Corporate Governance: Comparative eJournal最新文献

{"title":"Financial Distress: Public vs. Private Firms","authors":"Seraina C. Anagnostopoulou, M. Levis","doi":"10.2139/ssrn.1726463","DOIUrl":"https://doi.org/10.2139/ssrn.1726463","url":null,"abstract":"Recent evidence suggests that private firms in the United Kingdom rely heavily on debt financing, have leverage ratios significantly higher than their public counterparts, and their access to external sources of capital remains limited. We extend these findings by examining the implications of such differences in capital structure on financial distress and its repercussions on future operating performance. In spite the higher levels of leverage among private firms, we find a higher incidence of financial distress among public firms; while financial distress, however, among such firms is predominantly due to their sluggish operating performance, the main cause of distress among for private firms is their high level of leverage. We also find that while both public and private firms maintain very similar levels of sales growth in industry adjusted terms, the profitability of the former group is markedly lower in comparison to private firms, during the time period immediately following the appearance of financial distress.","PeriodicalId":354906,"journal":{"name":"Corporate Governance: Comparative eJournal","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130062851","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Corporate Communications - A Comparison of American and Indian Practices","authors":"R. Jayaraman","doi":"10.2139/SSRN.1685212","DOIUrl":"https://doi.org/10.2139/SSRN.1685212","url":null,"abstract":"Corporate communication as a function in an organization is relatively new as compared to other departments. The inception and the need for corporate communications were realized in the 1990s. Corporate America was one of the pioneers of the global economy to formally induct corporate communication as a formal function within the organization. Corporate India was also not far behind in implementing the corporate communications function. The research objective for this study is to study the evolution and impact of corporate communications practices on American and Indian industry. The primary method for this conducting research is to conduct an analysis of existing literature on corporate communication practices. Also, the objectives for conducting such analysis would be to collect the data based on real life examples and to draw the necessary conclusions based on such analysis.","PeriodicalId":354906,"journal":{"name":"Corporate Governance: Comparative eJournal","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133352446","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Coming of Shareholder Stewardship: A Contextual Analysis of Current Anglo-American Perspectives on Corporate Governance","authors":"L. Talbot","doi":"10.2139/SSRN.1676869","DOIUrl":"https://doi.org/10.2139/SSRN.1676869","url":null,"abstract":"In recent years there have been two parallel discussions taking place in the US and in the UK about the role which institutional shareholders should play in governing the corporation. In the US this discussion is around the idea of shareholder empowerment, in the UK it is around shareholder stewardship. This paper assesses this discussion and its origins contextually and argues that increased shareholder involvement is a retrograde step which will only exacerbate the problems created by previous governance perspectives orientated around shareholder interests.","PeriodicalId":354906,"journal":{"name":"Corporate Governance: Comparative eJournal","volume":"434 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-09-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116009754","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"A Review and Comparison of Takeover Defenses in the U.S. and U.K.","authors":"Saira Aga","doi":"10.2139/ssrn.1631432","DOIUrl":"https://doi.org/10.2139/ssrn.1631432","url":null,"abstract":"Antitakeover tactics are employed by Target corporations as a form of defense, from unwanted hostile tender offers made by potential bidders. Whilst some of these defenses are deployed as pre-emptive defenses; that is, in anticipation of potential bids, a wide range of responsive defenses are also available to firms which find themselves prospective targets post-bidding. Furthermore, the types of defense tactics and the manner by which they may be employed vary greatly between the US; particularly under Delaware law, and the United Kingdom. Under Delaware law, where a Target company’s directors defend against a hostile bid, the ‘business judgment rule’ applies, requiring directors to demonstrate that after a “good faith and reasonable investigation,” they perceived a danger to corporate policy. Further, under Unocal Corp v Mesa Petroleum Co, judicial review of defensive tactics looks to whether (i) this threat was reasonably