International Corporate Governance Spillovers

International Corporate Governance Spillovers
Author: Rui Albuquerque
Publisher: International Monetary Fund
Total Pages: 41
Release: 2013-11-12
Genre: Business & Economics
ISBN: 1475518382

We develop and test the hypothesis that foreign direct investment promotes corporate governance spillovers in the host country. Using firm-level data on cross-border mergers and acquisitions (M&A) and corporate governance in 22 countries, we find that cross-border M&As are associated with subsequent improvements in the governance, valuation, and productivity of the target firms’ local rivals. This positive spillover effect is stronger when the acquirer is from a country with stronger shareholder protection and if the target’s industry is more competitive. We conclude that the international market for corporate control promotes the adoption of better corporate governance practices around the world.

International Corporate Governance Spillovers

International Corporate Governance Spillovers
Author: Rui Albuquerque
Publisher:
Total Pages: 47
Release: 2015
Genre: Consolidation and merger of corporations
ISBN:

We test the hypothesis that foreign direct investment promotes corporate governance spillovers in the host country non-target firms. Using firm-level data from 22 countries, we find that cross-border M&A activity is associated with subsequent improvements in the governance of target firms' rivals. The spillover is more pronounced when the acquirer's country has stronger investor protection than the target's country, and when the target operates in a competitive industry. Cross-border M&As also lead to increases in valuation and reductions in overinvestment of non-target firms. Our results suggest that the international market for corporate control promotes functional convergence in corporate governance.

International Corporate Governance Spillovers

International Corporate Governance Spillovers
Author: Rui A. Albuquerque
Publisher:
Total Pages: 62
Release: 2018
Genre:
ISBN:

We test the hypothesis that foreign direct investment promotes corporate governance spillovers in the host country. Using firm-level data from 64 countries during the period 2005-2014, we find that cross-border M&A activity is associated with subsequent improvements in the governance of non-target firms when the acquirer country has stronger investor protection than the target country. The effect is more pronounced when the target industry is more competitive. Cross-border M&As are also associated with increases in investment and valuation of non-target firms. Alternative explanations such as access to global financial markets and cultural similarities do not appear to explain our findings.

International Corporate Governance Spillovers

International Corporate Governance Spillovers
Author: Rui Albuquerque
Publisher: International Monetary Fund
Total Pages: 41
Release: 2013-11-12
Genre: Business & Economics
ISBN: 1475515138

We develop and test the hypothesis that foreign direct investment promotes corporate governance spillovers in the host country. Using firm-level data on cross-border mergers and acquisitions (M&A) and corporate governance in 22 countries, we find that cross-border M&As are associated with subsequent improvements in the governance, valuation, and productivity of the target firms’ local rivals. This positive spillover effect is stronger when the acquirer is from a country with stronger shareholder protection and if the target’s industry is more competitive. We conclude that the international market for corporate control promotes the adoption of better corporate governance practices around the world.

Geopolitical Risk, Sustainability and “Cross-Border Spillovers” in Emerging Markets, Volume I

Geopolitical Risk, Sustainability and “Cross-Border Spillovers” in Emerging Markets, Volume I
Author: Michael I. C. Nwogugu
Publisher: Springer Nature
Total Pages: 401
Release: 2021-08-30
Genre: Business & Economics
ISBN: 3030714152

Economic recessions, social networks, environmental damage in several large countries (eg. China, Brazil, U.S.), the Global Financial Crisis of 2007-2015 and cross-border spillovers continue to significantly affect economic systems, financial markets, social structures and environmental compliance worldwide. These have rekindled economists’ and policy-makers’ interest in the relationships among constitutions, risk regulation, foreign aid, political systems, government size, credit expansion and sustainable growth. Risk regulation remains highly ineffective as manifested by the failures of new financial regulations and government stimulus programs that were implemented during 2007-2020 in many developed countries and emerging markets countries. This book, the first of two volumes, addresses these issues in the context of the role of constitutional economics and economic psychology as tools for national and global sustainable growth and risk management. Furthermore, this volume analyzes the often symbiotic relationship between alternative sets of legal-institutional-constitutional rules that constrain the choices and activities of economic and political agents on one hand, and sustainable growth, financial regulation and the risk management of financial institutions on the other; and reviews the effects of constitutions and legal institutions on market dynamics (real estate; fixed-income, stocks; etc.) including volatility, market depth and liquidity. This book will help researchers develop better artificial intelligence and decision-systems models of geopolitical risk, public policy and international capital flows, all of which are increasingly relevant to investment managers, boards-of-directors and government officials.

