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Governance And Expropriation
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Book Synopsis Governance and Expropriation by : Larry H. P. Lang
Download or read book Governance and Expropriation written by Larry H. P. Lang and published by Edward Elgar Publishing. This book was released on 2005 with total page 504 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate groups outside the US are often controlled by a complex of ownership links, which typically form a pyramidical structure. The usual practice of expropriation in such groups is to pass bad assets to companies down the pyramid and to pass the proceeds up the pyramid via internal transactions.
Book Synopsis Corporate Governance and Expropriation of Minority Shareholders Rights by : Marisela Santiago-Castro
Download or read book Corporate Governance and Expropriation of Minority Shareholders Rights written by Marisela Santiago-Castro and published by . This book was released on 2005 with total page 274 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Corporate Governance, Corporate and Employment Law, and the Costs of Expropriation by : Giulio Ecchia
Download or read book Corporate Governance, Corporate and Employment Law, and the Costs of Expropriation written by Giulio Ecchia and published by . This book was released on 2019 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: We set up a model to study how ownership structure, corporate law and employment law interact to set the incentives that influence the decision by the large shareholder or manager effectively controlling the firm to divert resources from minority shareholders and employees. We suggest that agency problems between the controller and other investors and holdup problems between shareholders and employees are connected if the controller bears private costs of 'expropriating' these groups. Corporate law and employment law may therefore sometimes be substitutes; employees may benefit from better corporate law intended to protect minority shareholder, and vice versa. Our model has implications for the domestic and comparative study of corporate governance structure and addresses, among other things, the question whether large shareholders are better able to 'bond' with employees than dispersed ones, or whether the separation of ownership facilitates long-term relationships with labor.
Book Synopsis The Legitimate Justification of Expropriation by : Björn Hoops
Download or read book The Legitimate Justification of Expropriation written by Björn Hoops and published by . This book was released on 2017 with total page 687 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Related Party Transactions and Minority Shareholder Rights by : OECD
Download or read book Related Party Transactions and Minority Shareholder Rights written by OECD and published by OECD Publishing. This book was released on 2012-03-29 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt: The publication reviews provisions covering related party transactions and the protection of minority shareholder rights in 31 jurisdictions, both OECD and non-OECD. In addition, the regulatory and legal systems that have beeen developed in five jurisdictions are reviewed in detail.
Book Synopsis Corporate Governance and State Expropriation Risk by : Burcin Col
Download or read book Corporate Governance and State Expropriation Risk written by Burcin Col and published by . This book was released on 2019 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent studies show that the transfer of corporate governance structure across borders has significant valuation consequences. It is equally important to consider the valuation effect of state expropriation risk as well as its interaction with quality of corporate governance. Using a sample of cross-border acquisitions during 1989-2009, we find that targets, which operate under some degree of state expropriation risk, receive a significantly lower premium. The target shareholders are not fully rewarded for the improvement in firm governance since the benefits of improvement are mitigated under predation. Our results provide evidence for twin-agency theory of Stulz (2005) through cross-border mergers.
Book Synopsis Rethinking Corporate Governance by : Alessio Pacces
Download or read book Rethinking Corporate Governance written by Alessio Pacces and published by Routledge. This book was released on 2013-01-17 with total page 492 pages. Available in PDF, EPUB and Kindle. Book excerpt: The standard approach to the legal foundations of corporate governance is based on the view that corporate law promotes separation of ownership and control by protecting non-controlling shareholders from expropriation. This book takes a broader perspective by showing that investor protection is a necessary, but not sufficient, legal condition for the efficient separation of ownership and control. Supporting the control powers of managers or controlling shareholders is as important as protecting investors from the abuse of these powers. Rethinking Corporate Governance reappraises the existing framework for the economic analysis of corporate law based on three categories of private benefits of control. Some of these benefits are not necessarily bad for corporate governance. The areas of law mainly affecting private benefits of control – including the distribution of corporate powers, self-dealing, and takeover regulation – are analyzed in five jurisdictions, namely the US, the UK, Italy, Sweden, and the Netherlands. Not only does this approach to corporate law explain separation of ownership and control better than just investor protection; it also suggests that the law can improve the efficiency of corporate governance by allowing non-controlling shareholders to be less powerful.
