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The Effect of Corporate Taxation and Ownership on Raising Shareholder Capital

Krämer, Robert; Lipatov, Vilen - CESifo - 2013

We analyze how interactions between corporate taxation and corporate governance affect shareholder capital. Using a …

Persistent link: https://www.econbiz.de/10010701082

Stock Market Returns, Corporate Governance and Capital Market Equilibrium

Parigi, Bruno Maria; Pelizzon, Loriana; Thadden, … - CESifo - 2013

This paper proposes a theoretical model that incorporates corporate governance into the basic CAPM, where corporate … governance affects the disutility of managerial effort and the possibility of managers to divert company resources. It shows that … corporate governance affects firms’ stock returns and also how the quality of corporate governance is chosen endogenously. The …

Persistent link: https://www.econbiz.de/10010720638

Politics-Business Interaction Paths

Belloc, Marianna; Pagano, Ugo - CESifo - 2009

Most pre-crisis explanations of the various corporate governance systems have considered the separation between … this view with the co-evolution approach based on the hypothesis that politics and corporate governance influence each … a single model of corporate governance. We argue that this hypothesis provides a more convincing explanation of the past …

Persistent link: https://www.econbiz.de/10008572479

How Weak is the Weakest-Link Principle?On the Measurement of Firm Owners’Control Rights

Edwards, Jeremy; Weichenrieder, Alfons - CESifo - 2004

The paper argues that the weakest link principle, which has been widely used as a measure of ultimate owners’ control rights, has a number of serious problems. A theoretically more satisfactory method of measuring control rights, based on voting power indices, is proposed, and the different...

Persistent link: https://www.econbiz.de/10005196258

Common Ownership, Competition, and Top Management Incentives

Anton, Miguel - 2020

When one firm's strategy affects other firms' value, optimal executive incentives depend on whether shareholders have interests in only one or in multiple firms. Performance-sensitive contracts induce managerial effort to reduce costs, and lower costs induce higher output. Hence, greater...

Persistent link: https://www.econbiz.de/10012854854

Investor Taxation, Firm Heterogeneity and Capital Structure Choice

Haring, Magdalena - 2016

We analyze the effect of investor level taxes, firm-specific ownership structure and firm-specific payout policy on firms' capital structure choice. Our analysis is based on data for 10,983 firms from 13 Central and Eastern European (CEE) countries over the time period 2002-2012. Our results...

Persistent link: https://www.econbiz.de/10012979608

Taxation and Corporate Risk-Taking

Langenmayr, Dominika - 2017

We study whether the corporate tax system provides incentives for risky firm investment. We analytically and empirically show two main findings: first, risk-taking is positively related to the length of tax loss periods because the loss rules shift some risk to the government; and second, the...

Persistent link: https://www.econbiz.de/10012950288

Divide and Privatize : Firm Break-Up and Performance

Kočenda, Evžen - 2011

We analyze the long-term effects of firm break-up and ownership change on corporate performance. Our analysis is based on a unique data set for a large number of Czech firms spanning the period 1996–2005. We employ a propensity score matching procedure to deal with endogeneity problems. Our...

Persistent link: https://www.econbiz.de/10013124394

The Effect of Corporate Taxation and Ownership on Raising Shareholder Capital

Krämer, Robert - 2013

We analyze how interactions between corporate taxation and corporate governance affect shareholder capital. Using a …

Persistent link: https://www.econbiz.de/10013073608

Stock Market Returns, Corporate Governance and Capital Market Equilibrium

Parigi, Bruno Maria; Pelizzon, Loriana; von Thadden, … - 2021

Persistent link: https://www.econbiz.de/10013315674