Recent research shows that a significant proportion of listed corporations in a number of major financial markets across the world are classified as family firms. That classification is based on a number of different definitions of a family firm, using criteria such as an ownership threshold...

This paper examines the interrelations among ownership, board and manager characteristics and firm performance in a sample of 54 firms listed at the Nairobi Stock Exchange (NSE). These governance characteristics, designed to minimize agency problems between principals and agents are...

New Public Management calls for a clear division between politics and the administration, where the former undertakes strategic planning and defines economic targets and the latter is responsible for public service management. In this context, the agency theory underlines a risk of incoherence...

As the positive impact of trust on business success is widely undisputed, the question of how to measure trust naturally arises. Both expectations of trustworthy behavior and possible gains and losses from a trusting relationship influence the level of trust between two parties or individuals....

The working paper presents a comprehensive overview of the principal-agent model that emphasizes the role of trust in the agency relationship. The analysis demonstrates that the legal remedy for breach of duty can result in a full-information efficient outcome eliminating both moral hazard and...

This research aims to test dividend signaling theory in an Indonesian capital market. Signaling theory states that dividend policy has information content that can influence to share price. Examination of theory of signaling is related to research phenomena in other countries indicating that by...

The aim of this paper is to analyse the impact of both firm-specific and external factors on the risk taking of European insurance companies. The extent of risk taking is quantified through variations in stock prices and these are explained by firm-specific and external factors that proxy the...

The global financial crisis (GFC) has drawn attention to the increased risk taking of financial institutions, in particular risk taking by banks. Some observers have also suggested that credit default swaps (CDS) have not only contributed to the GFC but to some extent have also exacerbated it....