1,720,999 research outputs found
Corporate Governance, Capital MarketDiscipline and the Returns on Investment
Full text linkWe analyze the impact of corporate governance institutions, ownership structures andexternal capital market constraints on company returns on investment by using a sampleof more than 19,000 companies from 61 countries across the world. We show that (1) ofthese three sets of institutions, the origin of a country’s legal system proves to be themost important. Companies in countries with English-origin legal systems earn returnson investment that are at least as large as the cost of capital. (2) Differences ininvestment performance related to a country’s legal system dominate differences relatedto ownership structure. (3) Strong external capital markets improve the investmentperformance of companies. ZUSAMMENFASSUNG - (Corporate Governance, Kapitalmarktdisziplinierung und die Renditen vonUnternehmensinvestitionen) Dieses Papier analysiert den Einfluss von Corporate Governance Institutionen, Eigentümerstrukturen und externen Kapitalmärkten auf die Renditen von Investitionen für ein Sample von mehr als 19.000 Unternehmen aus 61 Ländern weltweit. Wir zeigen, dass von diesen drei Institutionen (1) die Herkunft des Rechtssystems eines Landes der wichtigste Faktor ist. Unternehmen in Ländern mit Rechtssystemen englischer Herkunft verdienen Renditen, die die Kapitalkosten im Durchschnitt abdecken. (2) Unterschiede im Rechtssystem eines Landes dominieren Unterschiede in der Eigentümerstruktur. (3) Funktionierende externe Kapitalmärkte verbessern die Performance von Investitionen.Return on Investment, Ownership Structure, Coporate Governance, Capital Market
Persistence of firm-level profitability in Turkey
No full textThe dynamics of company profits for 172 of the largest manufacturing firms in Turkey are studied. A time-series analysis is used to estimate the long-run projected profits and firm-specific speed of adjustment parameters that measures the rate at which short-run rents are eroded. While persistent profitability differences across firms are observed, there is also a moderately quick erosion of rents except for the most highly profitable firms. Firm characteristics rather than industry effects account for the differences in permanent profits. Contrary to the widespread view that developing countries suffer from uncompetitive markets, the results in this paper suggest that the intensity of competition in Turkey is no less than in developed countries and similar to other developing countries.
Different Approaches to Differentiating 'Better Governed' Companies - Market Segmentation in BOVESPA and Rating Based Indexing in ISE
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Corporate Financing in the New Member States: Firm-Level Evidence for Convergence and Divergence Trends
No full textThe gender wage gap in top corporate jobs is still there
Full text linkWe investigate the gender wage gap in top corporate jobs for the years 2000 till 2004. Using data from the OSIRIS database, we ¯nd that female managers receive 24.0 percent less in total compensation (salary, bonuses, other payments and exer- cised stock options) than their male colleagues. When we control for personal, ¯rm and industry characteristics, this di®erence reduces to 15.9 percent. Controlling for occupational segregation, i.e. \glass ceiling", reduces the di®erence to 6.0 percent. Additional results that fully consider the role of stock option indicate a 9.0 to 12.1 percent di®erence. These results suggest that the main sources of the gender wage gap in top corporate jobs are occupational segregation and a di®erent endowment of male and female managers with stock options.
Founding family effects on business group growth: Longitudinal evidence from Turkey (1925–2012)
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