Sustainable corporate governance for environmental innovation: A configurational analysis on board capital, CEO power and ownership structure

Two Essays in Corporate Finance: The Effects of Ownership and Governance on a Firm's Innovation and Capital Structure Decisions

Ownership Structure, Legal Protections and Corporate Governance

This paper surveys the issues and devises an analytical framework for policy makers and policy advisors concerned with corporate governance. The framework takes a functional approach, identifying six functions provided by a governance system. The paper highlights the possibilities and limits to governance reform through the adoption of legal protections and the use of ownership structure. I cau...

Corporate Governance and Capital Structure Dynamics

We develop a dynamic tradeoff model to examine the importance of manager-shareholder conflicts in capital structure choice. In the model, firms face taxation, refinancing costs, and liquidation costs. Managers own a fraction of the firms’ equity, capture part of the free cash flow to equity as private benefits, and have control over financing decisions. Using data on leverage choices and the mo...

The influence of board of director networks and corporate governance on firm performance and CEO compensation

Complementarities in Corporate Governance : Ownership Concentration , Capital Structure , Monitoring and Pecuniary Incentives

The paper shows that, as owners accumulate larger stakes and hence become less risk-tolerant, their incentives to monitor management are attenuated because monitoring shifts some of the firm’s risk from management to owners. This counterbalances the positive effect which more concentrated ownership has on monitoring via reduced free rider problems. Moreover, the paper shows how the opportunity ...