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Three Essays In Corporate Governance

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Three Essays In Corporate Governance

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Author : Valentina Giulia Bruno
language : en
Publisher:
Release Date : 2006

Three Essays In Corporate Governance written by Valentina Giulia Bruno and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.

Three Essays In Corporate Governance

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Author : James Martin Forjan
language : en
Publisher:
Release Date : 19??

Three Essays In Corporate Governance written by James Martin Forjan and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 19?? with Corporate governance categories.

Three Essays On Corporate Governance

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Author : Trang L. N. Nguyen
language : en
Publisher:
Release Date : 2020

Three Essays On Corporate Governance written by Trang L. N. Nguyen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with categories.

Three Essays On Corporate Governance And Control

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Author : Susan Christine Sassalos
language : en
Publisher:
Release Date : 1994

Three Essays On Corporate Governance And Control written by Susan Christine Sassalos and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with categories.

Three Essays On Corporate Governance Of Family Firms

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Author : Tarek El Masri
language : en
Publisher:
Release Date : 2018

Three Essays On Corporate Governance Of Family Firms written by Tarek El Masri and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.

This dissertation is comprised of three essays on issues related to the corporate governance of family firms. The first essay explores how owners-managers of family firms conceptualize and define their firms. Understanding the essence of a family firm helps us better understand their governance and behaviour. This essay contributes to the family business literature by presenting the seven most important criteria in identifying a family business (Handler 1989; Shanker & Astrachan 1996), namely: family ownership, control, involvement, succession, long-term vision, founders' legacy, and extended family of employees. The essay also contributes a familiness measurement tool that can be used in future research aiming at better understanding the family firm. The second essay investigates how management control technologies are calibrated in accordance with the sometimes conflicting economic and noneconomic goals resulting from the dual identities of family firms. The results show that family firms calibrate pervasive management control technologies, such as calculative, family-centric or procedural controls to strengthen the business identity and reduce the family identity of their family business. In comparison, the minimal use, or perceived absence, of management control technologies suggest that it accentuates and fosters family identity. Hence, reverting to management control technologies becomes related in a unilateral way to the business identity of the firm, despite the dual control ambition of family firms. The third essay analyzes CEO and TMT compensation practices to identify patterns that can explain the gap between family firms and the pool of external highly qualified executives. The data analysis highlights a connection between the degree of family ownership, the composition of the BOD, and the identity of the CEO. The results also show that family firms rely more heavily on cash-based awards than on equity-based awards as a form of CEO and TMT compensation. Family firms are reluctant to use option-based rewards and the use of share-based awards is also kept at a minimum. Other evidence point towards a role that institutional ownership plays in restructuring the compensation packages of the TMTs at family firms. Keywords: Family Firms, Definition of Family Firms, Family Firm Identity, Management Control Technologies, Corporate Governance, Executive Compensation.

Three Essays On Corporate Governance

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Author : Cassandra D. Marshall
language : en
Publisher:
Release Date : 2011

Three Essays On Corporate Governance written by Cassandra D. Marshall and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.

Three Essays On Corporate Governance

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Author : Aslihan Gizem Korkmaz
language : en
Publisher:
Release Date : 2015

Three Essays On Corporate Governance written by Aslihan Gizem Korkmaz and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with Boards of directors categories.

This dissertation consists of three essays focusing on corporate governance. The main goal of these studies is to contribute to a better understanding of the effectiveness of different corporate governance mechanisms. The first study explores the relationship between director expertise and performance following seasoned equity offerings (SEOs). In the short run, firms with financial experts have smaller offer discounts. The cumulative abnormal returns (CARs) following the equity issues are less negative for firms with financial, legal and joint expert directors. In the long run, expert directors continue to have a positive impact on stock price performance. In the case of firm operating performance, it seems to be better for firms with legal experts and joint experts. Overall, having financial experts and legal experts on the board seems to be significantly beneficial for firms while the results for joint expertise lack significance due to the small number of firms with joint experts. The second study focuses on identifying the most effective corporate governance attributes. This study uses a cross-sectional regression analysis to investigate which attributes have a significant effect on the market's reaction to the SEO announcements.The results show that among other corporate governance characteristics, the percentage of directors on the audit committee, board size, number of board meetings, audit committee size, average board age and average director tenure seem to be significantly related to market reaction. In the case of director expertise, market reacts more positively to SEO announcements by firms with legal experts or joint experts on their boards. The third study focuses on the impact of blockholder characteristics on earnings quality. Most of the studies in literature make the intrinsic assumption that blockholders are a homogeneous group. This study is one of the very few studies to acknowledge the heterogeneity of blockholders and attempts to understand the unexplained proportion of blockholder heterogeneity. Earnings quality is calculated using the FDD model of Lee and Masulis(2009) and it is regressed on various blockholder characteristics. The results show that earnings quality is lower for firms with market-driven and multilateral blockholders.