Download or read book External Governance and Debt Agency Costs of Family Firms written by Andrew Ellul and published by . This book was released on 2007 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book How Family Firms Differ written by S. Bhaumik and published by Springer. This book was released on 2014-11-25 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: Family firms account for a large proportion of firms in most countries. In industrialised countries of North America and Western Europe, they generally account for a large share of small and medium sized enterprises. In emerging market economies such as India, they also account for the majority of the large firms. Their importance for factors such as employment creation notwithstanding, relative to the widely held Anglo-Saxon firms, which are ubiquitous in the economics, finance and management literatures, family firms have historically received much less attention from scholars of these disciplines. However, in part owing to increased focus on emerging markets, there is a growing literature on family firms. In How Family Firms Differ, the authors explore important aspects of family firms, drawing on the existing literature and their own research on these firms.
Download or read book Family and non family firms financial structure written by Carmen Gallucci and published by G Giappichelli Editore. This book was released on 2016-11-29 with total page 169 pages. Available in PDF, EPUB and Kindle. Book excerpt: The monograph “Family and non-family firms' financial structure. The effects of financial crisis: blessing or curse?” deals with the issue of firms’ financial structure. It introduces the debate, moving from the difficult in finding a balance between debts and equity and presenting the actual situation of Italian and European firms. Then, it offers an overview of the main financial theories. Subsequently, it deals with the financial structure issue in family business context, by presenting the state of art on the theme and delineating peculiar problematics faced by family firms. Finally, it provides an empirical investigation about the effect of financial crisis on family and non-family firms’ capital structure, offering a wide discussion of the results and useful implication for theory and practice. The monograph “Family and non-family firms' financial structure. The effects of financial crisis: blessing or curse?”is aimed at family business and financial scholars, undergraduate and postgraduate students, and practitioners.Carmen Gallucci is Associate Professor of ‘Corporate Finance’ and ‘Family Business Governance’ at University of Salerno, where she is the Director of Family Business Observatory. Her research interests are in the area of family business and corporate finance. She is Author of monographs and papers published also on international journals. Rosalia Santulli is Research Fellow in Business Administration at University of Cassino and Southern Lazio and Lecturer of Financial Analysis at University of Salerno. Her research interests are in the area of family business, corporate governance, and corporate finance.
Download or read book The SAGE Handbook of Family Business written by Leif Melin and published by SAGE. This book was released on 2013-11-15 with total page 697 pages. Available in PDF, EPUB and Kindle. Book excerpt: The SAGE Handbook of Family Business captures the conceptual map and state-of-the-art thinking on family business - an area experiencing rapid global growth in research and education since the last three decades. Edited by the leading figures in family business studies, with contributions and editorial board support from the most prominent scholars in the field, this Handbook reflects on the development and current status of family enterprise research in terms of applied theories, methods, topics investigated, and perspectives on the field′s future. The SAGE Handbook of Family Business is divided into following six sections, allowing for ease of navigation while gaining a multi-dimensional perspective and understanding of the field. Part I: Theoretical perspectives in family business studies Part II: Major issues in family business studies Part III: Entrepreneurial and managerial aspects in family business studies Part IV: Behavioral and organizational aspects in family business studies Part V: Methods in use in family business studies Part VI: The future of the field of family business studies By including critical reflections and presenting possible alternative perspectives and theories, this Handbook contributes to the framing of future research on family enterprises around the world. It is an invaluable resource for current and future scholars interested in understanding the unique dynamics of family enterprises under the rubric of entrepreneurship, strategic management, organization theory, accounting, marketing or other related areas.
Download or read book Generation to Generation written by Kelin E. Gersick and published by Harvard Business Press. This book was released on 1997 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt: Generation to Generation will help managers understand the special dynamics & challenges that family businesses face as they move through their life cycles. It explains how to handle succession, & the role of non-family professionals.