perceived, and (ii) whether the defensive measures used were reasonable in relation to the threat posed. In contrast to this approach, the use of antitakeover defenses in the UK is not only to a great extent restricted by the City Code on Takeovers and Mergers (“the Code”), but also requires shareholder approval prior to being exercised, under Rule 21.1. This essay proposes to compare the differences in defenses between these two jurisdictions, in addition to exploring the types of defenses used by them.","PeriodicalId":354906,"journal":{"name":"Corporate Governance: Comparative eJournal","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126405822","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Law and Finance During Crises","authors":"April M. Knill, Nela Richardson","doi":"10.2139/ssrn.1622766","DOIUrl":"https://doi.org/10.2139/ssrn.1622766","url":null,"abstract":"Using a unique data set composed of over 31,000 firms in 46 countries, we investigate the influence of laws regulating disclosure and liability on firms’ access to capital during financial crises. We find that G10 firms operating in countries with highly developed financial enforcement institutions are impervious to sovereign financial distress when accessing external capital to finance their growth. Firms originating from G10 countries with weaker enforcement regimes issue less capital during periods of elevated sovereign distress. Firms operating in non-G10 countries also decrease their issuance of equity and debt securities in response to financial distress experienced by their governments, however the negative impact on issuance is mitigated by strong enforcement mechanisms for disclosure and liability.","PeriodicalId":354906,"journal":{"name":"Corporate Governance: Comparative eJournal","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-06-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123397789","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Identification, Clustering and Comparing Effective Industries at Tehran Stock Exchange Before and after its Legal Structure Change by Minimum Spanning Tree of Distance Ultra Metric","authors":"Dariush Damoori, H. Anvar, M. Ashhar","doi":"10.2139/ssrn.1576985","DOIUrl":"https://doi.org/10.2139/ssrn.1576985","url":null,"abstract":"The presence of a high degree cross-correlation between the synchronous time evaluation in Iran's industrial section made it impossible to forecast its economic future. As a shock hits an economy, the whole performance of industry overshadowed, the direct result is in performance fluctuation, the following is a shake in other parts of economy. As the new legal structure for stock exchange market passed in November 22, 2005, a new organization established under the title of The Securities and Exchange Organization (SEO). It was under the supervision of The Securities & Exchange Supreme Council and was responsible for administration and supervisory duties. The survey demonstrated that important industries influenced by those new set of rules and subsequently those affect other industries. We also identified and clustered effective industries, helpful in predicting the strongest industries in capital market as well as investors and managers in the market who need such information. Moreover we have investigated a period of three years that the repeat of a high degree cross-correlation between pair indices for different industries in TSE would result in hierarchical graph based on distance metric between different pairs industries. Following, the use of ultra metric function based on metric would show a minimum spanning tree from different industries on the basis of relation between them and intra-effect between these industries. The minimum spanning tree split up into two main clusters: the result from first group before structural change in TSE; clusters picturize center of four degree in minimum spanning tree, arrange set of minimum distances and thus groupings has been shown as follows: {1-Chemicals products, 2-basic metals}. second cluster before change, would result into center of three degree in minimum spanning tree, arrange set of minimum distances and thus groupings has been shown as follows: {1-Metal products, 2-Other non-metallic mineral products, 3-Investment institutions, 4-Cement,lime and Gypsum, 5-Finanacial and monetary intermediaries, 6-Banks and Credit institutions, 7-Ceramic and Tile, 8-Metal ores mining}.The result from first group after structural change in TSE; clusters picturize center of four degree in minimum spanning tree, arrange set of minimum distances and thus groupings has been shown as follows: {1-Investments,2- Other non-metallic mineral products}. Second cluster after change, would result into center of three degree in minimum spanning tree, arrange set of minimum distances and thus groupings has been shown as follows: {1- Cement , lime and Gypsum, 2- Financial and monetary intermediaries, 3-Sugar and sugar cube, 4-Metal ores mining, 