Payouts play an important role in the relationship between shareholders and agents in terms of rewarding the decisions of shareholders. Previous studies have observed that payout decisions appear in different ways depending on an industry's financial and operating structures. Since the airline industry has been characterized as high debt dependency, this study presumes distinctive characteristi...

The purpose of this paper is to examine the association between corporate social responsibility (CSR) and earning management listed Vietnamese companies. Both accrual (AEM) real (REM) are calculated on yearly basis from 2016–2020. Information CSR extracted top 100 sustainable businesses announced by Vietnam Chamber Commerce Industry (VCCI). Using Feasible Generalized Least Squares (FGLS) method...

15 From its inception, the institutional tradition of studying organizations has been informed by themes of control and coordination – themes that fall within the domain of corporate governance, broadly defined as being concerned with the implicit and explicit relationships between the corporation and its constituents, as well as the relationships between these constituent groups 1999). With it...

“... in the real world things are not that simple...Creditors want to be sure that they will be repaid, which often means firms taking on less risky projects ... managers would rather maximise benefits to themselves (by) preferring policies that justify paying them a higher salary, or divert company resources for their personal benefit or simply refuse to give up their jobs in the face of poor ...

Takeover target firms covered by more equity analysts are sold for higher premiums while their acquirers earn lower merger announcement returns. We confirm these results using exogenous shocks to coverage arising from brokerage-house mergers or closures (i.e., quasi-natural experiments) as instruments for the loss of analyst coverage. In general, our findings indicate that target coverage by eq...

This study investigates how personal values may affect strategic decisions of board members in dilemmas involving shareholders and other stakeholders. In a survey of the entire population of directors and CEOs in all public corporations in one country, we use vignettes that are based on seminal court cases to identify a general factor of shareholderism (vs. stakeholderism). Directors and CEOs e...

Concentrated ownership of large listed companies is widespread throughout the world, and Germany is typical in this respect. This paper proposes a method of distinguishing empirically between the beneficial and harmful effects of ownership concentration, and applies it to German data. The results show that, for most types of largest shareholder, the beneficial effects on minority shareholders o...