Showing 1 - 10 of 168
In this article, we empirically assess the impact of the Corporate Ethical Identity (CEI) on the firm’s financial performance. Drawing on formulation of both normative and instrumental stakeholder theory, we argue that firms with a strong ethical identity achieve greater degree of stakeholder...
Persistent link: https://www.econbiz.de/10005190151
In the framework of Cognitive Approach, this paper proposes a new method to identify strategic groups (SG) using Data Envelopment Analysis (DEA) methods. Two assumptions are maintained in the SG literature: first, firms grouped together value inputs and outputs similarly, and, second, some...
Persistent link: https://www.econbiz.de/10005417093
There exists research relating management concepts with productivity measurement methods that offers useful solutions for improving management control in the public sector. Within this sphere, we connect agency theory with efficiency analysis and describe how to define an incentives scheme that...
Persistent link: https://www.econbiz.de/10005190143
This paper investigates how multiple large shareholders share control and extract private benefits in closely-held corporations. We find that ownership structures with multiple large shareholders are common and very stable. Moreover, they seem to be, to a large extent, exogenously given. The...
Persistent link: https://www.econbiz.de/10005249559
In modern corporations, the Operations Manager’s role in defining of firm’s strategy is becoming more important. In this paper we describe how firms can use this tendency for Operations Managers to make strategic decisions as a mechanism to prevent inventory mismanagement. These managers...
Persistent link: https://www.econbiz.de/10005190160
Using data from 3,638 Spanish firms between 1996 and 2000, this article studies the relationship between the presence of large shareholders in the ownership structure of firms and R&D investment. Consistent with our theoretical contention, our results indicate that the impact of large...
Persistent link: https://www.econbiz.de/10005190142
I consider an auction with participants that differ in valuation and access to liquid assets. Assuming credit is costly (e.g. due to moral hazard considerations) different auction rules establish different ways of screening valuation-liquidity pairs. The paper shows that standard auction forms...
Persistent link: https://www.econbiz.de/10005417094
This paper addresses the hedging of bond portfolios interest rate risk by drawing on the classical one period no-arbitrage approach of Financial Economics (Ingersoll (1987)). Under quite weak assumptions on the interest rate behavior several shadow riskless assets are introduced by means of...
Persistent link: https://www.econbiz.de/10005417095
We consider a model in which a holding company has to decide whether to finance an investment project in a subsidiary. The project can be financed either through internal capital or through debt. The subsidiary's manager has private information on the quality of the project and has...
Persistent link: https://www.econbiz.de/10005417096
This paper presents a model linking two financial markets (stocks and bonds) with the real business cycle, in the framework of the Consumption Capital Asset Pricing Model with Generalized Isoelastic Preferences. Besides interest rate term spread, the model includes a new variable to forecast...
Persistent link: https://www.econbiz.de/10005417097