Author: Peter A. Gourevitch
Publisher: Princeton University Press
ISBN: 1400837014
Category : Business & Economics
Languages : en
Pages : 365
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Book Description
Why does corporate governance--front page news with the collapse of Enron, WorldCom, and Parmalat--vary so dramatically around the world? This book explains how politics shapes corporate governance--how managers, shareholders, and workers jockey for advantage in setting the rules by which companies are run, and for whom they are run. It combines a clear theoretical model on this political interaction, with statistical evidence from thirty-nine countries of Europe, Asia, Africa, and North and South America and detailed narratives of country cases. This book differs sharply from most treatments by explaining differences in minority shareholder protections and ownership concentration among countries in terms of the interaction of economic preferences and political institutions. It explores in particular the crucial role of pension plans and financial intermediaries in shaping political preferences for different rules of corporate governance. The countries examined sort into two distinct groups: diffuse shareholding by external investors who pick a board that monitors the managers, and concentrated blockholding by insiders who monitor managers directly. Examining the political coalitions that form among or across management, owners, and workers, the authors find that certain coalitions encourage policies that promote diffuse shareholding, while other coalitions yield blockholding-oriented policies. Political institutions influence the probability of one coalition defeating another.
Author: Neil Fligstein
Publisher: Harvard University Press
ISBN: 9780674903593
Category : Business & Economics
Languages : en
Pages : 408
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Book Description
In this book Neil Fligstein takes issue with prevailing theories of the corporation and proposes a radically new view that has important implications for American competitiveness.
Author: Marius Beckermann
Publisher: GRIN Verlag
ISBN: 3656868182
Category : Business & Economics
Languages : en
Pages : 29
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Book Description
Seminar paper from the year 2012 in the subject Business economics - Investment and Finance, grade: 1,3, Otto Beisheim School of Management Vallendar (Chair for Corporate Finance), course: Seminar on Recent Developments in Corporate Governance, language: English, abstract: The market for corporate control, often referred to as the takeover market, is subject to scientific research since many years. This paper starts with Manne‘s (1965) initial essay on the topic, introduce the theory of the market for corporate control. Therefore, it will begin with a definition of the terms “corporate control” and “the market for corporate control”. Following this, it will explain the possibilities of taking over the control of a corporation. Subsequently, it will argue why the market for corporate control is of great importance. Afterwards, a synopsis on the current empirical evidence of its efficiency follows. Finally, the author takes a look on the welfare effects of the market for corporate control, before concluding on its applicability and having a look on solutions to correct the imperfections of the model.
Author: Anusha Chari
Publisher:
ISBN:
Category : Consolidation and merger of corporations
Languages : en
Pages : 58
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Book Description
This paper documents a set of stylized facts about recent trends in cross-border M&A (CBMA) activity around the world. The facts focus on key features of CBMA such as (i) the magnitude; (ii) how it varies across industries and locations; (iii) how it compares to levels of greenfield FDI over time; (iv) horizontal (market access) versus vertical (integrating supply chains) transactions; (v) the mode of financing; (vi) diversifying transactions versus those in the same industry; (vii) patterns of control acquisition; and (viii) strategic versus financially motivated transactions. The paper also examines whether the nature of cross-border M&A activity differs across developed and emerging markets. Next, it considers the incentives for firms to buy firms in other countries and to sell divisions to foreign buyers and examines the evidence about post-acquisition outcomes. The paper concludes with a discussion of policy challenges that confront governments as they weigh the balance of national security concerns against a desire to increase foreign investment in their economies.
Author: Daniel Meidl
Publisher: GRIN Verlag
ISBN: 3668194912
Category : Business & Economics
Languages : en
Pages : 18
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Book Description
Seminar paper from the year 2014 in the subject Business economics - Business Management, Corporate Governance, grade: 1,7, Munich Business School University of Applied Sciences, language: English, abstract: Particularly in the last decades the awareness of companies themselves and the public for good corporate governance increased dramatically. “Corporate governance is set to be the primary focus for the 21st” century. Most of the advanced economies have released new corporate governance rules and codes or company laws, especially as a result of the financial crisis in 2007 and the breakdown of several big companies worldwide. In Australia attention to corporate governance has grown after the „major corporate collapses and scandals of 2001 and 2002“, which included „five publicly traded (...) companies (...) [such as the] telecom company (One.Tel)“. One.Tel ran out of money and collapsed in 2001. The company could not be revived, all assets were sold and the workers laid off. It has once been the fourth largest telecom company in Australia. The collapse of the Australian company is „associated with serious deficiencies in its corporate governance, including weaknesses in internal control, (...) management communication with the board, and poor executive pay-to-performance link.“ In the first part, this paper will provide you with background information on the terms corporate governance and corporate control. The second part outlines corporate control in Australia by elaborating on the market for corporate control, monitoring by shareholders, monitoring by non-executives and renumeration.
