Showing papers by "Martin J. Conyon published in 2003"
TL;DR: This paper provided a systematic empirical analysis of the impact of foreign ownership on productivity and wages in the United Kingdom using a specially constructed database for the period 1989-1994, using ownership change (acquisition) to control for unobserved differences between plants.
Abstract: This paper provides a systematic empirical analysis of the impact of foreign ownership on productivity and wages in the United Kingdom. Using a specially constructed database for the period 1989–1994, it uses ownership change (acquisition) to control for unobserved differences between plants. It finds that foreign firms pay equivalent employees 3.4% more than domestic firms, though this is wholly attributable to their higher levels of productivity. Firms which are acquired by foreign companies exhibit an increase in labour productivity of 13%.
374 citations
26 Sep 2003
2 citations
TL;DR: In this article, the authors investigate boardroom governance using UK historical data for 1935 and demonstrate that there is a negative relationship between risk and incentives in this year and show that average (median) board ownership of ordinary shares is about 7.95% (2.88%).
Abstract: We investigate boardroom governance using UK historical data for 1935. We demonstrate that there is a negative relationship between risk and incentives in this year. Prior research has produced anomalous results (Prendergast, 2002). Second, we show that average (median) board ownership of ordinary shares is about 7.95% (2.88%). Heuristically this figure is less than previously reported estimates for the US also using 1935 data. Finally, we show the phenomenon of multiple board membership. UK directors in 1935 hold many directorships – sometimes exceeding 10 concurrent memberships.
1 citations