Der Einfluss von Großaktionären auf die Unternehmenspolitik wird unter dem Stichwort Deutschland AG bereits seit langem diskutiert und gewinnt im Zuge der aktuellen Corporate-Governance-Diskussion erneut an Bedeutung. Die Wirkung von Kapital- bzw. Stimmrechtsblöcken auf den Unternehmenswert...

Die Arbeit untersucht, wie sich unternehmensexterne Wettbewerbsbedingungen und Principal-Agent-Probleme zwischen Eigentümern und Managern auf die Anreize zur Kostensenkung, die interne Effizienz in den Unternehmen und die Konsumentenrente auswirken. Es wird gezeigt, dass...

We present a global production sharing model that integrates the organizational choices of offshoring into the determination of relative wages in developing countries. The model shows that offshoring through foreign direct investment contributes more prominently than arm's length outsourcing to...

Ownership of publicly listed German companies has undergone significant changes in recent years. The aim of this report is to document these trends since 2007 and analyze the extent to which firms that compete in the same product market are owned by the same investors, which is known as common...

The paper argues that transparency of large corporate farms operating in transition economies is the factor that affects their competitive position as it helps to preserve access to international equity markets and to reduce uncertainty that arises from imperfect local input markets. We...

We use a total of 1171 estimates extracted from 34 previous studies and perform a meta-analysis to examine the relationship between ownership structures and firm performance in the Czech mass-privatized firms. We find that, in contrast to the remarkable effect of foreign ownership on firm...

Weiss steht im Kontrast zu Schwarz. So weist eine Logik des weissen Geldes auf eine Abkehr vom schwarzen Geld hin. Der Kontrast von Weiss und Schwarz stellt dar, wie radikal der Wandel im Schweizer Bankensektor der letzten Jahre ist, und symbolisiert, dass auf dem Schweizer Bankenplatz nur noch...

The purpose of the this paper is to study the relationship between types of ownership on intellectual capital performance (ICP) and its components in the companies listed in Tehran Stock Exchange. The results show that there is a significant positive relationship between ownership...

The choice of a foreign firm’s entry mode into a host country is a strategic decision which impacts its future survival and success in other countries. By employing multinomial logit regression, this study aims to investigate the impact of the firm’s level of financial data on the entry mode...

The present work’s major objective consists in examining the impact of institutional investors’ presence on corporate diversification decision. For this sake, a theoretical framework based on the corporate governance contractual approach has been advanced highlighting the idea that the...

1. Introduction2. Changing Role of Banks in the Financial System3. Defining a Business Model in Banks4. Identification of Business Models5. Bank Business Models and Financial Stability Assessment6. Business Models, Ownership, Organisational Structures and Size7. Migration of Business Models8....

We show theoretically and empirically that executives are paid less for their own firm's performance and more for their rivals' performance if an industry's firms are more commonly owned by the same set of investors. Higher common ownership also leads to higher unconditional total pay. We...

By using corporate governance data on 22 publicly traded Turkish companies we estimate the determinants of corporate governance ratings for these companies with a focus on ownership structure. Our results show that company earnings, financial risk and firm size positively influence the corporate...

The aim of this study is to analyse the impact of corporate financial structure on a firm's export propensity, especially that of small and medium-sized enterprises (SMEs). The paper contributes to the literature concerned with the relationship between exports and financial constraints from the...

The term structure of equity returns is downward-sloping: stocks with high cash flow duration earn 1.10% per month lower returns than short-duration stocks in the cross section. I create a measure of cash flow duration at the firm level using balance sheet data to show this novel fact. Factor...

This paper considers cost-reducing R&D investment with spillovers in a Cournot oligopoly with minority shareholdings. We find that, with high market concentration and sufficiently convex demand, there is no scope for cross-ownership to improve welfare regardless of spillover levels. Otherwise,...