Статьи
Всего статей в данном разделе : 235
Опубликовано на портале: 14-06-2006
Timothy J. Brailsford, Barry R. Oliver, Sandra L. H. Pua
Accounting & Finance.
2003.
Vol. 42.
No. 1.
P. 1-26.
The agency relationship between managers and shareholders has the potential to influence
decision-making in the firm which in turn potentially impacts on firm characteristics
such as value and leverage. Prior evidence has demonstrated an association between
ownership structure and firm value. This paper extends the literature by examining
a further link between ownership structure and capital structure. Using an agency
framework, it is argued that the distribution of equity ownership among corporate
managers and external blockholders may have a significant relation with leverage.
The empirical results provide support for a positive relation between external blockholders
and leverage, and non-linear relation between the level of managerial share ownership
and leverage. The results also suggest that the relation between external block ownership
and leverage varies across the level of managerial share ownership. These results
are consistent with active monitoring by blockholders, and the effects of convergence-of-interests
and management entrenchment.
Опубликовано на портале: 21-06-2006
Robert C. Kee
Advances in Management Accounting.
2003.
Vol. 11.
P. 59-84.
Among others, have asserted that activity-based costing (ABC) is inappropriate for
operational decision-making. In this article, ABC is modified to reflect separate
flexible and committed cost driver rates for an activity. This enables the model
to reflect the difference in the behavior of an activity’s flexible and committed
costs needed for operational planning decisions. The modified ABC facilitates determining
the resources required to produce the product mix developed from the firm’s
strategic plan and the excess capacity that will result. The modifications made to
ABC aid in determining an optimal product mix when the firm has excess capacity,
while the traditional ABC may not. Equally important, it facilitates measuring the
financial implications of the resource allocation decisions that comprise the firm’s
operational plan. As the operational plan is implemented, operational control is
used to ensure that it is performed in an efficient and effective manner. The modified
ABC enables the firm’s managers to compute the different types of deviations
that arise from using flexible and committed resources at the unit, batch, and product
levels of the firm’s operations. This aids in understanding problematic aspects
of the firm’s operations and identifying where management resources are needed
to improve operational efficiency.
Опубликовано на портале: 14-06-2006
Maciej Dzierzanowski, Piotr Tamowicz
Corporate Ownership & Control.
2004.
Vol. 1.
No. 3.
P. 20-30.
With the company-level data on listed and unlisted companies we analyse ownership
and control of Polish corporations. We find that voting control in listed corporations
is remarkably concentrated with the median size of the largest block amounting to
39,5%. A sustainable concentration trend has been observed over the whole last decade.
Other companies and individuals/families (mostly founders) dominate among the largest
block-holders of Polish corporations. Banks' involvement in control is below common
expectations. It is also observed that-especially in smaller firms-managerial ownership
is quite large. Frequently, managers are also the company founders and first or second
largest block-holder. The extent of ownership and control separation is very modest
with dual-class shares being the most popular device to leverage control over ownership;
control through subsidiaries is applied to a lesser extent. The presence of large
blockholders in listed corporations puts the minority rights and conflict of interests
among stakeholders on the top of the policy agenda. Our analysis shows that the Polish
capital market may be in desperate need of improvement in this respect.
Опубликовано на портале: 14-06-2006
Steen Thomsen, Torben Pedersen
Strategic management journal.
2000.
Vol. 21.
No. 6.
P. 689-696.
The paper examines the impact of ownership structure on company economic performance
in 435 of the largest European companies. Controlling for industry, capital structure
and nation effects we find a positive effect of ownership concentration on shareholder
value (market -to- book value of equity) and profitability (asset returns), but the
effect levels off for high ownership shares. Furthermore we propose and support the
hypothesis that the identity of large owners—family, bank, institutional investor,
government, and other companies—has important implications for corporate strategy
and performance. For example, compared to other owner identities, financial investor
ownership is found to be associated with higher shareholder value and profitability,
but lower sales growth. The effect of ownership concentration is also found to depend
on owner identity.