A History of Corporate Governance around the World

A History of Corporate Governance around the World
Author: Randall K. Morck
Publisher: University of Chicago Press
Total Pages: 700
Release: 2007-11-01
Genre: Business & Economics
ISBN: 0226536831

For many Americans, capitalism is a dynamic engine of prosperity that rewards the bold, the daring, and the hardworking. But to many outside the United States, capitalism seems like an initiative that serves only to concentrate power and wealth in the hands of a few hereditary oligarchies. As A History of Corporate Governance around the World shows, neither conception is wrong. In this volume, some of the brightest minds in the field of economics present new empirical research that suggests that each side of the debate has something to offer the other. Free enterprise and well-developed financial systems are proven to produce growth in those countries that have them. But research also suggests that in some other capitalist countries, arrangements truly do concentrate corporate ownership in the hands of a few wealthy families. A History of Corporate Governance around the World provides historical studies of the patterns of corporate governance in several countries-including the large industrial economies of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States; larger developing economies like China and India; and alternative models like those of the Netherlands and Sweden.

Corporate Fraud Exposed

Corporate Fraud Exposed
Author: H. Kent Baker
Publisher: Emerald Group Publishing
Total Pages: 323
Release: 2020-10-09
Genre: Business & Economics
ISBN: 1789734193

Corporate Fraud Exposed uncovers the motivations and drivers of fraud including agency theory, executive compensation, and organizational culture. It delves into the consequences of fraud for various firm stakeholders, and its spillover effects on other corporations, the political environment, and financial market participants.

Understanding and Managing Strategic Governance

Understanding and Managing Strategic Governance
Author: Wei Shi
Publisher: John Wiley & Sons
Total Pages: 323
Release: 2021-08-04
Genre: Business & Economics
ISBN: 1119798280

Explore the interplay between corporate governance and strategic decision-making in this startling new resource In Understanding and Managing Strategic Governance, strategy and management experts Dr. Wei Shi and Robert E. Hoskisson deliver an insightful exploration of the influence that governance actors, like the board of directors, activist investors, institutional investors, and securities analysts, have on important strategic decisions. Based on surveying the latest research and analyzing unique datasets compiled by the authors, the book explains the impact that governance actors have on a firm’s strategic choices and the quality of such choices as well as the unintended consequences of that impact. The authors also describe how executives can manage the conflicting interests of multiple governance actors and leverage the influence of these actors to make effective strategic decisions. In this book, you’ll discover: How to avoid the strategic pitfalls that arise from governance actor influence and harm firms’ long-term competitiveness The effect that governance actors can have on corporate strategy, competitive strategy, corporate innovation strategy, global strategy, stakeholder strategy, and more The latest trends in corporate governance and their implications for managers, regulators, and policy makers in this area Perfect for C-level executives, board of directors, and institutional investors as well as students of corporate governance and strategy, Understanding and Managing Strategic Governance is a revealing and original examination of the interplay between corporate governance and firm strategy and how to manage that interplay to create sustainable competitive advantages.

The Corporate, Real Estate, Household, Government and Non-Bank Financial Sectors Under Financial Stability

The Corporate, Real Estate, Household, Government and Non-Bank Financial Sectors Under Financial Stability
Author: Indranarain Ramlall
Publisher: Emerald Group Publishing
Total Pages: 192
Release: 2018-12-14
Genre: Business & Economics
ISBN: 1787568393

The Corporate, Real Estate, Household, Government and Non-Bank Financial Sectors Under Financial Stability undertakes a systematic approach to provide a complete analysis and risk assessment of each of these sectors which interact closely to financial stability.

The Politics of EU-China Economic Relations

The Politics of EU-China Economic Relations
Author: John Farnell
Publisher: Springer
Total Pages: 252
Release: 2016-09-23
Genre: Political Science
ISBN: 1137488743

This book examines the political factors in the economic relationship between the European Union and China that help to explain the apparent stalling of the EU-China strategic partnership in policy terms. Written by two specialists with long experience of EU-China relations, this new volume draws on the latest research on how each side has emerged from the economic crisis and argues that promising potential for EU-China cooperation is being repeatedly undermined by political obstacles on both sides. The work is designed to be an analysis useful for university faculty and students interested in China and the European Union as well as for the general reader, providing an empirically-led examination that is academically informed and yet also approachable. Dissecting key policy areas such as trade, research and innovation, investment, and monetary affairs, the conclusion offers a compelling prognosis of how the EU-China relationship might develop over the coming years.