Search results for "Shareholder value"
showing 10 items of 14 documents
Shareholder Wealth Effects of Women on Boards Promoting Policies: Evidence from Germany
2017
This study discusses differences in the effectiveness of voluntary and mandatory policies promoting women on boards and their potential effects on stock price returns. Furthermore, it classifies the announcements of the policy proposals discussed in Germany and analyzes their impact using event study methodology. The event date identification follows a two-step procedure employing search engine query data from GoogleTrends and traditional search methods using Lexis-Nexis and newspapers. One key event produces negative significant cumulative abnormal stock returns (CAR) of approximately 1.3 percentage points. Further regression analysis of the CAR reveals that the share of women on the super…
Economic value, competition and financial distress in the european banking system
2012
Abstract In this paper we examine the impact of a large number of factors at the bank level (liquidity and credit risks, asset size, income diversification and market power), at the industry level (banking concentration) and macro-level (real GDP growth) on bank financial distress using an unbalanced panel of 308 European commercial banks between 1996 and 2009. The observations falling below a given threshold of the empirical distribution of the Shareholder Value Ratio proxy bank financial distress. We employ a panel probit regression and, given the presence of overlapping data giving rise to residual autocorrelation, we use the Bertschek and Lechner (1998) robust estimator of the covarianc…
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 …
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…
The Impact of Macroeconomic Variables on Corporate Performance - What Shareholders Ought to Know?
2002
Increased integration and growing macroeconomic fluctuations require more attention to be paid to the link between the "noise" that these fluctuations represent and the company's own development. For many reasons management must weed out the effects of the "noise" so as to obtain a clear picture of the long-term sustainable profits, and thus a picture of how the company's intrinsic competitiveness is fostered. An understanding of the effects of the fluctuations also provides the basis for risk assessment. How far, then, should this "new" view of corporate performance be extended to outsider shareholders? Current reporting practice does not provide these shareholders with an adequate idea of…
Les medias en tant que mécanisme de gouvernance partenarial - Media as a corporate governance mechanism:a stakeholder view
2010
(VF)Les médias jouent un rôle important dans les crises, en particulier, celles touchant à la création et à la répartition de la valeur. L’objectif de cet article est de proposer un cadre conceptuel expliquant le rôle des médias en tant que mécanisme de gouvernance partenarial. Leur rôle est analysé à travers une étude de cas basée sur le conflit opposant le groupe Danone à certaines de ses parties prenantes, lors de la restructuration de sa branche biscuit, en 2001. Nous montrons que la presse est un mécanisme de gouvernance d’entreprise partenarial efficient.(VA)Media play an important role in crises in particular these touching on value creation and on value distribution. The objective o…
Value Creation When Acquiring Public vs Private Firms. Spanish Evidence
2013
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 1991–2011. Similar to foreign markets, acquirers of listed targets earn insignificant average abnormal returns. However, acquirers of listed targets that perform a first bid show significant negative abnormal returns. Acquirers of unlisted targets gain significant positive average abnormal returns. When we relate these results to company and transaction characteristics our evidence suggests that the listing status effect is mainly associated with the fact that unlisted firms tend to be…
The effect of reshoring announcement on company share price
2022
The reshoring trend has gained momentum among manufacturing companies, which increasingly decide to relocate their production activities back to their home country. In this article, we explore the relationship between the motivations guiding the decision to reshore and the companies’ shareholder value. Particularly, taking an eclectic paradigm perspective, we aim to understand whether the motivations driving the companies’ decisions to reshore explain changes in the shareholder value. Empirically, we built an ad-hoc database based on 370 reshoring decisions involving the USA as a reshoring destination and announced in the 10-year time window ranging from 2009 to 2018. Our results highlight…
Concilier finance et management. Un problème d'architecture organisationnelle
2009
This article has two objectives. On the one hand, it aims to explain the disturbances brought by finance to management as a problem of inconsistency or organizational architecture. On the other hand, it suggests some ways of reconciliation between finance and the other management functions. This reconciliation could be based on an evolution of the financial theory in order to be closer to the other management sciences, end on a subordination of financial performance objectives and indicators in the management of the firm
The Impact of Bank Concentration on Financial Distress: The Case of the European Banking System
2009
This paper examines the impact of bank concentrationon bank financial distress using a balanced panel of commercial banks in the EU‐25 over a sample period running from 2003 to 2007. Financial distress is proxied by the observations falling below a given threshold of the empirical distribution of a risk‐adjusted indicator of bank performance: the Shareholder Value Ratio. We employ a panel probit regression estimated by GMM in order to obtain consistent and efficient estimates, following the suggestion made by Bertschek and Lechner (1998). After controlling for a number of environment variables, we conclude that our findings suggest a positive effect of bank concentration on financial distre…