Опубликовано на портале: 13-02-2007
Melissa Middleton Stone, Candida Greer Brush
Strategic management journal.
1986.
Vol. 17.
No. 8.
P. 633-652.
This paper argues that ambiguity of context manifested in pressures for legitimacy
and commitment affect planning processes. Ambiguity arises from multiple conflicting
constituencies and the lack of direct control over resources. Using nonprofit and
enterpreneurial organizations as examples of organizations facing ambiguous contexts,
we examine their planning practices to develop an understanding of the relationship
between commitment, legitimacy, and planning.
Pyramidal Groups and Debt [статья]
Опубликовано на портале: 16-06-2006
Magda Bianco, Giovanna Nicodano
European Economic Review.
2006.
Vol. 50.
No. 4.
P. 937-961.
This paper suggests that debt should be raised by subsidiaries in order to exploit
the limited liability of the holding company. However, when this behavior increases
the cost of funds, the holding might prefer to raise debt to a point where it would
also default when subsidiaries are insolvent.
After accounting for standard controls, we find that holding companies in Italian
pyramids have higher leverage than subsidiaries and that the cash-flow share of the
entrepreneur in the subsidiary does not play a significant role. These findings are
consistent with the implications of our model of group capital structure.
Опубликовано на портале: 16-06-2006
Clinton A. Vince, Sherry A. Quirk, Richard A. Glick
The Electricity Journal.
1990.
Vol. 3.
No. 10.
P. 56-67.
There is now a conspicuous gap in regulation of holding company systems. This proposal
for multistate involvement in these systems' planning processes would restore balance
to the state-federal regulatory relationship.
Опубликовано на портале: 14-06-2006
Mark G. Brown
Euromoney.
2005.
Vol. 36.
No. 433.
P. 29-29.
This article focuses on the leveraged buyout (LBO) market in Europe. Two contrasting
European leveraged buyouts have shown how the leveraged finance market is developing
in 2005. While ideas like Cablecom's refinancing and Greece's first ever LBO are
being funded largely in the bond markets, the secondary buyout of German motorway
service station chain Tank & Rast backed the trend and used senior debt. Allianz
Capital Partners, Lufthansa and funds advised by Apax Partners agreed to sell their
shares in Tank & Rast to British private-equity house Terra Firma Capital Partners
in November 2004. Terra had been looking at the acquisition for more than a year.
Meanwhile,JP Morgan and Deutsche Bank are acting as arrangers and bookrunners on
the LBO of 80.87% in Telecom Italia's Greek mobile operator Tim Hellas Communications.
Опубликовано на портале: 16-06-2006
Susana Álvarez, Víctor M. González
Journal of Business Finance & Accounting.
2005.
Vol. 32.
No. 1/2.
P. 325-350.
Academic research into firms that have gone public has focused on the study of two
anomalies: initial underpricing and long-run underperformance. We analyse Spanish
Initial Public Offerings to provide additional evidence on the long-run performance
of IPOs and its relationship with initial underpricing. Results reveal the existence
of negative long-run abnormal stock returns, in line with the international literature.
Long-run performance presents a positive relationship with underpricing and the volume
of funds obtained in seasoned offerings, in consonance with the predictions of,and.
Опубликовано на портале: 16-06-2006
Anthony Yanxiang Gu
American Business Review.
2003.
Vol. 21.
No. 2.
P. 101-109.
Examines the impact of state ownership, firm size and initial public offering performance
in China. High initial and short-term returns; Indication that firm size, has a significant
positive impact on the Suggestion that investors believe that large companies are
less risky and have stronger demand for their stocks.
Опубликовано на портале: 21-06-2006
Robert G. Dyson
The Journal of the Operational Research Society.
2000.
Vol. 51.
No. 1.