Download or read book How Family Firms Differ written by S. Bhaumik and published by Springer. This book was released on 2014-11-25 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt: Family firms account for a large proportion of firms in most countries. In industrialised countries of North America and Western Europe, they generally account for a large share of small and medium sized enterprises. In emerging market economies such as India, they also account for the majority of the large firms. Their importance for factors such as employment creation notwithstanding, relative to the widely held Anglo-Saxon firms, which are ubiquitous in the economics, finance and management literatures, family firms have historically received much less attention from scholars of these disciplines. However, in part owing to increased focus on emerging markets, there is a growing literature on family firms. In How Family Firms Differ, the authors explore important aspects of family firms, drawing on the existing literature and their own research on these firms.
Download or read book Governance Structure and Performance of Private Family Firms written by Tarun K. Mukherjee and published by . This book was released on 2019 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: A debate exists on the issue of whether a governance system is value additive or even necessary for a privately-held firm. One side of the debate suggests that, in absence of agency problems, a private firm does not need a costly governance system. The other side argues that a private firm indeed faces agency costs in the form of altruism and, therefore, could extract net gains from a governance system. In this paper, we empirically investigate whether a good governance system crates or destroys value of private family firms. We first demonstrate that a multifamily firm encounters larger agency costs stemming from inter-family conflicts, and therefore, has larger incentive than a single-family firm to institute a superior governance system. We then show that a multifamily firm, owing to its better governance system, outperforms its single-family counterpart.
Download or read book The Influence of Blockholders on Agency Costs and Firm Value written by Markus P. Urban and published by Springer. This book was released on 2015-11-04 with total page 494 pages. Available in PDF, EPUB and Kindle. Book excerpt: Markus P. Urban investigates the influence of large shareholders (the so-called blockholders) on agency costs and firm value, thereby accounting for blockholder characteristics and blockholder interrelationships. The work provides a profound theoretical and empirical analysis on the nature and effect of shareholder engagement with due regard to the specifics of the German institutional environment. Its empirical results illustrate that the effect of shareholder engagement depends on the characteristics of the specific blockholder as well as on interrelationships with additional blockholders.
Download or read book The Family Business Map written by M. Bennedsen and published by Springer. This book was released on 2014-09-29 with total page 179 pages. Available in PDF, EPUB and Kindle. Book excerpt: Combining the expertise of two consultants and academics from East and West, this book provides an international guide for family businesses, showing how to identify and implement the best governance strategies. Packed with case studies and interviews, this is the ultimate guide for family businesses wanting to achieve long-term success.
Download or read book An Overview of Macroprudential Policy Tools written by Mr.Stijn Claessens and published by International Monetary Fund. This book was released on 2014-12-11 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: Macroprudential policies – caps on loan to value ratios, limits on credit growth and other balance sheets restrictions, (countercyclical) capital and reserve requirements and surcharges, and Pigouvian levies – have become part of the policy paradigm in emerging markets and advanced countries alike. But knowledge is still limited on these tools. Macroprudential policies ought to be motivated by market failures and externalities, but these can be hard to identify. They can also interact with various other policies, such as monetary and microprudential, raising coordination issues. Some countries, especially emerging markets, have used these tools and analyses suggest that some can reduce procyclicality and crisis risks. Yet, much remains to be studied, including tools’ costs ? by adversely affecting resource allocations; how to best adapt tools to country circumstances; and preferred institutional designs, including how to address political economy risks. As such, policy makers should move carefully in adopting tools.
Download or read book Financial Stability Monitoring written by Tobias Adrian and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a recently released New York Fed staff report, we present a forward-looking monitoring program to identify and track time-varying sources of systemic risk.
Download or read book International Corporate Governance written by Kose John and published by Emerald Group Publishing. This book was released on 2011-03-31 with total page 210 pages. Available in PDF, EPUB and Kindle. Book excerpt: Presents research on corporate governance from a number of countries across the world, including the United States, Spain, Malaysia, Israel and others. This title examines many important corporate governance mechanisms, such as board characteristics, ownership structure, legal protection of shareholders, and annual general meetings.
