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Articles 1 - 12 of 12
Full-Text Articles in Business
Proxy Access And Optimal Standardization In Corporate Governance: An Empirical Analysis, Reilly S. Steel
Proxy Access And Optimal Standardization In Corporate Governance: An Empirical Analysis, Reilly S. Steel
Fordham Journal of Corporate & Financial Law
According to the conventional wisdom, “one size does not fit all” in corporate governance. Firms are heterogeneous with respect to their governance needs, implying that the optimal corporate governance structure must also vary from firm to firm. This one-size-does-not-fit-all axiom has featured prominently in arguments against numerous corporate law regulatory initiatives, including the SEC’s failed Rule 14a-11—an attempt to impose mandatory, uniform “proxy access” on all public companies—which the D.C. Circuit struck down for inadequate cost–benefit analysis.
This Article presents an alternative theory as to the role of standardization in corporate governance—in which investors prefer standardized terms—and empirical …
The Impact Of Csr On Corporate Financial Performance, David K. Ding
The Impact Of Csr On Corporate Financial Performance, David K. Ding
Research Collection Lee Kong Chian School Of Business
We provide one of the first analyses of corporate social responsibility (CSR) and firm performance using only annual financial reports. We document a link between corporate financial performance (CFP) and CSR, although this is not always positive. Specifically, we investigate whether CSR performance can be implied from financial reporting and provide evidence that CSR information implied by financial reports have a significant association with CFP. Furthermore, we provide the first comprehensive study of CSR reporting and link it with CFP in New Zealand.
Dividend Policy In A Frontier Market And Sector Equity Traded Funds In The United States, Abdulrahman Alharbi
Dividend Policy In A Frontier Market And Sector Equity Traded Funds In The United States, Abdulrahman Alharbi
University of New Orleans Theses and Dissertations
In chapter 1, we examine the nature and scale of the relationship between returns on sector Equity Traded Funds (ETFs) and their volatility. We discuss the source and direction of the effect between returns and risk and whether behavioral biases are prominent among sector ETFs. The study has implications for financial sector practitioners and investors, as it provides more information about the risk in sector ETF and whether that risk differs from that of other investment instruments. To this end, we test three hypotheses based on the relevant literature on volatility and returns: the leverage effect hypothesis, feedback hypothesis, and …
Powerful Blockholders And Ceo Turnover, Chi Shen Wei, Lei Zhang
Powerful Blockholders And Ceo Turnover, Chi Shen Wei, Lei Zhang
Research Collection Lee Kong Chian School Of Business
We identify the power of institutional blockholders to influence management using previous occurrences of forced CEO turnover at other firms in the blockholders’ overall portfolio. We create a “powerful blockholder linkage” measure that strongly predicts future forced CEO turnover. These effects are larger when “powerful” blockholders are more motivated to monitor and when they have had valuable monitoring experience. Moreover, firms with powerful blockholders display higher CEO turnover-performance sensitivity, pursue more value-increasing mergers, and have higher firm value. Overall, our results suggest that an identifiable group of powerful blockholders play an important role in corporate governance.
Essays On Corporate Governance, Wonseok Choi
Essays On Corporate Governance, Wonseok Choi
Theses and Dissertations
Corporate governance is one major research topic in financial economics. Studies in this area explore how much severe agency problems firms have and how to mitigate such agency problems to benefit the firms and their investors. In this dissertation, I investigate whether outside directors’ dissention has a monitoring role. The first essay tests whether outside directors’ dissention increases firm value through outside directors’ monitoring role. The second essay examines outside directors’ dissention on earnings management. I found supportive evidences that outside directors’ dissention can increase firm value and reduce earnings management. Also, only aggressive dissentions can lead higher firm value …
Social Network Impact On Corporate Performance And Governance, Jonathan Chew Hoe Khoo
Social Network Impact On Corporate Performance And Governance, Jonathan Chew Hoe Khoo
Dissertations and Theses Collection
Motivated by the centrality measures constructed in Larcker, So and Wang (2013), I affirm that board connectedness positively affect firm performance in Singapore, and even if we were to measure firm performance by Tobin's Q. The impact on firm performance persists over at least four years. Controlling for Corporate Governance using a proprietary database, the Singapore Corporate Governance Index, only the Eigenvector centrality under simple-weighted and hyperbolic-weighted projections survives the robustness test, suggesting that firstly, the local proxy of Corporate Governance based on OECD principles possibly controls for what is proxied by the Betweenness, Closeness and Degree centrality measures, and …
Essays In Corporate Finance, Lea H. Stern
Essays In Corporate Finance, Lea H. Stern
Dissertations - ALL
This dissertation consists of three chapters in corporate finance and private equity. Chapter 1, “Incentives of Private Equity General Partners from Future Fundraising”, co-authored with Ji-Woong Chung, Berk Sensoy and Michael Weisbach, studies the incentives of private equity general partners (GPs). Lifetime incomes of GPs are affected by their current funds’ performance not only directly, through carried interest profit-sharing provisions, but also indirectly by the effect of the current fund’s performance on GP’s abilities to raise capital for future funds. In the context of a rational learning model, which we show better matches the empirical relations between future fundraising and …
Rethinking Corporate Governance For A Bondholder Financed, Systemically Risky World, Steven L. Schwarcz
Rethinking Corporate Governance For A Bondholder Financed, Systemically Risky World, Steven L. Schwarcz
William & Mary Law Review
This Article makes two arguments that, combined, demonstrate an important synergy: first, including bondholders in corporate governance could help to reduce systemic risk because bondholders are more risk averse than shareholders; second, corporate governance should include bondholders because bonds now dwarf equity as a source of corporate financing and bond prices are increasingly tied to firm performance.
