Copenhagen Business School

About: Copenhagen Business School is a education organization based out in Copenhagen, Hovedstaden, Denmark. It is known for research contribution in the topics: Corporate governance & Context (language use). The organization has 2194 authors who have published 9649 publications receiving 341898 citations.

Ownership Structure and Value of the Largest European Firms: The Importance of Owner Identity

Abstract: The paper examines the relationship betweenownership structure and value of the largestEuropean firms Using simultaneous estimationand controlling for nation and industry effectswe find that ownership concentration (measuredby the fraction of ``closely held'' shares) hasa positive effect on firm value (market-to-bookvalue of equity), when the largest owner is afinancial institution or another corporation If the largest owner is a family or a singleindividual, ownership concentration has noeffect on firm value, and the effect isnegative if the largest owner is a governmentorganisation Firm value is found to have apositive feedback effect on ownershipconcentration except for governments, whichhold higher stakes in low-value firms Inother words, owner-identity matters,particularly in a Continental Europeaninstitutional setting where ownershipconcentration is high and minority investorprotection is low

Cities and regions in the new learning economy

Abstract: The process of transforming the industrial economy into a society largely based on the production and dissemination of information and knowledge has widespread implications for cities and regions as well as organisations and individuals. And while the economy is increasingly global, the differences in economic development between cities and regions will not necessarily disappear. Indeed, the diversity in knowledge-based economic development reflects the complex interaction between global and local contexts as well as policies for increased decentralisation.Do regions and cities play new roles in terms of governance and intervention in order to promote innovation productivity and economic performance at the local level? What is the relationship between learning and social cohesion? A new OECD publication, Cities and Regions in the New Learning Economy, examines such questions by analysing e.g. the correlation between primary, secondary and tertiary education levels and GDP per capita in 180 regions of the European Union. While tertiary education remains important, secondary education appears as the most important for regional economic performance. The former is clearly essential in terms of innovations, but the latter represents the intermediary skills, which are also crucial to industrial know-how and "learning-by-doing". Moreover, the fact that university students and labour are mobile blurs the correlation between higher education and regional economic development.Although the experiences presented provide valuable insights, it should be stressed that high levels of individual learning in itself does not contribute to economic growth before it has been applied to the production of goods and services. The extent to which individuals and organisations absorb and apply learning and innovations will determine their competitiveness in the learning economy.The final chapter presents ten policy principles for regional and urban policy makers for helping their region or city to improve its economic performance in the new learning economy through the development of innovation-intensive activities. (Less)