In June 2012 the European Commission received the backing of the member states to launch a visa liberalisation process with Turkey in exchange for a readmission agreement that obliges Ankara to take back illegal immigrants who passed through Turkey as a transit country. This is a remarkable...

Agency theory analyses the effects of contractual behaviour between two parties: principal(s) and agent(s). This relation is inevitably characterized by information asymmetry because agent holds a substantially larger volume of information than the principal. Due the negative effects of...

Using a sample of U.S. dual class companies, we empirically investigate the effects of the divergence between insiders’ voting and cash flow rights on market reaction to seasoned equity offerings (SEOs) and long-run stock performance following SEOs. We find that SEO announcement returns and...

We investigate the influence of national culture on corporate debt maturity choice. Based on the framework of Williamson, we argue that culture located in social embeddedness level can shape contracting environments by serving as an informal constraint that affects human actors’ incentives and...

This study investigates the impact of board governance features and the presence of foreign, indigenous high society executives and board diversity on levels of IPO underpricing in a unique sample of 62 Initial Primary Offerings (IPOs) from across Sub Saharan African (SSA), excluding South...

In this paper, we study the principal-agent problem. It is well known that in continuous-time, it is possible to prove the existence of an equilibrium <InlineEquation ID="IEq1"> <EquationSource Format="TEX">$$ (u^{*},S^{*})$$</EquationSource> </InlineEquation> in a considerably general setting, and however little is known about the strategies themselves. Our goal is to present a...</equationsource></inlineequation>

This study investigates the role of ownership and control structure of firms when determining their cash holdings and focuses mainly on the association between excess control rights and cash holdings. Using a sample of Taiwanese publicly listed companies from 1997 to 2009, this study shows that...

As agents for their patients, providers often make treatment decisions on behalf of patients, and their choices can affect health outcomes. However, providers operate within a network of relationships and are agents not only for their patients, but also other health sector actors, such as their...

We examine leverage decisions in the context of national culture over the 1996–2010 period. Cultural characteristics can explain capital structure decisions from emerging-markets cross-listings. The results show that firms from countries with high Individualism and Indulgence employ more debt....

We explore how powerful CEOs manage the tax aggressiveness (TAG) of their firms. The agency view suggests that CEOs invest in TAG to enhance their own private benefits. On the contrary, the stream of corporate social responsibility theories argues that CEOs avoid investment in TAG as, although a...