Essays on voting power, corporate governance and capital structure:
Saved in:
| Main Author: | |
|---|---|
| Format: | Thesis Book |
| Language: | English |
| Published: |
Göteborg
Dep. of Economics, School of Economics and Commercial Law, Göteborg Univ.
2004
|
| Series: | Economic studies / Department of Economics, School of Economics and Commercial Law, Göteborgs University
138 |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XVI, 155 S. graph. Darst. |
| ISBN: | 9188514978 |
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Record in the Search Index
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| adam_text | TABLE OF CONTENTS ACKNOWLEDGEMENTS VIII SUMMARY XI REFERENCES XVI ESSAY
1: VOTING POWER, CONTROL RENTS AND CORPORATE GOVERNANCE: AN INTEGRATED
ANALYSIS 1 1 INTRODUCTION 2 2 MEASURING THE POWER OF CONTROLLING OWNER ,
3 2.1 CLASSIFYING CONTROL TYPE: DEGREES OF SEPARATION OF OWNERSHIP AND
CONTROL 4 2.2 STATISTICAL METHODS OF MEASURING DEGREES OF CONTROL 6 2.3
APPLICATION OF POWER INDICES TO CORPORATE CONTROL 8 2.4 A COMPARISON OF
THE SHAPLEY-SHUBIK AND THE BANZHAF INDICES IN THE CONTEXT OF SHAREHOLDER
VOTING 13 2.5 VARIATION OF CONTROL: DELEGATION OF VOTING RIGHTS AND DE
FACTO CONTROL 14 3 VOTING PREMIUM IN FIRMS WITH DUAL CLASS OF SHARES: A
THEORY OF CONTROL RENTS 16 3.1 DE-LAYERING THE PYRAMIDAL STRUCTURE 21 4
RIVALS, INCUMBENTS AND TAKEOVER CONTESTS 25 5 LAW AND CULTURAL
INFLUENCES IN DETERMINING OWNERSHIP CHOICES 30 6 OWNER CONTROL, OR
MANAGEMENT CONTROL? 32 REFERENCES 34 APPENDICES 39 AL 39 EX 1 A
HYPOTHETICAL PYRAMIDAL STRUCTURE 39 EX 2 THE ULTIMATE OWNERSHIP OF SHB
SPHERE TO ERICSSON 39 A2 41 DIAGRAM 4: THE CULTURAL EFFECTS, OWNERSHIP
CHOICES, AND EFFICIENCY: THE CASE OF SWEDEN 41 A3 42 THE WALLENBERG
SPHERE IN 2002 42 A4 43 VOTING POWER AND OWNERSHIP OF THE LARGEST OWNERS
OF 44 SWEDISH LISTED FIRMS (SORTED BY VOTES) 43 IV ESSAY 2: OWNER
CONTROL AND FIRM PERFORMANCE: A CROSS-SECTIONAL STUDY OF LISTED FIRMS
WITH DUAL CLASS OF SHARES IN SWEDEN 44 1 INTRODUCTION 45 2 LITERATURE ON
DUAL CLASS OF SHARES AND FIRM PERFORMANCE 47 3 A MODE! OF OWNER CONTROL
49 3.1 OWNER S MAXIMIZATION FUNCTION 49 3.2 THE VARIABLES: VOTING
CONCENTRATION AS AN ENDOGENOUS VARIABLE 52 4 DATA AND METHODOLOGY 54 4.1
THE DATA 54 4.2 DESCRIPTIVE ANALYSIS 55 4.3 OWNER CONTROL AND
PERFORMANCE 57 4.4 ONE FATAL FLAW: THE COST OF EQUITY CAPITAL 65 5
CONCLUDING REMARKS 66 APPENDICES 68 AL 68 EXPECTED AGENCY COST OF A FIRM
WITH DUAL CLASS OF SHARES 68 A2 68 THE POWER DISTRIBUTION WITHIN ABOARD
68 A3 69 AN EXAMPLE OF ABOARD WITH ONE OR TWO CONTROLLING OWNERS 69 A4
74 TABLE 3A VOTING POWER AND OWNERSHIP OF THE CONTROLLING MINORITY
OWNERS 74 REFERENCES 75 ESSAY 3: VALUATION OF VOTING SCHEME CHANGES: THE
CASES OF ELECTROLUX AB AND SKF AB , 81 1 CORPORATE GOVERNANCE: THEORIES
AND HYPOTHESES 82 1.1 AGENCY THEORY AND CORPORATE GOVERNANCE 82 1.2 THE
JENSEN-MECKLING MODEL: THE REM MODEL OF HUMAN BEHAVIOR 83 1.3 A MODEL OF
OWNER CONTROL 85 1.4 EVALUATING THE VOTING CHANGE 87 2 METHODOLOGY ,
.....89 3 THE CASE OF ELECTROLUX AB 91 3.1 BACKGROUND STUDY 91 3.2 THE
LOSS OF CONTROL ANALYSIS USING SHAPLEY-SHUBIK AND BANZHAF INDICES 97 4
THE CASE OF SKF AB 101 4.1 BACKGROUND STUDY 101 4.2 THE LOSS OF CONTROL
ANALYSIS 105 5 CONCLUDING REMARKS 107 REFERENCES 108 APPENDICES 112 A
112 THE STANDARD EVENT STUDY METHODOLOGY AND ITS DEVELOPMENT 112 B 115
GRAPH 3: THE CUMULATIVE EFFECT OF THE VOTING POWER OF INVESTOR AB (FEB.
