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Dual Agency: Corporate Boards With Reciprocally Interlocking Relationships, Kevin F. Hallock
Dual Agency: Corporate Boards With Reciprocally Interlocking Relationships, Kevin F. Hallock
Kevin F Hallock
[Excerpt] This paper studies reciprocal interlocks of boards of directors of large firms where an employee of firm A sits on firm B's board and at the same time an employee of firm B sits on firm A's board. The study of Boards of Directors by those in economics and finance is not new. In fact, Dooley (1969) writes of interlocking directorates, but his definition is different in that he presents evidence of interlock where "at least one director ... sat on the board of at least one other of the largest companies". Books by Mizruchi (1982) and Pennings (1980) …
Testing Twin Deficits Hypothesis Using Vars And Variance Decomposition, Ahmad Zubaidi Baharumshah, Evan Lau, Ahmed M. Khalid
Testing Twin Deficits Hypothesis Using Vars And Variance Decomposition, Ahmad Zubaidi Baharumshah, Evan Lau, Ahmed M. Khalid
Ahmed Khalid
This paper examines the twin deficits hypothesis in the ASEAN countries. The major findings of this paper are the following. (1) Long run relationships are detected between budget and current account deficits. (2) The Keynesian view fits well for Thailand since the causality runs from budget deficit to current account deficit. For Indonesia, the causality runs in an opposite direction while the empirical results indicate that a bidirectional pattern of causality exists for Malaysia and the Philippines. (3) We also found support for an indirect causal relationship that runs from budget deficit to higher interest rates, and higher interest rates …