Handbook on emerging issues in corporate governance by Alireza Tourani-Rad

By Alireza Tourani-Rad

The publication highlights rising subject matters in key components of company governance with distinct emphasis on regularly unexplored matters. It additionally goals to stimulate considering and debate on important features of perform and methods to company governance. the subjects lined during this ebook take care of well timed topics, written via eminent teachers and well known execs with striking services of their respective fields, who deliver to fore the newest theories and supply an updated assessment of the extant literature on each one subject. extra importantly, they draw readers awareness to implications for destiny examine and advancements. The e-book not just contributes to the educational literature but additionally improves the choice making of regulators and traders

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A. Pirinsky and Q. Wang on equity issuance and find that rural firms are less likely to conduct seasoned equity offerings than firms located in urban areas because the costs in generating information are higher for rural firms. Finally, Landier et al. (2008) document the role of geographic location, and particularly geographic dispersion, on a range of corporate decisions. They show that geographically dispersed firms are less employee-friendly. Even within such firms, dismissals of divisional employees are less common in divisions located closer to corporate headquarters than in more distant divisions.

Esty and Megginson (2003) also report a similar diffusion of loan ownership in countries with weak creditor rights. They conclude that diffused loan ownership serves to deter strategic bankruptcy filings that enable firms to operate under the protection of the court when the law provides little protection to creditors. Likewise, Bae and Goyal (2009) demonstrate that banks, when faced with weak enforcement of debt contracts, resort to reducing loan size and maturity, and raise loan spreads. However, structuring debt as short-term also has its downside.

They divide tunneling into two categories: (1) self-dealing transactions, which include transfer pricing, excessive compensation, taking of corporate opportunities, and asset sales; and (2) financial transactions that ‘discriminate against minorities,’ such as dilutive equity offerings and minority freeze-outs. Gilson and Gordon (2003) argue that the latter category is more damaging to minority shareholder value because it extracts the full present value of a future stream of income, rather than just this year’s flow.

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