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Author: Timothy A. Kruse Publisher: ISBN: Category : Languages : en Pages : 43
Book Description
We examine the incidence of managerial control-reducing disciplinary events (e.g. takeovers, board dismissals, and shareholder activism) and corporate restructuring among firms experiencing a large decline in operating performance during an active takeover period (1985-1988) and a less active period (1989-1992). We document a significant decline in the disciplinary events from the active to the less active period that is driven by a significant decline in disciplinary takeovers (i.e. those takeovers that result in a top executive change). Following the performance decline, however, there is a substantial amount of corporate restructuring (e.g. asset sales, cost-cutting efforts, layoffs) and a significant improvement in operating performance during both the active and the less active takeover period. We conclude that, although some managerial disciplinary events are related to overall takeover activity, the decline in takeover activity has not precluded performance-enhancing resturcturings following performance declines.
Author: Timothy A. Kruse Publisher: ISBN: Category : Languages : en Pages : 43
Book Description
We examine the incidence of managerial control-reducing disciplinary events (e.g. takeovers, board dismissals, and shareholder activism) and corporate restructuring among firms experiencing a large decline in operating performance during an active takeover period (1985-1988) and a less active period (1989-1992). We document a significant decline in the disciplinary events from the active to the less active period that is driven by a significant decline in disciplinary takeovers (i.e. those takeovers that result in a top executive change). Following the performance decline, however, there is a substantial amount of corporate restructuring (e.g. asset sales, cost-cutting efforts, layoffs) and a significant improvement in operating performance during both the active and the less active takeover period. We conclude that, although some managerial disciplinary events are related to overall takeover activity, the decline in takeover activity has not precluded performance-enhancing resturcturings following performance declines.
Author: Patrick McColgan Publisher: ISBN: Category : Languages : en Pages : 52
Book Description
This study documents the operational and financial responses of UK companies that experienced a large decline in operating performance between 1992 and 1998. We present evidence showing that firms downsized by selling divisions, withdrawing from lines of business, reducing employment levels, and, in some cases, expanding, in response to the performance shock. Higher leverage, and in particular short-term leverage, increased the likelihood of downsizing. Whilst there is no evidence that board structure plays an important role in firm responses, external control threats appear to increase the likelihood of downsizing, forced CEO turnover, and rates of director removals and appointments. Issues of new equity play a role in board restructuring but also provide more funds for managers to expand their operations. Finally, sample matching techniques provide limited evidence of increases in operating performance following various corporate restructuring actions.
Author: Bjørn Espen Eckbo Publisher: Academic Press ISBN: 0123846900 Category : Business & Economics Languages : en Pages : 1088
Book Description
A selection of republished corporate finance articles and book chapters that can serve as an advanced corporate finance supplementary text for courses that use no textbooks. Combining convenience and an affordable price with retypeset pages and a high-quality index, the 600 pages of volume two, "Bidding Strategies, Financing, and Corporate Control", focus on a range of special topics, ranging from theories and evidence on strategic bidding behavior (offer premiums, toeholds, bidder competition, winner's curse adjustments, and managerial overconfidence), issues arising when bidding for targets in bankruptcy auctions, effects of deal protection devices (termination agreements, poison pills), role of large shareholder voting in promoting takeover gains, deal financing issues (such as raising the cash used to pay for the target), managerial incentive effects of takeovers, governance spillovers from cross-border mergers, and returns to merger arbitrage. Including an index and new introduction, this volume will simplify and facilitate students' interaction with new concepts and applications. - Provides a status report about modern scientific evidence on corporate takeovers - Exposes students to new methods and empirical evidence while reading high quality primary material - Offers a concise and cost-efficient package of journal and book articles for advanced corporate finance students
Author: John S. Beasley Publisher: Edward Elgar Publishing ISBN: 1781005109 Category : Business & Economics Languages : en Pages : 553
Book Description
Research on executive compensation has exploded in recent years, and this volume of specially commissioned essays brings the reader up-to-date on all of the latest developments in the field. Leading corporate governance scholars from a range of countries set out their views on four main areas of executive compensation: the history and theory of executive compensation, the structure of executive pay, corporate governance and executive compensation, and international perspectives on executive pay. The authors analyze the two dominant theoretical approaches – managerial power theory and optimal contracting theory – and examine their impact on executive pay levels and the practices of concentrated and dispersed share ownership in corporations. The effectiveness of government regulation of executive pay and international executive pay practices in Australia, the US, Europe, China, India and Japan are also discussed. A timely study of a controversial topic, the Handbook will be an essential resource for students, scholars and practitioners of law, finance, business and accounting.
