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Corporate governance

About: Corporate governance is a research topic. Over the lifetime, 118591 publications have been published within this topic receiving 2793582 citations.


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TL;DR: In this article, the results of an international survey among 313 CFOs on capital budgeting, cost of capital, capital structure, and corporate governance were presented, and the results showed that the U.S. corporate finance practice appears to be influenced mostly by firm size, to a lesser extent by shareholder orientation, while national differences are weak at best.
Abstract: textIn this paper we present the results of an international survey among 313 CFOs on capital budgeting, cost of capital, capital structure, and corporate governance. We extend previous results of Graham and Harvey (2001) by broadening their sample internationally, by including corporate governance, and by applying multivariate regression analysis. We document interesting insights on how theoretical concepts are applied by professionals in the U.K., the Netherlands, Germany, and France and compare these results with the U.S. We discover compelling variations between large and small firms across all markets. While large firms frequently use present value techniques and the capital asset pricing model when assessing the financial feasibility of an investment opportunity, CFOs of small firms still rely on the payback criterion. Regarding debt policy we document more subtle disparities across firms and national samples. We also find substantial variation in corporate governance structures, which turn out to be more oriented at shareholder wealth in the Anglo-Saxon countries. Corporate finance practice appears to be influenced mostly by firm size, to a lesser extent by shareholder orientation, while national differences are weak at best.

420 citations

Journal ArticleDOI
TL;DR: In this paper, the authors investigate whether inside managers are added to corporate boards for efficiency or entrenchment purposes, and find that the expected benefits of an inside manager's expert knowledge clearly out weigh the expected costs of managerial entrenchments only when managerial and outside shareholders interests are closely aligned.

420 citations

Journal ArticleDOI
TL;DR: In this paper, the authors examined how the choice of governance mode for external R&D, along with openness to new ideas and codifiability of knowledge, affects research performance.

420 citations

Journal ArticleDOI
TL;DR: In this article, the authors present a profile of financial statement fraud by reviewing a selective sample of financial statements fraud cases and demonstrate that "cooking the books" is a crime and results in a crime.

419 citations

Journal ArticleDOI
TL;DR: In this paper, a cross-sectional study of the relation between corporate governance and voluntary disclosure in Ireland is presented, and the authors conclude that while agency theory has some explanatory power for voluntary disclosure, it cannot explain all the crosssectional differences in voluntary disclosure by Irish public limited companies.
Abstract: Manuscript Type: Empirical Research Question/Issue: This is a cross-sectional study of the relation between corporate governance and voluntary disclosure in Ireland. Research Findings/Results: We report clear evidence that voluntary disclosure increases with the number of nonexecutive directors on the board. Firms that have a nonexecutive chairman make greater voluntary disclosures than other firms. This finding is not robust to the inclusion of other explanatory variables. We find no evidence that ownership structure is related to voluntary disclosure. Theoretical Implications: The results regarding nonexecutive directors are interpreted as independent boards facilitating a reduction in information asymmetry between owners and managers. While this supports the predictions of agency theory, the absence of evidence that ownership structure influences voluntary disclosure does not. It is posited that sociological and organizational factors (e.g., informal networking) that pervade the Irish market mitigate against our disclosure measure capturing all aspects of voluntary disclosure. Furthermore, indirect evidence is provided that there are other costs and benefits to disclosure that vary across firms and may outweigh agency costs in many situations. We conclude that while agency theory has some explanatory power for voluntary disclosure, it cannot explain all the cross-sectional differences in voluntary disclosure by Irish public limited companies. Practical Implications: The results support the attention paid by regulators to the proportion of nonexecutive directors on the board. However, the costs and benefits to disclosure vary across firms. Regardless of agency considerations and regulatory guidelines, firms will ultimately formulate their disclosure policy with reference to overall marginal costs and marginal benefits.

418 citations


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Performance
Metrics
No. of papers in the topic in previous years
YearPapers
20251
202415
20239,644
202219,289
20215,513
20206,174