying acquisitions and a lower acquisition premium for targets. We further find that acquirers with higher equity-based pay exhibit greater improvements in stock price and operating performance following acquisitions.
La parziale divergenza di interessi tra gli shareholder nella formulazione della strategia aziendale
2020
La storia economica del secolo scorso ha mostrato come specializzazione del lavoro, da un lato, e la necessità di suddividere il rischio tra più investitori, dall’altro lato, abbiano spinto al “divorzio” o, meglio, alla separazione tra la proprietà e il controllo di molte aziende. Esplorando le conseguenze della separazione tra la proprietà e il controllo, gli studi di corporate governance, tradizionalmente, hanno messo in luce i possibili conflitti tra manager e azionisti, denominati conflitti principal-agent. Inoltre, gli studi precedenti hanno riconosciuto la distribuzione della proprietà come un meccanismo utile ad alleviare suddetti conflitti. Il presente capitolo discute criticamente …
Law of Finance: Evidence from Finland
2003
Although it is widely acknowledged that the benefits of corporate governance reform could be substantial, systematic evidence on such reforms is scant. We both document and evaluate a contemporary corporate governance reform by constructing 18 measures of shareholder and creditor protection for Finland for the period 1980-2000. The measures reveal that shareholder protection has been strengthened whereas creditor protection has been weakened. We also demonstrate how the reform is consistent with a reorganisation of the Finnish financial market in which a bank-centred financial system shifted from relationship-based debt finance towards increasing dominance by the stock market. We find evide…
The Role of Institutions in the Migration of Corporate Governance Practice into Emerging Economies The Case of Africa
2016
This study examines the role of institutional environment in influencing the migration of corporate governance best practice into 22 emerging African economies. Using a unique and comprehensive sample hand-collected sample of 202 IPO firms from across the continent we adopt a novel institutional logics perspective in studying the diffusion of CEO salary disclosure – a central element of corporate transparency. Our findings reveal that the adoption of CEO salary disclosure by firms is more likely in more homogenous informal institutional contexts. Complementarities arising from disclosure originating from an Anglo-American shareholder value governance framework and indigenous formal institut…