In this paper, we investigate whether firm performance is affected by corporate governance and the change of corporate governance after Sarbanes-Oxley Act (SOX hereafter). We find that firm performance, on average, is negatively associated with the corporate governance after the passage of SOX. However, the firm performance is not significantly associated with the change of corporate governance...

The concept of shareholder value has been the subject heated debate for 40 years. Surprisingly, literature seems to overlook fact that orientation by management is something completely different from implementation this idea in well-known concept, which aims measure contribution welfare. Using a market-oriented framework, study shows fundamental shareholders' subjective preferences supported pr...

Negotiated Shareholder Value: The German Version of an Anglo-American Practice

This paper takes an explorative search into merger activity in the Nigerian banking industry and its impact in the sustenance of shareholder value via sound corporate governance structure. An attempt is made to draw lessons from United States experience in merger activity in the Nigerian banking industry which has as at the time of study recorded twenty -five (25) successful mergers arising fro...

This paper incorporates a model of corporate control into a general equilibrium framework for production economies with incomplete markets. The classical objective of value maximization is extended, but is indeterminate. Instead, firms are viewed as being subject to shareholder control via some decision mechanism. As long as this decision mechanism is responsive to a unanimous preference by sha...

Legislators and the courts have begun to recognize the importance of how electronically stored data should be maintained and secured, and how electronic data should be differentiated from their paper analogs. Examples of some of the sweeping pieces of electronic record management legislation include the Health Insurance Portability and Accountability Act (HIPAA) of 1996, the Gramm-Leach-Bliley ...

Working papers are in draft form. This working paper is distributed for purposes of comment and discussion only. It may not be reproduced without permission of the copyright holder. Copies of working papers are available from the author. Abstract. We use an important legal event as a natural experiment to examine the effect of management fiduciary duties on equity‐debt conflicts. A 1991 Delawar...