Download or read book Buy outs in Family Businesses written by Oliver Klöckner and published by Springer. This book was released on 2009-08-10 with total page 389 pages. Available in PDF, EPUB and Kindle. Book excerpt: Oliver Klöckner investigates the changes resulting from buy-outs in family businesses. He contrasts the characteristics of family businesses with those of non-family businesses after a buy-out. His theoretical discussion is complemented by an in-depth analysis of 17 bought-out family businesses in Germany.
Download or read book The Family Constitution written by Daniela Montemerlo and published by Macmillan. This book was released on 2011-01-04 with total page 118 pages. Available in PDF, EPUB and Kindle. Book excerpt: The family agreement is becoming a prime objective to a successful family business. Designed for families planning to draft such an agreement, families deciding whether or not to begin the process, and those that have already established a family agreement, this book illustrates the fundamental components and their importance to the success of the family business. A family agreement or constitution is the expression of purpose for the continuity of the business and the process of creating one is just as important.
Download or read book Corporate Payout Policy written by Harry DeAngelo and published by Now Publishers Inc. This book was released on 2009 with total page 215 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate Payout Policy synthesizes the academic research on payout policy and explains "how much, when, and how". That is (i) the overall value of payouts over the life of the enterprise, (ii) the time profile of a firm's payouts across periods, and (iii) the form of those payouts. The authors conclude that today's theory does a good job of explaining the general features of corporate payout policies, but some important gaps remain. So while our emphasis is to clarify "what we know" about payout policy, the authors also identify a number of interesting unresolved questions for future research. Corporate Payout Policy discusses potential influences on corporate payout policy including managerial use of payouts to signal future earnings to outside investors, individuals' behavioral biases that lead to sentiment-based demands for distributions, the desire of large block stockholders to maintain corporate control, and personal tax incentives to defer payouts. The authors highlight four important "carry-away" points: the literature's focus on whether repurchases will (or should) drive out dividends is misplaced because it implicitly assumes that a single payout vehicle is optimal; extant empirical evidence is strongly incompatible with the notion that the primary purpose of dividends is to signal managers' views of future earnings to outside investors; over-confidence on the part of managers is potentially a first-order determinant of payout policy because it induces them to over-retain resources to invest in dubious projects and so behavioral biases may, in fact, turn out to be more important than agency costs in explaining why investors pressure firms to accelerate payouts; the influence of controlling stockholders on payout policy --- particularly in non-U.S. firms, where controlling stockholders are common --- is a promising area for future research. Corporate Payout Policy is required reading for both researchers and practitioners interested in understanding this central topic in corporate finance and governance.
Download or read book Culture Agency Costs and Governance written by Michael McDonald and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the impact of two defining social characteristics (individualism and risk aversion) and their interaction with governance and firm agency problems on capital structure in the G20 countries. With a sample of roughly 13,000 firms from 1995 to 2009, we show that higher levels of individualism are associated with increased firm use of debt and lower cost of capital, whereas higher risk aversion has the opposite effects. All else equal, better firm-level governance substantially reduces these cultural effects, as does larger firm size, and less research-intensity at the firm. To address endogeneity concerns, we use a propensity score matching procedure and show that our results continue to hold. Our results are also robust to alternative measures of culture, firm-level governance and agency costs, debt cost of capital, bankruptcy risk, identification concerns, and other country level effects.
Download or read book The Oxford Handbook of Corporate Law and Governance written by Jeffrey Neil Gordon and published by Oxford University Press. This book was released on 2018 with total page 1217 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate law and governance are at the forefront of regulatory activities worldwide, and subject to increasing public attention in the wake of the Global Financial Crisis. Comprehensively referencing the key debates, the Handbook provides a much-needed framework for understanding the aims and methods of legal research in the field.