Author: M. V. Shivaani Publisher: Springer ISBN: 9811381410 Category : Business & Economics Languages : en Pages : 334
Book Description
This book proposes three normative frameworks pertaining to risk-measurement, disclosure and governance using expert opinion and data from the top 429 non-financial companies (of the NIFTY 500 index) over a 10-year period. The book offers a novel contribution to the global literature on disclosure quality by presenting a composite measure of the quality as well as quantity of risk disclosures. Focusing on the quality of risk disclosures and risk governance structures, and using sophisticated methodology to tackle the issue of endogeneity, the book explores the important yet uncharted confluence of accounting information, risk and corporate governance. It addresses the interplay between three facets of risk, and is corroborated by practitioners’ perspectives as well as case studies. It is an excellent resource for practitioners, professionals and policy-makers, in addition to researchers working on the topic.
Author: Frederik Drescher Publisher: Springer Science & Business Media ISBN: 365802819X Category : Business & Economics Languages : en Pages : 205
Book Description
Frederik Drescher addresses the timing of non-mandatory insolvency filings based on threatening illiquidity (§ 18 InsO) with the aim of a company's restructuring as an agency problem between owners and management. The hypothesis of a tendency towards delayed insolvency filings, which was developed using a decision model, is experimentally confirmed. Moreover, the author analyzes different incentive instruments potentially leading to earlier insolvency filings.
Author: Ralph P. Heinrich Publisher: Springer Science & Business Media ISBN: 9783540432265 Category : Business & Economics Languages : en Pages : 262
Book Description
Corporate governance reform is currently on the agenda in the European Union, the United States, Japan and in emerging market economies. This book takes a fresh look at the reform debate by focusing on the trade-offs involved in reconciling the diverging interests of shareholders, creditors and managers. It shows how effective corporate governance systems exploit complementarities between the incentives generated by the capital structure, the ownership structure, investor monitoring, takeover threats, and management compensation to minimize the sum of all agency costs facing the public corporation. The book combines a general theoretical treatment with a detailed study of the institutions of corporate governance in Germany, Japan and the United States and a critical assessment of recent reforms.
Author: Mason Andrew Carpenter Publisher: Edward Elgar Publishing ISBN: 0857933205 Category : Business & Economics Languages : en Pages : 457
Book Description
This Handbook presents original research and theory on executives, top management teams, and boards of directors and illustrates the vital importance of this field of study. Top management teams are responsible for the strategic choices and major decisions in organizations. These organizations are a reflection of the members that make up their strategic management. The roles top management play and the impact they have are clearly visible in firms around the world, both large and small. The international group of authors that comprise this volume address questions central to the field of strategy and strategic leadership. They review the determinants of top management team composition, their social networks, and executive dismissal; the psychological and personality profiles of top executives; the methodologies relevant to the study of top teams; and the roles of top executives in cross business unit collaboration, competitive behavior, and strategic entrepreneurship. Each chapter presents path-breaking research and provides a roadmap for new research avenues and agendas. Professors, students and researchers in the area of strategy, management and strategic leadership will find this book an invaluable resource.
Author: Barry Staw Publisher: Elsevier ISBN: 0080525172 Category : Business & Economics Languages : en Pages : 387
Book Description
This twenty-sixth volume of Research in Organizational Behavior presents a set of well-crafted and thoughtful essays on a series of research topics. They range from efforts to redirect the study of leadership, to analyses of interpersonal relationships, to considerations of cross-cultural issues in organizing work, to discussions of institutional and environmental forces on organizational outcomes. Each of these essays includes a thorough review of the relevant literature, and more importantly, pushes that literature forward with new conceptual analysis and theory. In short, these essays continue the spirit of "rigorous eclecticism" that has exemplified the annual publication of ROB. As a collection, this year's set of essays provides a healthy advance for the field of organizational behavior. They are examples of serious scholarship that extend and challenge our current thinking about organizations and the behavior of its participants. Many of these chapters will take their place among the best presented by the Research in Organizational Behavior series. • Revisiting the Meaning of Leadership • When and How Team Leaders Matter • Normal Act of Irrational Trust: Motivated Attributions and the Trust Development Process • Gender Stereotypes and Negotiation Performance: An Examination of Theory and Research • Third-Party Reactions to Employee (Mis)treatment: A Justice Perspective • Subgroup Dynamics in Internationally Distributed Teams: Ethnocentrism or Cross-National Learning? • Protestant Relational Ideology: The Cognitive Underpinnings and Organizational Implications of an American Anomaly • Isomorphism In Reverse: Institutional Theory as an Explanation For Recent Increases in Intraindustry Heterogeneity and Managerial Discretion • The Red Queen: History-Dependent Competition Among Organizations
Author: Timothy A. Kruse
Author: Timothy A. Kruse
Author: Patrick McColgan
Author: Bjørn Espen Eckbo
Author: John S. Beasley
Author: M. V. Shivaani
Author: Frederik Drescher
Author: John J. McConnell
Author: Ralph P. Heinrich
Author: Mason Andrew Carpenter
Author: Barry Staw