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1.
Acquisitions and CEO power: Evidence from French networks   总被引:2,自引:0,他引:2  
During mergers and acquisitions, the CEOs of the acquiring firms are likely to cancel the deal if the market does not react favorably to its announcement. Using a sample of French acquisition announcements during the period from 2000 to 2005, this paper studies the conditions in which CEOs are more willing to listen to investors. Furthermore, according to the strong networks developed through French elite schools' alumni and board ties, the well-connected CEOs are more likely to complete any deal in spite of a negative market reaction to acquisition announcements.  相似文献
2.
Abstract:  Recent empirical evidence indicates that the largest publicly traded companies throughout the world have concentrated ownership. This is the case in Canada where voting rights are often concentrated in the hands of large shareholders, mostly wealthy families. Such concentrated ownership structures can generate specific agency problems, such as large shareholders expropriating wealth from minority shareholders. These costs are aggravated when large shareholders don't bear the full costs of their decisions because of the presence of mechanisms (dual class voting shares, pyramids) which lead to voting rights being greater than the cash flow rights (separation). We assess the impact of separation on various performance metrics while controlling for situations when the large shareholder has (1) the opportunity to expropriate (high free cash flows in the firm) and (2) the incentive to expropriate (low cash flow rights). We also control for when the large shareholder has the power to expropriate (high voting rights, outright control and insider management) and for the presence of family ownership. The results support our hypotheses and indicate that firm performance is lower when large shareholders have both the incentives and the opportunity to expropriate minority shareholders.  相似文献
3.
Market coordination breakdowns can be formulated in terms of Incomplete Market Structures, whatever is the assumption made about market power (monopoly or competition). When the assumption of competition is made, and financial assets generate an incomplete market structure, there are, generically, an infinite number of equilibria. It is shown that after embedding the model of incomplete markets in a more general model based on the absence of double coincidence of wants, a game theoretic concept of equilibrium, like the Core, allows us to prove an equivalence theorem, i.e. to show that indeterminacy is caused by the fact that the returns of financial assets have no direct utility.  相似文献
4.
The objective of this research is to better understand the role that the accounting firm organization plays when auditors make difficult client-acceptance decisions in the midst of conflicting influences—specifically between the professional and commercial “logics of action”. The investigation was conducted via a field study at three Big Six firms located in Canada. The main argument that is developed in the paper is that the firm sets the stage for auditors’ decision-making by making its formal organizational components (e.g., the firm's partner-compensation scheme and decision-making policies) more reflective of one of the two logics, thereby establishing and helping reproduce certain patterns of order and consistency within the firm. However, the firm's organizational components are also to some extent reflective of the other logic, thereby providing decision-makers with a legitimizing space to influence the decision process differently. I present fieldwork data that is consistent with the paper's argument.  相似文献
5.
Commensurate with the growth of their pay packages and public visibility, the role of the CEO in the corporate value creation process has increased significantly in recent years. This article argues that sustained wealth creation in a corporation has three distinct elements. The first and most basic is the selection of the lines of business in which to operate; this element is probably the most visible manifestation of CEO action in large corporations today. The second element is the value creation model, which answers the question: How is this particular set of businesses expected to add value over and above the sum of the values of each business or asset category standing alone? The third element is the internal governance system, which establishes the corporate structure and administrative processes of the firm and, perhaps even more important, defines the corporate values that drive the strategic and operational priorities of the different business units. The authors suggest that the essence of the work of the CEO is to develop and maintain a balanced relationship among these three elements of wealth creation and to ensure that the relationship evolves in the face of changing circumstances.
CEOs are inevitably faced with dilemmas in managing this process—in particular, the need to balance continuity and change and to maintain the integrity of short-term performance disciplines while encouraging not only investment in growth opportunities (which can hurt near term performance), but also experimentation and collaboration among business units (which are difficult to measure and reward with most performance measurement and incentive schemes). Adding to the difficulties of managing such dilemmas, visibility and a strong public image are often thrust upon (if not sought by) CEOs, who must then determine how they can use that image to strengthen the commitment of their employees and investors.  相似文献
6.
If all social life has been structured around a single model of employment founded on standard working hours, the reduction in working time, and in particular the diversification of working hours, is likely to effect radical transformation from both the economic and social points of view. This diversification will continue, it is argued, because of the new economic imperatives as much as sociocultural developments. It is forecasted that the old standard model is being replaced by much more flexible management of working hours and, hence, free time. What is not so clear is whether this flexibility in working conditions, which will bring with it a revolution at the individual, company and societal levels, will be equally benign for all.  相似文献
7.
Drawing inspiration from the theses of the regulation school, Gerard Hanlon analyses the socialisation process in the “big six”. For accountants are, according to him, the new “controllers” of “a process of flexible accumulation”, one that goes hand in hand with a heightened international division of labour. Unfortunately, his research site remains too limited to confirm—or disconfirm—his ambitious hypotheses. Moreover, the transposition of neo-marxist theories leads him to underestimate the whole work of construction of social credibility of accounting knowledge, as well as the complex play of interaction—and not only of opposition—between these “multinational service conglomerates” and the local or national dignitaries who continue to represent the core of the field of practice.  相似文献
8.
In 1962, a futures studies group was launched in France on behalf of the Commissariat au Plan, reporting directly to the French Prime Minister. The group aimed at ‘studying, on the basis of future-shaping elements, what should be known right now about 1985 France’. This paper revisits that important and original futures studies project, which encapsulated efficiently the dominant values and beliefs of a Western country at a turning point of its political and economical history.In its first part, this note recalls the French context in 1964, the frame of mind, and methodology of the group. Then the main findings of the Group 1985 are outlined, be it evolutions that inspired hope (a wealthier economy, improved living conditions), and also fears attached to the future (individual may face new dependencies and higher pressures, while some shortages could appear), which should be averted thanks to active policies in the fields of education, European unity, scientific research, or public administration reform. Last, this paper analyses both the strengths and weaknesses of the Group 1985 report, drawing lessons that remain valuable for contemporary studies on the future of a whole country.In 1962, Pierre Massé, then Commissaire au Plan, set up a futures study Group chaired by Pierre Guillaumat. The Group published in 1964 a report entitled ‘Reflections on 1985’ which was a stimulating futures studies work. ALEPH thought fruitful to revisit this document.  相似文献
9.
After the Second World War, a number of costing methods were developed in France in response to the perceived limitations of Rimailho's 'homogeneous sections' method. The common feature of all these methods was the provision of a more thorough analysis of operations through the adoption of techniques which were simple to use. The GP method, developed by Georges Perrin, was the most successful but, despite its many advantages, its success was limited, due to deficiencies in Perrin's communication policy and his network of contacts.  相似文献
10.
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