Extending earlier literature on diffusion of codes of good governance (CGGs) by integrating the effect of national culture, this study offers a novel perspective on cross-national diversity in the worldwide diffusion of corporate governance best practices. We argue that particular cultural...

In this paper, the authors analyze the impact of profits on investment using data from the Dutch manufacturing sector in a simple Kaleckian investment model. Profits and capacity determine the level of investment. The empirical analysis of this 'nonmainstream' model confirms conclusions drawn in...

This paper provides evidence for the immediate or short-term responses to financial crises of US multinational firm (MNE) subsidiaries. Using a real options perspective, we hypothesize that financial crises change the relative value of ‘within-country’versus ‘across-country’ options for...

Summary Corporate governance regulations across the globe increasingly push for a model in which top management is supervised by an independent, vigilant and skilled board of directors. Academic research, however, produces ambiguous results as to the direct effects of such board characteristics...

We study an underrepresented area in the international business literature: the effect of the meta-environment on multinational enterprise (MNE) performance. A meta-environment is a symbiosis of all country environments where an MNE operates. This conceptualization of a firm's external context...

Many transition economies are characterised by a relatively rudimentary institutional framework. Weak legislative structures and the absence of effective market regulation and property right enforcement rules diminish the chance of mutually profitable business transactions and--more...

The Berle-Means problem - information and incentive asymmetries disrupting relations between knowledgeable managers and remote investors - has remained a durable issue engaging researchers since the 1930s. However, the Berle-Means paradigm - widely dispersed, helpless investors facing strong,...

This paper analyses the impact of share ownership, creditorship and networking by financial institutions on the performance of 94 Dutch non-financial firms in the period 1992-1996. We find a nonlinear relationship between firm performance and ownership by banks. Because of various defense...

We analyze the performance-board characteristic nexus of Dutch listed firms. The Netherlands has a continental-European two-tier board structure. This makes it interesting to analyze the impact of management and supervisory board characteristics (size, composition and remuneration) on corporate...