P. 5-11.
This paper explores the nature of operational research and its interactions with
performance measurement and strategy. It is argued that operational research (OR)
is well fitted to handle strategic issues as the modelling approach of OR facilitates
understanding and learning, and the evaluation of strategies prior to action. The
development of problem structuring methods is also a key aid to strategy and policy
formulation. OR is also beginning to play a role in performance measurement and there
is an opportunity for OR to lead in the improvement of performance measurement systems.
Опубликовано на портале: 21-06-2006
Douglass Cagwin, Marinus J. Bouwman
Management Accounting Research.
2002.
Vol. 13.
No. 1.
P. 1-39.
This study investigates the improvement in financial performance that is associated
with the use of activity-based costing (ABC), and the conditions under which such
improvement is achieved. Internal auditors furnish information regarding company
financial performance, extent of ABC usage, and enabling conditions that have been
identified in the literature as affecting ABC efficacy. Confirmatory factor analysis
and structural equation modelling are used to investigate the relationship between
ABC and financial performance.
Results show that there indeed is a positive association between ABC and improvement
in ROI when ABC is used concurrently with other strategic initiatives, when implemented
in complex and diverse firms, when used in environments where costs are relatively
important, and when there are limited numbers of intra-company transactions. In addition,
measures of success of ABC used in prior research appear to be predictors of improvement
in financial performance.
Опубликовано на портале: 05-06-2006
Naveen Khanna, Sheri Tice
Journal of Finance.
2001.
Vol. 56.
No. 4.
We examine capital expenditure decisions of discount firms in response to Wal-Mart's
entry into their markets. Before Wal-Mart's entry, focused incumbents and discount
divisions of diversified incumbents are similar in size, geographic dispersion, and
firm debt levels. However, discount divisions of diversified firms are significantly
more productive. After Wal-Mart's entry, diversified firms are quicker to either
“exit” the discount business or “stay and fight.” Also, their
capital expenditures are more sensitive to the productivity of their discount business.
Internal capital markets function well, as transfers are away from the worsening
discount divisions. It appears diversified firms make better investment decisions.
The Dark Side of Internal Capital Markets: Divisional Rent-Seeking and Inefficient
Investment. [статья]
Опубликовано на портале: 05-06-2006
David S. Scharfstein, Jeremy C. Stein
Journal of Finance.
2000.
Vol. 55.
No. 6.
P. 2537-2565.
We develop a two-tiered agency model that shows how rent-seeking behavior on the
part of division managers can subvert the workings of an internal capital market.
By rent-seeking, division managers can raise their bargaining power and extract greater
overall compensation from the CEO. And because the CEO is herself an agent of outside
investors, this extra compensation may take the form not of cash wages, but rather
of preferential capital budgeting allocations. One interesting feature of our model
is that it implies a kind of "socialism" in internal capital allocation, whereby
weaker divisions get subsidized by stronger ones.
Опубликовано на портале: 14-06-2006
Sheridan Titman
Journal of Financial and Quantitative Analysis.
1985.
Vol. 20.
No. 1.
P. 19-28.
This paper demonstrates that the various market imperfections that have been suggested
to explain observed portfolio choices and capital structures can be circumvented
if securities (e.g., options) can be traded that simulate forward contracts on stock.
It is shown that if the risk-adjusted returns to bondholders exceed the returns to
stockholders (to reflect personal tax differences) tax-exempt investors will prefer
a combination of these synthetic forward purchases and corporate bonds to purchasing
stock directly. They will not, as has been suggested, include stock in their portfolios
for diversification purposes when they can alternatively purchase securities that
simulate forward contracts. It is also shown that firms that can sell synthetic forward
positions on their own stock can essentially guarantee that sufficient funds will
be available to meet their bond obligations. This gives firms the opportunity to
increase their debt levels without increasing the possibility of bankruptcy and the
corresponding administrative and agency costs.
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