We develop simple models in which corporate governance affects the financing and the production level of firms. In this paper, better corporate governance implies governance under which a smaller firm value can be expropriated by the manager, ceteris paribus. We assume that the potential expropriation can occur after production. In the single firm model, we investigate how corporate governance ...

We examine the relation between a broad set of corporate governance factors and various measures of managerial behavior and organizational performance. Using a sample of 2,126 firms we distill 38 structural measures of corporate governance (e.g., board characteristics, stock ownership, anti-takeover variables etc.) to 13 governance factors using principal components analysis. For a wide set of ...

Article history: Received 4 July 2009 Received in revised form 26 May 2012 Accepted 3 August 2012 Available online 5 October 2012 Controlling for country-level governance, we investigate how firms' corporate governance influences financing constraints. Using firm-level corporate governance rankings across 14 emerging markets, we find that better corporate governance lowers the dependence of eme...

INTRODUCTION..................................................................................................... 1325 I. CONTRACTING AT THE IPO STAGE ................................................................. 1331 A. IPO Charters and Takeover Defenses ...................................................... 1332 B. Innovation, Diversity, and the “Plain Vanilla” Charter ......................

This study examines whether the corporate governance rankings published by The Globe and Mail, a reputed national Canadian newspaper, are reflected in the values that investors accord to firms. A sample of 796 observations on 289 Canadian companies from 2002-2005 inclusively was analyzed using a price model (CazavanJeny and JeanJean, 2006). Results suggest that the corporate governance rankings...

Tanaka, Takanori—Corporate governance and the cost of public debt financing: Evidence from Japan This paper explores the relationship between corporate governance mechanisms and the cost of public debt financing in Japan. Using a sample of corporate bonds newly issued in Japan during the period 2005–2008, I find that CEO ownership is associated with higher yield spreads after controlling for ot...

Title of dissertation: INTERNATIONAL CORPORATE GOVERNANCE: A STUDY OF COMPLEMENTARITIES AND CONVERGENCE Meghana Ayyagari, Doctor of Philosophy, 2004 Dissertation directed by: Professor Vojislav Maksimovic Department of Finance This thesis contributes to contemporary research in international corporate governance by investigating two related questions: (1) Is there a convergence in corporate gov...

The recognised critical importance of corporate governance, and the attention that it is paid today, can be ascribed to several factors: sensational financial scandals (and the repercussions they have had for securities and financial markets), the exponential development of stock option policies, the information asymmetry that can be noted in practically every company, The different requests fo...

“Ethics” was once considered irrelevant by corporate loyalists, but now discussion of it is increasingly seen as not only important but also as critical to a company’s success. The paper is a theoretical review. The purpose and objective of the paper is to explore and understand the meaning of business ethics in the context of Indian philosophical thought. The study focuses mainly on the contri...

This short opinion paper argues that information security, the discipline responsible for protecting a company's information assets against business risks, has now become such a crucial component of good Corporate Governance, that it should rather be called Business Security instead of Information Security. During the last year or two, driven by developments in the field of Corporate Governance...