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Ownership Reform, State Ownership, Corporate Governance, and Agency Costs : The Case of Chinese Listed Companies
Vijayakumaran, Ratnam - 2019
corporate governance mechanisms and agency costs for Chinese listed firms. Based on a large panel of Chinese listed firms, we … effective governance mechanisms to reduce agency costs only for private-controlled firms in the post reform period. Therefore …, our study concludes that the effectiveness of corporate governance mechanisms differ between state and private controlled …
Persistent link: https://www.econbiz.de/10012867655
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Beyond Ownership : State Capitalism and the Chinese Firm
Milhaupt, Curtis J. - 2015
Chinese state capitalism has been treated as essentially synonymous with state-owned enterprises (“SOEs”). But drawing a stark distinction between SOEs and privately owned enterprises (“POEs”) misperceives the reality of China's institutional environment and its impact on the formation...
Persistent link: https://www.econbiz.de/10013033935
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State Ownership and Corporate Leverage Around the World
Haas, Ralph de; Guriev, Sergej; Stepanov, Alexander - 2022
Does state ownership hinder or help firms access credit? We use data on almost 4 million firms in 89 countries to study the relationship between state ownership and corporate leverage. Controlling for country-sector-year fixed effects and conventional firm-level determinants of leverage, we show...
Persistent link: https://www.econbiz.de/10013289156
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State Ownership and Corporate Leverage Around the World
Haas, Ralph de; Guriev, Sergej; Stepanov, Alexander - 2022
Does state ownership hinder or help firms access credit? We use data on almost 4 million firms in 89 countries to study the relationship between state ownership and corporate leverage. Controlling for country-sector-year fixed effects and conventional firm-level determinants of leverage, we show...
Persistent link: https://www.econbiz.de/10013289285
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CEO Duality and Corporate Stewardship : Evidence from Takeovers
Ghazal, Victor - 2015
Many scholars have been quick to criticize the merits of CEO duality, a situation where a company's Chief Executive Officer is also the Chairman of the Board, by claiming that CEO duality undermines the board's ability to effectively monitor and constrain self-interested CEOs. These criticisms...
Persistent link: https://www.econbiz.de/10013021327
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Agency Costs, Ownership, and Internal Governance Mechanisms : Evidence From Chinese Listed Companies
Vijayakumaran, Ratnam - 2019
In recent years, there has been an increasing interest in assessing the effectiveness of corporate governance in China …. This paper examines the impact of internal governance mechanisms such as ownership structure and board characteristics and … debt financing work as effective corporate governance mechanisms for Chinese listed firms to mitigate agency conflicts and …
Persistent link: https://www.econbiz.de/10012894146
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Facilitating Tacit Collusion Through Voluntary Disclosure : Evidence from Common Ownership
Pawliczek, Andrea; Skinner, A. Nicole; Zechman, Sarah L. C. - 2023
We examine whether voluntary disclosure is associated with incentives for firms to collude. Public disclosure can facilitate collusion by aiding with coordination and monitoring for defections. Using common ownership (investors holding stock in competing firms) to identify reduced incentives to...
Persistent link: https://www.econbiz.de/10014351242
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Government ownership, informed trading, and private information
Borisova, Ginka; Yadav, Pradeep - 2015
We investigate the nature and extent of information asymmetry among traders in companies with government ownership. Consistent with a less transparent information environment, we find relatively less informed trading in the shares of firms with government presence, and specifically, fewer...
Persistent link: https://www.econbiz.de/10011334148
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Partial public ownership and managerial incentives
Jovanovicy, Dragan - 2012
We analyze the impact of partial public ownership (PPO) on managerial incentives. A novelty of the paper is that it explicitly considers competition in the product market. We find that PPO negatively affects managerial incentives when all firms are partially owned by the government. When...
Persistent link: https://www.econbiz.de/10009665005
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Partnership Dissolution with Cash-Constrained Agents
Pommey, Guillaume - 2021
When partnerships come to an end, partners must find a way to efficiently reallocate the commonly owned assets to those who value them the most. This requires that the aforementioned members possess enough financial resources to buy out the others’ shares. I investigate ex post efficient...
Persistent link: https://www.econbiz.de/10013324334