good governance is an idea which has many advocates and opponents. from last years of 1980s this term became common. however, there is not any clear definition or description for good governance or even governance. though unanimity on its characteristics is invisible, it is possible to consider eight characteristics for god governance: participation, accountability, transparency, rule of law, r...

the pattern of governance is a new topic which has found its traces in urban management, and has the features of continuance, decision making, justice, efficiency, effectiveness, clarity, accountability, partnership, and immunity, all of which are interdependent and empowering. according to this pattern, decisions about civil affairs are taken with the cooperation of government, private sectors...

Governance of ecosystem services (ES) and natural capital (NC) is one of the four major challenges addressed by OpenNESS. The term governance indicates a mode of steering that differs from state-centred top-down command-and-control approaches, as it is marked by the inclusion of a variety of actors or stakeholders beyond the state, but does not necessarily exclude any involvement of actors repr...

I provide empirical evidence that badly governed firms respond more to aggregate shocks than do well governed firms. I build a simple model where managers are prone to over-invest and where shareholders are more likely to tolerate such a behavior in good times. The model successfully explains the average profit differences as well as the cyclical behavior of sales, employment and investment for...

Article history: Received 31 August 2009 Received in revised form 8 July 2011 Accepted 18 July 2011 Available online 22 August 2011 This paper tests whether financial constraints play a disciplinary role in cash dissipation in the presence of agency problems. We hypothesize that when firms have difficulty raising external funds, empire-building managers of cash-rich firms will be less likely to...

Available online 24 January 2014 This study aims to investigate the critical debate in corporate governance research concerning the boundary of the efficacy of the corporate governance mechanism. With particular focus on a specific set of firms' primary stakeholders, strategic alliance partners, our research design facilitates the examination of this issue. The results show a significantly posi...

This paper provides an overview of the literature on private equity and leveraged buyouts, focusing on global evidence related to both governance and returns to private equity and leveraged buyouts. We distinguish between financial and real returns to this activity, where the latter refers to productivity and broader performance measures. We also outline a research agenda on this topic. © 2007 ...

Competition authorities have a growing interest in assessing the effects of partial ownership arrangements. We show that the effects of such agreements on competition and welfare depend on the intensity of competition in the market and on the firms’ governance structure. When assessing the effects of partial ownership, competition policy has to consider both the financial interest and level of ...

Sluggish Institutions in a Dynamic World: Can Unions and Industrial Competition Coexist? During the 1930s and 1940s, collective bargaining emerged as the workplace governance norm in much of the U.S. industrial sector. Following its peak in the 1950s, union density in the U.S. private sector fell steadily, to only 7.4 percent in 2006. Governance shifted from a formalized union norm to one of co...