We test the agency theory of corporate political activity by examining the association between the legality of independent expenditures and antitakeover lawmaking in theUSstates. Exploiting changes in state law regarding the use of corporate independent expenditures in the pre-Citizens United era, we estimate that a state is more likely to pass antitakeover statutes that entrench management whe...

Founded in 2003, the Center for Technology and Society (CTS/FGV) aims to study the legal, social and cultural implicatons resultng from the advancement of informaton and communicaton technologies. CTS/FGV produces academic research and policy papers that may impact the development of public policies, so they will uphold democracy, fundamental rights and the preservaton of the public interest. T...

We find that U.S. corporations’ demand for liquidity is sensitive to two important factors: uncertainty facing the firm and the quality of corporate governance. Following prior research, we find that both factors have important influences on firms’ cash holdings. Our results also indicate that the interactions between uncertainty and governance measures are significant. From a policy perspectiv...

ISSN 0265–8240 © 2005 UB Foundation Activities Inc., for and on behalf of the Baldy Center for Law and Social Policy and Blackwell Publishing Ltd. Blackwell Publishing, Ltd. Oxford, UK LAPO aw & Policy 0265-8240 © Blackwell Publishing Ltd. 2005 April 2005 27riginal Article Gunningham, Thornton & Kagan CORPORATE COMPLIANCE W & POLICY April 2005 Motivating Management: Corporate Compliance in Envi...

This study empirically observes the impact of corporate governance index on dividend payout policy by using the data on thirty textile firms listed at Karachi Stock Exchange. The data cover the five-year period from 2009 to 2013. The data were gathered from financial statements of all the sample firms. Multiple regression models were used to check the impact of corporate governance on dividend ...

This paper provides an empirical analysis about the relationship of corporate governance and cash dividend policy in China. The results show that equity structure and the cash dividends are related. Other factors such as executive pay are related to cash dividends. This paper also analyzes the requirement of cash dividends on behalf of the corporate governance or big shareholders "Tunnel behavi...

This paper is the second part of a review of the event study methodology, which has proved to be one of the most successful uses of econometrics in policy analysis. In this part we focus on the methodology's application to corporate law and corporate governance issues. Event studies have played an important role in the making of corporate law and in corporate law scholarship. The reason for thi...

This paper develops an organizational approach to corporate governance and assesses the effectiveness of corporate governance and implications for policy. Most corporate governance research focuses on a universal link between corporate governance practices (e.g., board structure, shareholder activism) and performance outcomes, but neglects how interdependencies between the organization and dive...