Available online 4 April 2008 How is corporate governance measured? What is the relationship between corporate governance and performance? This paper sheds light on these questions while taking into account the endogeneity of the relationships among corporate governance, corporate performance, corporate capital structure, and corporate ownership structure. We make three additional contributions...

New comparable data on ownership and control and financing patterns shows that the emerging capitalist systems in Central and Eastern Europe share many features. While the extent of remaining government ownership differs from one country to another, private ownership dominates everywhere. Ownership and control are becoming increasingly concentrated, with the emergence of corporate groupings and...

This paper investigates the variation in contagion effect of corporate scandals on peers firms with different corporate governance quality. We find that better corporate governance reduces investors’ uncertainty about a firm’s fundamental value and alleviates the contagion effect of scandals. Specifically, the empirical results show that external governance, ownership structure and external aud...

The paper considers the recent trends at the market for corporate control in Ukraine. As a result of the undertaken original research, some very important conclusions have been made. First of all, during 1998-2001 corporate ownership structure in Ukraine became more concentrated, in contrast to such country in transition as Russia. Second, the more concentrated is the ownership structure of Ukr...

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...

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 ...

Why Corporate Taxes May Rise: The Case of Trade Liberalization and Foreign Ownership* Almost all the literature on tax competition in the presence of multinationals (MNCs) and profit shifting ignores trade costs. This Paper studies how economic integration, in terms of reduced trade costs and internationalization of ownership, affects tax competition and equilibrium corporate taxes. We find tha...

Effects of issues in business news on corporate reputation are often assumed, but less often put to a test. To study these effects, this study combines a recent extension of agenda-setting theory—the second level of agenda setting—with issue ownership theory. A content analysis of business news is linked to a panel survey to measure corporate associations and corporate reputation. The results p...

findings The 1992 Czechoslovakia mass privatization program cxpect that two firms with different shareholding involving about 1,500 enterprises and implemented structures, but otherwise identical, would trade at through a voucher scheme with competitive bidding was different prices-with the firm with a more a bold step in changing the ownership and governance of concentrated ownership, and pres...