Book Synopsis Do Controlling Shareholders' Expropriation Incentives Imply a Link between Corporate Governance and Firm Value? Theory and Evidence by : Kee-Hong Bae
Download or read book Do Controlling Shareholders' Expropriation Incentives Imply a Link between Corporate Governance and Firm Value? Theory and Evidence written by Kee-Hong Bae and published by . This book was released on 2011 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: We develop and test a model that investigates how controlling shareholders' expropriation incentives affect firm values during crisis and subsequent recovery periods. Consistent with the prediction of our model, we find that during the 1997 Asian financial crisis, Asian firms with weaker corporate governance experience a larger drop in their share values, but during the post-crisis recovery period, such firms experience a larger rebound in their share values. We also find consistent evidence for Latin American firms during the 2001 Argentine economic crisis. Our results support the view that controlling shareholders' expropriation incentives imply a link between corporate governance and firm value.
Book Synopsis Legal Environment, Firm-Level Corporate Governance and Expropriation of Minority Shareholders in Asia by : Chandrasekhar Krishnamurti
Download or read book Legal Environment, Firm-Level Corporate Governance and Expropriation of Minority Shareholders in Asia written by Chandrasekhar Krishnamurti and published by . This book was released on 2003 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: Claessens, Djankov, and Lang (2000) show that corporate control is substantially enhanced by using pyramid structures and cross-holdings by firms in nine East Asian countries. Claessens, Djankov, Fan, and Lang (1999) (CDFL) provide empirical evidence regarding expropriation arising from the separation of cash flow from voting rights in Asian firms. Their analysis suggests a high degree of expropriation in Indonesia, Philippines and Thailand. We re-examine the problem of expropriation in Asian firms reported by earlier research. We explore firm-level governance-control structure interactions, and control-legal environment interaction for a set of Asian firms for which we are able to obtain relevant data for all the required variables. The major contribution of this paper is that it jointly examines ownership-control structure, firm-level governance and country-level legal protection available to external suppliers of capital. Using post-crisis data, we find a strong country effect in governance. In general, high control firms in countries with weak legal protection have lower firm-level governance scores in general. On the other hand, high control firms, in countries which have a stronger legal protection environment, signal their intention to not expropriate minority shareholders' wealth by voluntarily adopting measures to strengthen their discipline and responsibility scores. Contrary to earlier findings, we do not find a relationship between control-ownership wedge and firm value. Furthermore, we do not find any relation between firm-level governance and firm value as measured by Tobin's Q.
Book Synopsis Dividend Policy and Corporate Governance by : Luis Correia da Silva
Download or read book Dividend Policy and Corporate Governance written by Luis Correia da Silva and published by OUP Oxford. This book was released on 2004-02-26 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dividends are not only a signal about a firm's prospects under asymmetric information, but they can also act as a corporate governance device to align the management's interests with those of the shareholders. Dividend Policy and Corporate Governance is the first comprehensive volume on the relationship between dividend policy and corporate governance, and examines in detail empirical studies and current theories. Reviewing the interactions between dividend policy and other corporate governance mechanisms, it compares results for the UK and the US with those for other countries such as France, Germany, and Japan, and provides new empirical evidence on corporate governance in continental Europe and its impact on dividends. Focusing on one of the main representatives of this system, Germany, it highlights major differences between the dividend policies of German firms and those of UK or US firms. Conventional wisdom states that German dividends are lower than UK or US dividends, yet on a published-profits basis the exact converse is true. In addition, the authors demonstrate a link between corporate control structures and dividend payouts, report evidence that the existence of a loss is an additional determinant of dividend changes, and demonstrate that the tax status of the controlling shareholder and the firm's dividend payout are not linked. The conclusions reached in this book have important implications for the current debate on corporate governance, making it invaluable for academics, finance professionals, regulators, and legal advisors.