Quasi-Appraisal: Appraising Breach Of Duty Of Disclosure Claims Following "Cash-Out" Mergers In Delaware, Zachary A. Paiva
Quasi-Appraisal: Appraising Breach Of Duty Of Disclosure Claims Following "Cash-Out" Mergers In Delaware, Zachary A. Paiva
Fordham Journal of Corporate & Financial Law
In recent years, Delaware has served as the hot bed for the dramatic increase in merger appraisal litigation and the proliferation of “appraisal arbitrage” whereby opportunistic shareholders buy into companies following merger announcements and challenge announced deal prices as an investment strategy. While this has not always proved profitable, it has increased scrutiny over the Delaware appraisal regime and the ability for shareholders to avail themselves of the opportunity for a judicial valuation of their shares. Furthermore, it has highlighted information asymmetries in which controlling shareholders, particularly those seeking to cash out their minority shareholders, are incentivized to underpay or …
The Role Of Project Leadership In Global Multicultural Project Success, Jamal Nassif
The Role Of Project Leadership In Global Multicultural Project Success, Jamal Nassif
Walden Dissertations and Doctoral Studies
Global projects have a high failure rate, with many project failures attributed to lack of effective leadership. A knowledge gap about leadership requirements and complexities in a global project management environment has increased the risks in global projects. The problem is evident in the increasing project failure rate and the struggling national strategies in the oil and gas industry in the Arabian Gulf Cooperation Council (GCC). The purpose of this study was to explore the role of leadership in project success and adaptation complexities in GCC. The conceptual framework consisted of complex adaptive systems and contingency theories. A qualitative approach …
The Relationship Between Corporate Governance And Organizational Performance In Nigerian Companies, Toyin Ishola Lasisi
The Relationship Between Corporate Governance And Organizational Performance In Nigerian Companies, Toyin Ishola Lasisi
Walden Dissertations and Doctoral Studies
The growing lack of confidence in public companies arises from the recent accounting scandals and corporate collapses, which have been attributed to the consequences of separation of ownership and control in modern firms. Agency theory predicts a conflict of interest between managers and shareholders that leads to agency costs and weak performance. This study used agency, stakeholders', and stewardship theories as the theoretical framework and multiple regression analysis to examine the relationship between corporate governance mechanisms and organizational performance in nonfinancial firms listed on the Nigerian Stock Exchange. The results of the study could help clarify understanding of corporate governance …
Relationship Between Corporate Governance And Information Security Governance Effectiveness In United States Corporations, Robert Elliot Davis
Relationship Between Corporate Governance And Information Security Governance Effectiveness In United States Corporations, Robert Elliot Davis
Walden Dissertations and Doctoral Studies
Cyber attackers targeting large corporations achieved a high perimeter penetration success rate during 2013, resulting in many corporations incurring financial losses. Corporate information technology leaders have a fiduciary responsibility to implement information security domain processes that effectually address the challenges for preventing and deterring information security breaches. Grounded in corporate governance theory, the purpose of this correlational study was to examine the relationship between strategic alignment, resource management, risk management, value delivery, performance measurement implementations, and information security governance (ISG) effectiveness in United States-based corporations. Surveys were used to collect data from 95 strategic and tactical leaders of the 500 …