Venture Capital Corporate Governance And Firm Value
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Venture Capital Corporate Governance And Firm Value
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Author : Maik Kleinschmidt
language : en
Publisher: Springer Science & Business Media
Release Date : 2007-11-09
Venture Capital Corporate Governance And Firm Value written by Maik Kleinschmidt and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-11-09 with Business & Economics categories.
Maik Kleinschmidt explores the determinants of venture capitalists’ influence as well as their impact on the corporate governance of portfolio companies and analyses the influence of corporate governance on the companies’ firm value. His findings support the hypothesis that venture capitalists improve the corporate governance of their portfolio companies and that their abilities determine their impact. Moreover, they show the positive impact of good corporate governance on some measures for firm value.
Capital Structure And Corporate Governance
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Author : Lorenzo Sasso
language : en
Publisher: Kluwer Law International B.V.
Release Date : 2013-08-01
Capital Structure And Corporate Governance written by Lorenzo Sasso and has been published by Kluwer Law International B.V. this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-08-01 with Law categories.
Despite a clear distinction in law between equity and debt, the results of such a categorization can be misleading. The growth of financial innovation in recent decades necessitates the allocation of control and cash-flow rights in a way that diverges from the classic understanding. Some of the financial instruments issued by companies, so-called hybrid instruments, fall into a grey area between debt and equity, forcing regulators to look beyond the legal form of an instrument to its practical substance. This innovative study, by emphasizing the agency relations and the property law claims embedded in the use of such unconventional instruments, analyses and discusses the governance regulation of hybrids in a way that is primarily functional, departing from more common approaches that focus on tax advantages and internal corporate control. The author assesses the role of hybrid instruments in the modern company, unveiling the costs and benefits of issuing these securities, recognizing and categorizing the different problem fields in which hybrids play an important role, and identifying legal and contracting solutions to governance and finance problems. The full-scale analysis compares the U.K. law dealing with hybrid instruments with the corresponding law of the most relevant U.S. jurisdictions in relation to company law. The following issues, among many others, are raised: decisions under uncertainty when the risks of opportunism of the parties is very high; contract incompleteness and ex post conflicts; protection of convertible bondholders in mergers and acquisitions and in assets disposal; use of convertible bonds to reorganise and restructure a firm; timing of the conversion and the issuer’s call option; majority-minority conflict in venture capital financing; duty of loyalty; fiduciary duties to preference shareholders; and financial contract design for controlling the board’s power in exit events. Throughout, the analysis includes discussion, comparison, and evaluation of statutory provisions, existing legal standards, and strategies for protection. It is unlikely that a more thorough or informative account exists of the complex regulatory problems created by hybrid financial instruments and of the different ways in which regulatory regimes have responded to the problems they raise. Because business parties in these jurisdictions have a lot of scope and a strong incentive to contract for their rights, this book will also be of uncommon practical value to corporate counsel and financial regulators as well as to interested academics.
Investor Engagement
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Author : Roderick Martin
language : en
Publisher: OUP Oxford
Release Date : 2007-07-05
Investor Engagement written by Roderick Martin and has been published by OUP Oxford this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-07-05 with Business & Economics categories.
The growth of shareholder value has been a major change in Western economies since the 1980s. This growth has reignited debates concerning relations between investors and managers. This book argues that investors are more than passive providers of finance, on whose behalf managers seek to maximize shareholder returns. Instead, many investors directly influence management practice, through investor engagement. The book examines the role of institutional investors and private equity firms, two types of investors with overlapping but different reasons for engagement. Questions addressed include: What are the incentives, and disincentives, for investment engagement? How is investor engagement organized? What areas of management practice are of particular concern to investors? The discussion shows in detail how private equity firms play a major role in developing new companies, beyond the provision of finance, especially in the IT, biotechnology, and pharmaceutical sectors. The discussion is primarily based on British and US research. The debate has wider international relevance, because there are strong pressures for establishing shareholder value as the international 'norm' for systems of corporate governance. Following a detailed discussion of Germany, the authors conclude that there is no inevitable trend to shareholder value: shareholder value depends upon complementary institutional arrangements in national business systems, which are far from universal. The book concludes with a critical analysis of the justifications for shareholder value and investor engagement, highlighting the weaknesses of both efficiency and equity justifications.
Financing Life Science Innovation
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Author : A. Styhre
language : en
Publisher: Springer
Release Date : 2015-04-21
Financing Life Science Innovation written by A. Styhre and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-04-21 with Business & Economics categories.