Author :Bozec, Richard Publisher :School of Management, University of Ottawa = École de gestion, Université d'Ottawa ISBN 13 : Total Pages :41 pages Book Rating :4.:/5 (3 download)
Book Synopsis Ownership Concentration and Corporate Governance Practices : Substitution Or Expropriation Effects? by : Bozec, Richard
Download or read book Ownership Concentration and Corporate Governance Practices : Substitution Or Expropriation Effects? written by Bozec, Richard and published by School of Management, University of Ottawa = École de gestion, Université d'Ottawa. This book was released on 2005 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Expropriation of Environmental Governance by : Kyla Tienhaara
Download or read book The Expropriation of Environmental Governance written by Kyla Tienhaara and published by Cambridge University Press. This book was released on 2009-11-12 with total page 340 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent years have seen an explosive increase in investor-state disputes resolved in international arbitration. This is significant not only in terms of the number of disputes that have arisen and the number of states that have been involved, but also in terms of the novel types of dispute that have emerged. Traditionally, investor-state disputes resulted from straightforward incidences of nationalisation or breach of contract. In contrast, modern disputes frequently revolve around government measures taken to further public policy goals, such as the protection of the environment. This book explores the outcomes of several investor-state disputes over environmental policy. In addition to examining the pleadings of parties and decisions of arbitral tribunals in disputes that have been resolved in arbitration, the influence that investment arbitration has had in negotiated outcomes to conflicts is also explored.
Book Synopsis Expropriation in International Law by : Samy Friedman
Download or read book Expropriation in International Law written by Samy Friedman and published by Greenwood. This book was released on 1981 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this book is to clarify issues of international importance relating to the varying interpretations of expropriation and confiscation arising during international disputes.
Book Synopsis Corporate Governance in Turkey by : Betül Batır Güler
Download or read book Corporate Governance in Turkey written by Betül Batır Güler and published by . This book was released on 2003 with total page 157 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A Theory of Optimal Expropriation, Mergers and Industry Competition by : Neil Brisley
Download or read book A Theory of Optimal Expropriation, Mergers and Industry Competition written by Neil Brisley and published by . This book was released on 2019 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: We model a competitive industry where managers choose quantities and costs to maximize a combination of firm profits and benefits from expropriation. Expropriation is possible because of corporate governance lsquo;slack' permitted by the government. We show that corporate governance slack induces managers to choose levels of output and costs that are higher than would otherwise be optimal. This, in turn, benefits consumers - the equilibrium price is lower - and other stakeholders such as suppliers and employees. Depending on the government's social welfare objective, less-than-perfect investor protection can be optimal. We show why some mechanisms suggested by the literature as improving investor protection - legal change, cross-listing, domestic mergers - may not be effective. We provide a theoretical argument showing the efficacy of cross-border mergers. The stronger corporate governance of a foreign acquirer, imposed on the domestic target firm, benefits merging shareholders and those of competing unmerged domestic firms.
Book Synopsis Governing Global Land Deals by : Wendy Wolford
Download or read book Governing Global Land Deals written by Wendy Wolford and published by John Wiley & Sons. This book was released on 2013-11-04 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection of essays in Governing Global Land Deals provides new empirical and theoretical analyses of the relationships between global land grabs and processes of government and governance. Reframes debates on global land grabs by focusing on the relationship between large-scale land deals and processes of governance Offers new theoretical insights into the different forms and effects of global land acquisitions Illuminates both the micro-processes of transaction and expropriation, as well as the broader structural forces at play in global land deals Provides new empirical data on the different actors involved in contemporary land deals occurring across the globe and focuses on the specific institutional, political, and economic contexts in which they are acting
Book Synopsis Stealing from Thieves by : Art Durnev
Download or read book Stealing from Thieves written by Art Durnev and published by . This book was released on 2011 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine firm governance choices and firm valuation in the presence of expropriation risk. We argue that firms have fewer incentives to practice good governance and disclose more information when the state is likely to expropriate firm profits. We empirically confirm our arguments using several comprehensive panel data sets on governance, disclosure practices, and earnings management for companies around the world. To address endogeneity concerns, we apply a difference-in-difference approach and show that firms in industries that are subject to greater risks of expropriation practice worse governance, disclose less information, and manage earnings more. Furthermore, expropriation risk lowers firm value by 3.69% directly and by 2.81% through the deterioration in firm governance.