1998). 115 GRAPH 4: THE CUMULATIVE EFFECT OF VOTING POWER OF SKF AB
(FEB. 1999) 116 GRAPH 5: THE CUMULATIVE EFFECT OF VOTING POWER OF SKF AB
AFTER THE VOTING SCHEME CHANGE 116 GRAPH 6: A-SHARE PREMIUM (%) OF
ELECTROLUX AB (1983 TO 2003) 117 GRAPH 7: A-SHARE PREMIUM (%) OF SKF AB
(1984 TO 2003) 118 VI ESSAY 4: CAPITAL STRUCTURE: THEORIES AND EMPIRICAL
RESULTS - A PANEL DATA ANALYSIS 119 1 INTRODUCTION 120 2 THEORIES OF
CAPITAL STRUCTURE 121 2.1 THE IRRELEVANCE THEORY OF CAPITAL STRUCTURE
121 2.2 STATIC TRADE-OFF THEORY: BANKRUPTCY COSTS 122 2.3 CAPITAL
STRUCTURE MODELS BASED ON AGENCY COST AND ASYMMETRIC INFORMATION 122
2.3.1 SIGNALING MODELS 122 2.3.2 AGENCY COST MODELS 123 2.4 THE PECKING
ORDER THEORY 124 2.5 THE LEGAL ENVIRONMENT THEORY OF CAPITAL STRUCTURE
125 3 MODEL AND VARIABLES 126 3.1 THE MODEL 126 3.2 VARIABLES 126 4 DATA
AND ESTIMATION METHOD 131 4.1 THE DATA 131 4.2 ESTIMATION METHOD 132 5 A
COMPARISON OF LEVERAGES OF THE SEVEN COUNTRIES 134 6 EMPIRICAL RESULTS
137 7 AN ANALYSIS OF INSTITUTIONAL DIFFERENCES 139 8 CONCLUDING REMARKS
146 APPENDIX: STATISTICS AND EMPIRICAL RESULTS 147 REFERENCES 154 VI
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| spelling | Chen, Yinghong Verfasser aut Essays on voting power, corporate governance and capital structure Yinghong Chen Göteborg Dep. of Economics, School of Economics and Commercial Law, Göteborg Univ. 2004 XVI, 155 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Economic studies / Department of Economics, School of Economics and Commercial Law, Göteborgs University 138 Zugl.: Göteborg, Univ., Diss., 2004 Corporate governance OECD countries Corporate governance Sweden Aktiengesellschaft (DE-588)4000937-3 gnd rswk-swf Corporate Governance (DE-588)4419850-4 gnd rswk-swf Schweden Schweden (DE-588)4077258-5 gnd rswk-swf (DE-588)4143413-4 Aufsatzsammlung gnd-content (DE-588)4113937-9 Hochschulschrift gnd-content Schweden (DE-588)4077258-5 g Aktiengesellschaft (DE-588)4000937-3 s Corporate Governance (DE-588)4419850-4 s DE-188 Department of Economics, School of Economics and Commercial Law, Göteborgs University Economic studies 138 (DE-604)BV017643044 138 SWB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=012917107&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Chen, Yinghong Essays on voting power, corporate governance and capital structure Corporate governance OECD countries Corporate governance Sweden Aktiengesellschaft (DE-588)4000937-3 gnd Corporate Governance (DE-588)4419850-4 gnd |
| subject_GND | (DE-588)4000937-3 (DE-588)4419850-4 (DE-588)4077258-5 (DE-588)4143413-4 (DE-588)4113937-9 |
| title | Essays on voting power, corporate governance and capital structure |
| title_auth | Essays on voting power, corporate governance and capital structure |
| title_exact_search | Essays on voting power, corporate governance and capital structure |
| title_full | Essays on voting power, corporate governance and capital structure Yinghong Chen |
| title_fullStr | Essays on voting power, corporate governance and capital structure Yinghong Chen |
| title_full_unstemmed | Essays on voting power, corporate governance and capital structure Yinghong Chen |
| title_short | Essays on voting power, corporate governance and capital structure |
| title_sort | essays on voting power corporate governance and capital structure |
| topic | Corporate governance OECD countries Corporate governance Sweden Aktiengesellschaft (DE-588)4000937-3 gnd Corporate Governance (DE-588)4419850-4 gnd |
| topic_facet | Corporate governance OECD countries Corporate governance Sweden Aktiengesellschaft Corporate Governance Schweden Aufsatzsammlung Hochschulschrift |
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