Topic
Corporate group
About: Corporate group is a research topic. Over the lifetime, 1747 publications have been published within this topic receiving 46868 citations.
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01 Jan 2007
4 citations
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TL;DR: In this article, the authors analyse the control of Belgian listed companies and reveal that ownership concentration is highly concentrated, and that business groups, holding companies, and voting pacts play an important role in bringing about this concentration.
Abstract: This paper analyses the control of Belgian listed companies. The analysis reveals that control of listed companies in Belgium is highly concentrated. Business groups, holding companies, and voting pacts, play an important role in bringing about this concentration. The main characteristics of the Belgian corporate ownership and equity market can be summarised as follows : (i) few - merely 140 - Belgian companies are listed on the Brussels stock exchange, (ii) there is a high degree of ownership concentration with an average largest direct shareholding of 45%, (iii)holding companies and families, and to a lesser extent industrial companies, are the main investor categories whose share stakes are concentrated into powerful control blocks through business group structures and voting pacts, (iv) control is levered by pyramidal and complex ownership structures and (v) there is a market for share stakes.
4 citations
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01 Jun 2002
TL;DR: Corporate governance as a normative concept appears to be directly linked to economic globalization to the extent that it equally fits all internationally operating enterprises, that it is recommended by international institutions, and that it corresponds to the interests and responsibilities of international investors.
Abstract: Corporate governance as a normative concept appears to be directly linked to economic
globalisation to the extent that it equally fits all internationally operating enterprises, that
it is recommended by international institutions, and that it corresponds to the interests and
responsibilities of international investors, in particular institutional investors interested
in the primacy of « shareholder value ». The report analyses the meaning and the
importance of the concept of corporate governance by examining, in a first part, the
international spread of the principles of corporate governance, and, in a second part, the
limits of the influence which the concept may exercise on the rules and practice of national
corporate law.
As regards, first, the international acceptance of the principles of corporate governance,
a distinction is made between, on the one hand, the voluntary introduction of corporate
governance, in particular by way of establishing professional standards and codes of
conduct or by recommendation of public authorities or trade associations, and, on the
other, by – mostly national rather than European – legislative action. In general, the latter
only transforms existing or desirable « best practice » into legal rules, but, in some regard
also takes legislative leadership, e.g. as regards the division of control within a corpora~tion or as regards transparency of remuneration of board members. Finally, principles of
corporate governance may be imposed or enforced by regulatory action, in particular by
the agency in charge of regulating the stock market or by the courts, when they rule on
matters of corporate organisation or responsibility. Second, as regards the factors limiting
general acceptance of the principles of corporate governance, they may be of an economic
nature such as the high concentration of stock ownership on the Continent, or they may
be of a political nature such as principled resistance to capitalist liberalism. In legal terms,
however, the principal limitations are due to divergent national concepts of the role and
function of enterprises in that they may combine in different ways shareholder interests
with those of labor, e.g. by a variety of forms of codetermination, or with the protection
of the environment or with other societal interests. In addition, principles of corporate
governance are less easily accepted by corporations whose stocks are not listed at the
stock exchange. In sum, therefore, corporate governance is a hallmark of globalisation
with a considerable effect of harmonization and of enhancing the efficiency of corporate
structures, but there is still and there will remain quite some diversity of rules and of
conduct under the various national systems.
4 citations
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18 Jul 2010TL;DR: In this article, the authors investigated how business group affiliation affects firm innovation and found that affiliated firms generate higher proportion of major innovation while unaffiliated firms produce more on incremental innovation, and that such patterns of innovative activities vary from a firm's group membership.
Abstract: This paper investigates how business group affiliation affects firm innovation. Business groups have greater access than most stand-alone firms to the resources needed to trigger innovation in emerging economies. Business group affiliation provides firms with key necessary resources and facilitates affiliated firms to engage in higher-level innovative activities. However, unaffiliated firms tend to undertake relatively low order innovative projects because of their resource constraints. Such patterns of innovative activities vary from a firm's group membership. Evidence from Taiwan presented in this paper suggests that affiliated firms generate greater innovative outputs than unaffiliated firms. The findings also suggest that affiliated firms generate higher proportion of major innovation while unaffiliated firms produce more on incremental innovation. This study contributes to recent endeavours to understand the effects of business group on firm innovation.
4 citations
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TL;DR: In this paper, an equilibrium model for corporate finance under conditions of shareholder taxation is presented, and the implications for mergers and acquisitions are discussed, where corporations will make acquisitions during the same periods that they pay large net dividends.
4 citations