Search results for "jel:G34"
showing 9 items of 9 documents
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…
On the Internationalization of Corporate Boards
2013
Despite the global reach of their commercial activities, many multinational firms have proved slow in internationalizing their boards of directors. Based on a panel study of the internationalization of the boards of 347 non-financial firms from the Nordic countries, we find a higher fraction of international board membership in firms with more foreign sales, in firms with more foreign ownership and in firms whose shares are traded on foreign (mostly European) stock exchanges. Moreover, we find international directors and national directors with international experience complementary. The first-mentioned group is found to serve a monitoring role, related to financial internationalization of …
Co-determination and Merger Incentives from Transfers of Wealth: Firm Owners vs. Workers
2010
When workers can capture rents from their influence on corporate decisions, mergers can become a device to generate transfers of wealth. This paper examines the merger incentives from these transfers of wealth. It is found that worker influence increases merger profitability, in line with the owners’ incentive to use mergers to reduce the rents captured by workers. In contrast, the workers’ merger incentives are shown to be decreasing in their own degree of influence on the merger decision, in line with the view according to which workers can be used by incumbent managers as a defensive instrument in acquisitions.
The Institutional Determinants of Private Equity Involvement in Business Groups: The Case of Africa
2018
This study examines the governance attributes of post-IPO (initial public offering) retained ownership of private equity in business group constituent firms in contrast to their unaffiliated counterparts, in 202 newly listed firms in 22 emerging African economies. We adopt an actor centered institutional-theoretic perspective in rationalizing institutional voids and the advantages of maintained governance by both business angels (BA) and venture capital (VC) private equity. Our findings reveal private equity retain higher post-IPO ownership in business group constituents compared to unaffiliated firms and that this is inversely moderated in the context of improving institutional quality – w…
El componente de selección adversa de la horquilla de precios cotizada: una revisión de los modelos de estimación
2005
-Jose.E.Farinos@uv.es -Ana.M.Ibanez@uv.es Una de las principales preocupaciones en el área de la microestructura del mercado ha sido la estimación de los componentes no observables de la horquilla de precios a partir de las series de datos que proporcionan los mercados financieros, despertando quizá un mayor interés el de selección adversa por la implicaciones que supone la existencia del mismo. Esto ha provocado el desarrollo de numerosos modelos empíricos que, basándose en las propiedades estadísticas de las series de precios, proporcionan dichas estimaciones. La mayor disponibilidad de datos existentes en los mercados ha permitido el desarrollo en los últimos años de modelos basados en t…
What Can International Finance Add to International Strategy?
2011
This chapter focuses on the role of corporate financial strategies to improve firms’ market valuations, and thus lower their cost of capital. The identification of successful strategies is accomplished within an overall strategic framework and related to how the firm perceives the degree of international financial integration. Five strategies for how to break out of a segmented, thin domestic capital market are highlighted together with historical success cases. The chapter illustrates the linkages between business strategy, firm motivation, and various financial strategies. JEL: F21, F23, F36, G32, G34.
Le leverage buy-out
1998
Les acquisitions de sociétés à l'aide d'un holding endetté, ou leverage buy-outs (LBO), ont connu un essor remarquable aux Etats-Unis (depuis les années 1970) et en Europe (à partir des années 1980). Ces opérations permettent aux acquéreurs (capital-investisseurs, personnes physiques...), de conserver ou d'acquérir le contrôle de la société visée tout en minimisant leurs apports en fonds propres. La première partie de cet article est consacrée aux montages de ces opérations et à la mobilisation des effets de leviers juridiques et financiers. Après une présentation du marché français des LBO, la seconde partie étudie l'évolution de la performance de la cible et la longévité de ces opérations.
Le choix de la forme organisationnelle en matière d’investissement en R&D à l’étranger par les firmes multinationales:la contribution de la théorie d…
2008
(VF)L’objectif de ce papier est d’évaluer la contribution de la théorie des coûts de transaction à l’explication du choix du mode de gouvernance des activités de R&D à l’étranger par les firmes multinationales. Nous avons identifié principalement trois grandes formes organisationnelles en matière d’investissement en R&D à l’étranger:l’internalisation totale, les alliances en R&D et l’externalisation totale (licences unilatérales). Suite à une étude quantitative par le biais d’un questionnaire diffusé auprès de 769 firmes multinationales, nos principaux résultats montrent que le choix de l’internalisation des activités de R&D est favorisé en cas de fréquence élevée des transactions, le choix…
The Impacts of LBOs on the Performance of Acquired Firms: The French Case
2002
This paper investigates the financial characteristics and changes in performance of French companies involved in a leveraged buy-out. The empirical study covers a sample of 161 MBOs in France from 1988 to 1994. The acquired firms outperform their counterparts in the same sector of activity before and after the buy-out. However, unlike findings concerning LBOs in the USA and the UK, the performance of French firms falls after the operation is completed. This downturn in performance seems to be less detrimental to former subsidiaries of groups than to former family businesses.