5-Metal products, 6-Paper and paper products, 7-auto parts }.","PeriodicalId":354906,"journal":{"name":"Corporate Governance: Comparative eJournal","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-02-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130993978","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Private Information, Human Capital, and Optimal \"Home Bias\" in Financial Markets","authors":"I. Ehrlich, J. Shin, Yong Yin","doi":"10.2139/ssrn.1955400","DOIUrl":"https://doi.org/10.2139/ssrn.1955400","url":null,"abstract":"By allowing for imperfectly informed markets and the role of private information, we offer new insights about observed deviations of portfolio concentrations in domestic relative to foreign risky assets, or \"home bias\", from what standard finance models predict. Our model ascribes the \"bias\" to endogenous information acquisition bolstered by investors' human capital. We develop discriminating hypotheses about the influence of \"specific\" and \"general\" human capital endowments and direct and opportunity costs of managing risky assets in determining whether to hold these assets, and how the assets' portfolio shares vary across investors and financial markets. These hypotheses are supported by numerical and econometric analyses of panel data from the US over 1992-2007, and 23 international financial markets over 2001-2007. The results indicate the existence of differences across countries in the degree to which home asset prices are \"information-revealing\", which may be relevant for fully understanding the global financial crisis of 2007-09.","PeriodicalId":354906,"journal":{"name":"Corporate Governance: Comparative eJournal","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130618120","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"CEO Pay Equalization; Convergence Among the European Countries and the United States An Empirical Panel Data Analysis (1981- 2006)","authors":"M. Georgiou","doi":"10.2139/ssrn.1500387","DOIUrl":"https://doi.org/10.2139/ssrn.1500387","url":null,"abstract":"In the present paper an attempt will be made to examine whether ceo pay equalization (convergence) takes place in the Western World. This analysis will be based on the method of estimation of entrepreneurial reward according to (Georgiou, 2009). It will be shown that there is no convergence in each of the three periods 1981–89, 1990–99 and 2000–06. Panel data will be elaborated through the Eviews software package.","PeriodicalId":354906,"journal":{"name":"Corporate Governance: Comparative eJournal","volume":"68 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-11-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115675298","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Political Economy of Residual State Ownership in Privatized Firms: Evidence from Emerging Markets","authors":"Narjess Boubakri, J. Cosset, O. Guedhami, W. Saffar","doi":"10.2139/ssrn.1483284","DOIUrl":"https://doi.org/10.2139/ssrn.1483284","url":null,"abstract":"We investigate the political determinants of residual state ownership for a unique database of 221 privatized firms operating in 27 emerging countries over the 1980 to 2001 period. After controlling for firm-level and other country-level characteristics, we find that the political institutions in place, namely, the political system and political constraints, are important determinants of residual state ownership in newly privatized firms. Unlike previous evidence that political ideology is an important determinant of privatization policies in developed countries, we find that right- or left-oriented governments do not behave differently in developing countries. These results confirm that privatization is politically constrained by dynamics that differ between countries.","PeriodicalId":354906,"journal":{"name":"Corporate Governance: Comparative eJournal","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117206651","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Foreign Ownership and Firm Productivity: Causality and Channels","authors":"Dongya Li, Yi Lu, Travis Ng","doi":"10.2139/ssrn.1495683","DOIUrl":"https://doi.org/10.2139/ssrn.1495683","url":null,"abstract":"Using data from a survey conducted by the World Bank in China, this paper shows that foreign ownership enhances firm productivity. We also find that only equity ownership from foreign firms can have such a positive impact, but not ownership from foreign institutional investors, banks, or individuals. Among the many possible channels, we find that the increased likelihood of trading with the rest of the world, transfer of technology, managerial skills and products are the potential channels through which foreign ownership exerts a positive impact on firm productivity.","PeriodicalId":354906,"journal":{"name":"Corporate Governance: Comparative eJournal","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114366659","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}