Choice Of Ownership Structure And Firm Performance
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Author | : Luc Laeven |
Publisher | : International Monetary Fund |
Total Pages | : 44 |
Release | : 2007-06 |
Genre | : Business & Economics |
ISBN | : |
The bulk of corporate governance theory examines the agency problems that arise from two extreme ownership structures: 100 percent small shareholders or one large, controlling owner combined with small shareholders. In this paper, we question the empirical validity of this dichotomy. In fact, one-third of publicly listed firms in Europe have multiple large owners, and the market value of firms with multiple blockholders differs from firms with a single large owner and from widely-held firms. Moreover, the relationship between corporate valuations and the distribution of cash-flow rights across multiple large owners is consistent with the predictions of recent theoretical models.
Author | : Katinka Wölfer |
Publisher | : Peter Lang Gmbh, Internationaler Verlag Der Wissenschaften |
Total Pages | : 0 |
Release | : 2016 |
Genre | : Business & Economics |
ISBN | : 9783653062755 |
The book illustrates that the impact of ownership on firm value depends not only on the concentration of ownership but also on the identity of blockholders. Large shareholders can use their power to influence corporate performance. However, owners are no homogenous group and have different motivations and abilities.
Author | : OECD |
Publisher | : OECD Publishing |
Total Pages | : 78 |
Release | : 2011-07-01 |
Genre | : |
ISBN | : 9264116052 |
This report reflects long-term, in-depth discussion and debate by participants in the Latin American Roundtable on Corporate Governance.
Author | : Jeffrey Pfeffer |
Publisher | : Stanford University Press |
Total Pages | : 336 |
Release | : 2003 |
Genre | : Business & Economics |
ISBN | : 080474789X |
This work explores how external constraints affect organizations and provides insights for designing and managing organizations to mitigate these constraints. All organizations are dependent on the environment for their survival. It contends that it is the fact of the organization's dependence on the environment that makes the external constraint and control of organizational behaviour both possible and almost inevitable. Organizations can either try to change their environments through political means or form interorganizational relationships to control or absorb uncertainty.
Author | : Kose John |
Publisher | : Emerald Group Publishing |
Total Pages | : 269 |
Release | : 2013-12-18 |
Genre | : Business & Economics |
ISBN | : 1783501219 |
Advances in Financial Economics Vol. 16 contains a set of empirical papers by a set of global scholars who examine corporate governance and market regulation from a variety of perspectives.
Author | : Anthony Bennett |
Publisher | : Routledge |
Total Pages | : 315 |
Release | : 2002-09-11 |
Genre | : Business & Economics |
ISBN | : 1134699271 |
Privatization has been one of the most important elements of public policy in the last decade and there have been massive transfers of ownership from the public to the private sector on a national and international level. This book combines thematic papers with country case studies to discuss the mechanisms which have enabled this to occur, and to assess privatization's mixed achievements. The authors, international academics, practitioners and consultants and the process of privatization is discussed in East Germany, Nigeria, Pakistan, Guyana, Sri Lanka, Trinidad and Tobago, and Great Britain.
Author | : Edward S. Herman |
Publisher | : Cambridge University Press |
Total Pages | : 452 |
Release | : 1982-05-31 |
Genre | : Business & Economics |
ISBN | : 9780521289078 |
Deep and detailed research into the workings of corporate enables Professor Herman to throw considerable light on how the board of directors operates, how important outside directors are, how new members are selected, and how multiple directorships interlock the large corporations. Throughout the book the author contrasts the power of the managers with that of other interest groups - bankers, family - and he concludes that power lies with the managers. But this has not changed the basic objectives of the corporation - the pursuit of growth and profits - nor has it enhanced social responsibility. After thorough investigation Edward Herman concludes that government regulation has done surprisingly little to reduce the autonomy of the corporation. Just as the influence of bankers and investors has been resisted, so has the effect of regulation. Improved communications and controls, geographic dispersion, and the enhanced adaptability and mobility of the large corporation have all played a part in maintaining corporate power and managerial control. Corporate Control, Corporate Power will be essential reading for executives, policy makers, regulators, and all those concerned to make the corporation more responsible and accountable.
Author | : Daniel H. Pink |
Publisher | : Penguin |
Total Pages | : 275 |
Release | : 2011-04-05 |
Genre | : Business & Economics |
ISBN | : 1101524383 |
The New York Times bestseller that gives readers a paradigm-shattering new way to think about motivation from the author of When: The Scientific Secrets of Perfect Timing Most people believe that the best way to motivate is with rewards like money—the carrot-and-stick approach. That's a mistake, says Daniel H. Pink (author of To Sell Is Human: The Surprising Truth About Motivating Others). In this provocative and persuasive new book, he asserts that the secret to high performance and satisfaction-at work, at school, and at home—is the deeply human need to direct our own lives, to learn and create new things, and to do better by ourselves and our world. Drawing on four decades of scientific research on human motivation, Pink exposes the mismatch between what science knows and what business does—and how that affects every aspect of life. He examines the three elements of true motivation—autonomy, mastery, and purpose-and offers smart and surprising techniques for putting these into action in a unique book that will change how we think and transform how we live.
Author | : T. D. Stanley |
Publisher | : Routledge |
Total Pages | : 202 |
Release | : 2012 |
Genre | : Business & Economics |
ISBN | : 0415670780 |
Meta-Regression Analysis in Economics and Business is the first text devoted to the meta-regression analysis (MRA) of economics and business research.
Author | : Rakesh Khurana |
Publisher | : Princeton University Press |
Total Pages | : 318 |
Release | : 2011-09-19 |
Genre | : Business & Economics |
ISBN | : 1400841097 |
Corporate CEOs are headline news. Stock prices rise and fall at word of their hiring and firing. Business media debate their merits and defects as if individual leaders determined the health of the economy. Yet we know surprisingly little about how CEOs are selected and dismissed or about their true power. This is the first book to take us into the often secretive world of the CEO selection process. Rakesh Khurana's findings are surprising and disturbing. In recent years, he shows, corporations have increasingly sought CEOs who are above all else charismatic, whose fame and force of personality impress analysts and the business media, but whose experience and abilities are not necessarily right for companies' specific needs. The labor market for CEOs, Khurana concludes, is far less rational than we might think. Khurana's findings are based on a study of the hiring and firing of CEOs at over 850 of America's largest companies and on extensive interviews with CEOs, corporate board members, and consultants at executive search firms. Written with exceptional clarity and verve, the book explains the basic mechanics of the selection process and how hiring priorities have changed with the rise of shareholder activism. Khurana argues that the market for CEOs, which we often assume runs on cool calculation and the impersonal forces of supply and demand, is culturally determined and too frequently inefficient. Its emphasis on charisma artificially limits the number of candidates considered, giving them extraordinary leverage to demand high salaries and power. It also raises expectations and increases the chance that a CEO will be fired for failing to meet shareholders' hopes. The result is corporate instability and too little attention to long-term strategy. The book is a major contribution to our understanding of corporate culture and the nature of markets and leadership in general.