Financing Life Science Innovation reviews the literature on venture capital, corporate governance, and life science venturing and presents a study of the Swedish life science industry and the venture capital investors being active in financially and managerially supporting life science start-up firms.
Corporate Governance And Expected Stock Returns
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Author : Andreas Schillhofer
language : de
Publisher: Springer-Verlag
Release Date : 2013-03-08
Corporate Governance And Expected Stock Returns written by Andreas Schillhofer and has been published by Springer-Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-03-08 with Business & Economics categories.
Based on his Corporate Governance Rating (CGR) for German firms, Andreas Schillhofer documents a positive relationship between the CGR and firm value. In addition, there is strong evidence that expected returns are negatively correlated with the CGR if dividend yields and price-earnings ratios are used as proxies for the cost of capital.
Governance Of Ventures
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Author : Michael Hilb
language : en
Publisher:
Release Date : 2022
Governance Of Ventures written by Michael Hilb and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with categories.
In times of disruption, venturing becomes a key source of value creation. As new opportunities emerge and existing models fade, entrepreneurs, corporates and investors are eager to explore and exploit those opportunities. Venture governance, i. e. defining, implementing and following a fit-for-purpose model to provide direction and control in the best interest of all stakeholders, plays a crucial role in enabling and ensuring entrepreneurial value creation. This book presents twelve perspectives on the governance of ventures, bringing together viewpoints from both practitioners and academics. It provides practical insights, introduces new perspectives and invites the reader - whether a member of a venture board, an entrepreneur or an investor - to reflect on their own approaches to venture governance.
Corporate Governance Capital Markets And Capital Budgeting
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Author : Baliira Kalyebara
language : en
Publisher: Springer Science & Business Media
Release Date : 2013-07-31
Corporate Governance Capital Markets And Capital Budgeting written by Baliira Kalyebara and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-07-31 with Business & Economics categories.
The primary contribution of this book is to integrate the important disciplines which simultaneously impact the investment appraisal process. The book presents a study that develops a new approach to investment appraisal which uses a multiple objective linear programming (MOLP) model to integrate the selected disciplines which include capital markets, corporate governance and capital budgeting. The research covers two case studies, one in the e-commerce sector and another in the airline industry in which the above disciplines are integrated. Readers from the areas of corporate governance, regulation, and accounting would find the survey of different approaches and the new integrated optimization approach particularly useful.
Corporate Governance
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Author : Kevin Keasey
language : en
Publisher: John Wiley & Sons
Release Date : 2005-05-05
Corporate Governance written by Kevin Keasey and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-05-05 with Business & Economics categories.
The decade since the publication of the Cadbury Report in1992 has seen growing interest in corporate governance. This growth has recently become an explosion with major corporate scandals such as WorldCom and Enron in the US, the international diffusion of corporate governance codes and wider interest in researching corporate governance in different institutional contexts and through different subject lenses. In view of these developments, this book will be a rigorous update and development of the editor’s earlier work, Corporate Governance: Economic, Management and Financial Issues. Each chapter, written by an expert in the subject offers a high level review of the topic, embracing material from financial accounting, strategy and economic perspectives.
Firm Value
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Author : Paolo Saona Hoffmann
language : en
Publisher: BoD – Books on Demand
Release Date : 2018-08-01
Firm Value written by Paolo Saona Hoffmann and has been published by BoD – Books on Demand this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-08-01 with Business & Economics categories.
This edited volume aims to discuss the most contemporary state of the determinants of the firm value. This book presents theoretical works as well as empirical studies that contrast the arguments offered by the leading, ground-breaking theories on the firm value. What variables determine the firm value? Are these determinants controllable or uncontrollable by the managers of the companies? Is the impact of corporate governance systems on the firm value symmetrical between different institutional contexts? Do the financial reports affect the value of the firm? What role does corporate social responsibility play as a determinant of the firm value? These and other questions are analyzed and scrutinized step by step throughout this book.
Corporate Governance Value Creation And Growth The Bridge Between Finance And Enterprise
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Author : OECD
language : en
Publisher: OECD Publishing
Release Date : 2012-08-20
Corporate Governance Value Creation And Growth The Bridge Between Finance And Enterprise written by OECD and has been published by OECD Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-08-20 with categories.
This publication examines the role of corporate governance arrangements in providing right incentives to contribute the value creation process within the private enterprises and the implications of the differences in ownership structures on corporate governance practices and frameworks.