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Why Did Some Banks Perform Better During the Credit Crisis? A Cross-Country Study of the Impact of Governance and Regulation

Beltratti, Andrea - 2009

Though overall bank performance from July 2007 to December 2008 was the worst since at least the Great Depression … performance of banks during the credit crisis. More specifically, we investigate whether bank performance is related to bank …-level governance, country-level governance, country-level regulation, and bank balance sheet and profitability characteristics before …

Persistent link: https://www.econbiz.de/10012463469

When Labor Has a Voice in Corporate Governance

Faleye, Olubunmi - 2005

Equity ownership gives labor both a fractional stake in the firm's residual cash flows and a voice in corporate governance. Relative to other firms, labor-controlled publicly-traded firms deviate more from value maximization, invest less in long-term assets, take fewer risks, grow more slowly,...

Persistent link: https://www.econbiz.de/10012467431

Governing Misvalued Firms

Kadyrzhanova, Dalida - 2014

Equity overvaluation is thought to create the potential for managerial misbehavior, while monitoring and corporate governance curb misbehavior. We combine these two insights from the literatures on misvaluation and governance to ask 'when does governance matter?' Examining firms with standard...

Persistent link: https://www.econbiz.de/10012458864

The Value of Corporate Culture

Guiso, Luigi - 2013

We study which dimensions of corporate culture are related to a firm's performance and why. We find that proclaimed values appear irrelevant. Yet, when employees perceive top managers as trustworthy and ethical, firm's performance is stronger. We then study how different governance structures...

Persistent link: https://www.econbiz.de/10012459104

The Vote is Cast : The Effect of Corporate Governance on Shareholder Value

Cuñat, Vicente - 2010

This paper estimates the effect of corporate governance provisions on shareholder value and long-term outcomes in S&P1500 firms. We apply a regression discontinuity design to shareholder votes on governance proposals in annual meetings. A close-call vote around the majority threshold is akin to...

Persistent link: https://www.econbiz.de/10012462083

The State of Corporate Governance Research

Bebchuk, Lucian A. - 2009

This paper, which introduces the special issue on corporate governance co-sponsored by the Review of Financial Studies and the National Bureau of Economic Research (NBER), reviews and comments on the state of corporate governance research. The special issue features seven papers on corporate...

Persistent link: https://www.econbiz.de/10012463112

The Governance of the New Enterprise

Rajan, Raghuram G. - 2000

The changing nature of the corporation forces us to re-examine much of what we take for granted in corporate governance. What precisely is the entity that is being governed? How does the governance system obtain power over it, and what determines the division of power between various...

Persistent link: https://www.econbiz.de/10012470778

Class Struggle Inside the Firm : A Study of German Codetermination

Gorton, Gary - 2000

Who should control the firm? What should be the firm's objective function? If contracts are incomplete, then the group of input providers that most needs their interests protected should be allocated control rights to the firm. Existing theories argue that the suppliers of capital are most in...

Persistent link: https://www.econbiz.de/10012470791

Universal Banking and the Performance of German Firms

Gorton, Gary - 1996

representatives on corporate boards. If a banking relationship is a substitute for the stock market, then interaction with a bank … monopolistic control over access to external capital markets, then bank interests may conflict with those of other equityholders … structure of the firms' equity. We test for conflicts-of-interest in bank behavior and ask whether the relationship between …

Persistent link: https://www.econbiz.de/10012473409

Measuring Firm Environmental Performance to Inform Asset Management and Standardized Disclosure

Muller, Nicholas Z. - National Bureau of Economic Research - 2021

Investing according to environmental, social, and governance (ESG) criteria is gaining momentum. Most environmental performance indices focus only on the tonnage of carbon dioxide (CO₂) emissions. This paper proposes an index covering eight pollutants expressed in monetary damage. Inclusion of...

Persistent link: https://www.econbiz.de/10012696363