Author: Enrico Colcera
Publisher: Springer Science & Business Media
ISBN: 3540715886
Category : Law
Languages : en
Pages : 398
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Book Description
This book analyzes the modern trend in the Japanese M and A market. It reveals from different perspectives the process of convergence to a new monitoring model of the corporation: "the market for corporate control". The book contains a systematic survey of all relevant economic and legal information in this field. Analysis of 17 recent cases of hostile takeover is presented.
Author: Stephen David Prowse
Publisher:
ISBN:
Category : Business planning
Languages : en
Pages : 94
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Book Description
Author:
Publisher: Academic Press
ISBN: 012405899X
Category : Business & Economics
Languages : en
Pages : 807
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Book Description
The sharp realities of financial globalization become clear during crises, when winners and losers emerge. Crises usher in short- and long-term changes to the status quo, and everyone agrees that learning from crises is a top priority. The Evidence and Impact of Financial Globalization devotes separate articles to specific crises, the conditions that cause them, and the longstanding arrangements devised to address them. While other books and journal articles treat these subjects in isolation, this volume presents a wide-ranging, consistent, yet varied specificity. Substantial, authoritative, and useful, these articles provide material unavailable elsewhere. - Substantial articles by top scholars sets this volume apart from other information sources - Rapidly developing subjects will interest readers well into the future - Reader demand and lack of competitors underline the high value of these reference works
Author: Stefano Clò
Publisher:
ISBN:
Category :
Languages : en
Pages : 38
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Book Description
Despite a wave of privatizations in the past three decades, several governments own major corporations in industries such as energy, mining, telecommunications, transport, banking, manufacturing, in emerging economies as well as in some developed ones. Contemporary state-owned enterprises (SOEs) are increasingly active players in the international and domestic markets for corporate control, through mergers and acquisitions. This paper contributes to a new strand of literature on SOEs form the angle of the market for corporate control. Do the SOEs, behave as their private counterparts when purchasing other firms? The standard prediction of the “inefficient management hypothesis” is that firms that perform well will buy firms of inferior managerial quality (Manne, 1965). An alternative prediction is offered more recently by Rhodes-Kropf and Robinson (2008), who suggest that for US listed companies “like buys like”. To test both the alternative views and the research question on how public ownership has an impact on the market for corporate control, we build a new dataset from Zephyr and Orbis, two databases developed by the Bureau Van Dijk since early 2000s. Our sample is composed by 25,332 deals worldwide, of which around 10% are performed by a SOE acquirer. By focusing on the difference of the return on sales between the acquirer and the target firm, and controlling for different factors, we find that the Rhodes-Kropf and Robinson (2008) prediction is more likely for listed companies, but not for the others; SOEs tend to buy “lower” relative to their own performance than private companies do, while their behavior converges towards the private benchmark when the SOEs are listed. We conclude that mergers and acquisitions by SOEs in the years we consider are not as much at variance with the “inefficient market hypothesis” as private firms.
Author: Rui Albuquerque
Publisher: International Monetary Fund
ISBN: 1475518382
Category : Business & Economics
Languages : en
Pages : 41
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Book Description
We develop and test the hypothesis that foreign direct investment promotes corporate governance spillovers in the host country. Using firm-level data on cross-border mergers and acquisitions (M&A) and corporate governance in 22 countries, we find that cross-border M&As are associated with subsequent improvements in the governance, valuation, and productivity of the target firms’ local rivals. This positive spillover effect is stronger when the acquirer is from a country with stronger shareholder protection and if the target’s industry is more competitive. We conclude that the international market for corporate control promotes the adoption of better corporate governance practices around the world.
