The aim of this research is to examine the role of state ownership in corporate governance and firm performance. We employed ordinary least squares and two-stage least squares regressions to analyze the effects of state ownership on firm performance. We go beyond existing research on state ownership by carefully disentangle investment objectives of state-controlled financial institutions. Such ...

This paper uses a new data-set to examine how internal capital markets and foreign ownership affect investment. Our data allow us to compare investment behaviour of listed subsidiaries with stand-alone firms while controlling for investment opportunities of parent and subsidiary firms. We evaluate how the size of ownership and the geographical proximity of majority owners to their subsidiaries ...

We employ the theory of incomplete contracts to examine the relationship between ownership and investment in electronic networks such as the Internet and interorganizational information systems. Electronic networks represent an institutional structure that has resulted from the introduction of information technology in industrial and consumer markets. Ownership of electronic networks is importa...

Financial information disclosed in the annual report is one of the main sources that investors are interested to make informed judgment in their decision for investment. Due to the financial crisis, Malaysian Code on Corporate Governance was introduced and this Code mentions that one of the tasks of the directors is to provide timely and useful information disclosure. However, in Malaysia, ther...

Among the recent innovative strategies for coping with product variety and market risk some firms have partnered to leverage economies of scale and risk pooling by sharing manufacturing capacity. In this paper we study how to structure such a joint venture to achieve full efficiency at low transaction costs. Specifically, we study whether capacity should be owned jointly or separately. Overall,...

We analyze the impact of the ownership structure of cable television …rms on the incentives to upgrade the cable networks to o¤er telecommunication services. First, we show that dual ownership of a local telephone network and a cable network, compared with separate ownership, may increase or decrease incentives to invest in upgrading the cable television network. Coordination economies bene…t d...