Corporate monitoring by blockholders in Europe : empirical evidence of managerial disciplining in Belgium, France, Germany, and the UK

Isabelle Dherment-Ferere (Department of Economics, University of Toulon, Institute of Business Administration, University of Aix-en-Provence), Jens Köke (Centre for European Economic Research (ZEW), University of Mannheim) and Luc Renneboog (Department of Finance and CentER for Economic Research, Tilburg University)

This study examines managerial disciplining in poorly performing firms using large panels for Belgian, French, German and UK firms. We consider the monitoring role of large blockholders, the market for share blocks, creditors, and non-executive directors. Board restructuring is correlated to poor performance, but not for France. Neither existing blockholders nor creditors play an active role in disciplining. Block purchases have a monitoring role in Belgium and Germany, but not in France and the UK. Large boards facilitate disciplining, but the role of non-executives is ambiguous.

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Year of publication:	2001
Authors:	Dherment-Ferere, Isabelle ; Köke, F. Jens ; Renneboog, Luc
Publisher:	Mannheim : ZEW
Subject:	corporate governance \| managerial disciplining \| ownership structure \| CEO succession \| Corporate Governance \| Corporate governance \| Eigentümerstruktur \| Ownership structure \| Gläubiger \| Creditors \| Krisenmanagement \| Crisis management \| Vergleich \| Comparison \| Belgien \| Belgium \| Frankreich \| France \| Deutschland \| Germany \| Großbritannien \| United Kingdom \| Eigentum

Extent:	1 Online-Ressource (circa 41 Seiten) Illustrationen
Series:	ZEW discussion papers. - Mannheim : ZEW, ZDB-ID 2125128-9. - Vol. no. 01-24
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Graue Literatur ; Non-commercial literature ; Arbeitspapier ; Working Paper
Language:	English
Other identifiers:	hdl:10419/24444 [Handle]
Classification:	G32 - Financing Policy; Capital and Ownership Structure ; G3 - Corporate Finance and Governance
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10011446114