Corporate governance reforms in the EU : do they matter and how? / / Iryna Ivaschenko and Petya Koeva Brooks

• Autore: Ivaschenko Iryna
• Pubblicazione: [Washington, District of Columbia] : , : International Monetary Fund, , 2008; ©2008
• Descrizione fisica: 1 online resource (31 p.)
• Disciplina: 338.6094
• Soggetto topico: Corporate governance - Europe; Corporate governance
• Soggetto genere / forma: Electronic books.
• Altri autori: Koeva BrooksPetya
• Note generali: Description based upon print version of record.
• Nota di bibliografia: Includes bibliographical references.
• Nota di contenuto: Contents; I. Introduction; II. National and EU Corporate Governance Reforms; A. National Reforms; B. EU Reforms; III. Measuring the Private Value of Control; IV. Data and Methodology; A. Data Sample and Descriptive Statistics; B. Empirical Strategy; V. Main Findings; A. Voting Premiums Across Time and Countries; B. Have Reforms Reduced the Private Benefits of Control?; C. Have Reforms Brought About Convergence in Corporate Control?; VI. Conclusions; References; Tables; 1. Italy: National Corporate Reform; 2. Germany: National Corporate Governance Reforms ; 3. France: National Corporate Governance Reforms4. EU Corporate Governance Reforms; 5. Number of Dual-Class Firms by Country; 6. Voting Premium: Summary Statistics; 7. Voting Premiums Year Effects; 8. Voting Premium Distributed Year Effects; 9. Relative Effectiveness of Reforms in C3 Compared to the EU and Non-EU Peers, by Year; 10. Relative Effectiveness of Reforms Compared to Control Groups: A Summary; 11. Voting Premiums: Year Effects, Accounting for Product Market Reforms ; 12. Relative Effectiveness of Reforms in C3 Compared to the EU and Non-EU Peers, Accounting for Product Market Reforms, by Year13. Distribution Characteristics of Voting Premiums, Pooled for All EU Countries; Figures; 1. Dynamic of the Voting Premiums Acorss Countries, 1992-2007; 2. Reform Efforts: Number of Important Corporate Governance Reforms Per Year; 3. Number of National and EU Corporate Governance Reforms; 4. Convergence in Voting Premiums Across Countries; 5. Distribution of Voting Premium Across EU Countries, by Year
• Sommario/riassunto: This paper proposes a new approach to quantifying the effects of corporate governance reforms, by focusing on the dynamics of the voting premiums, a measure of the private benefits of control in a corporation. The results indicate that the reforms have been successful in reducing the voting premiums EU-wide. Moreover, more intense and broad reform efforts (such as introducing national reforms beyond and above the EU-wide initiatives) bring higher and longer lasting benefits. Our findings also suggest that the market for corporate control in Europe has become more integrated, as illustrated by
• Titolo autorizzato: Corporate governance reforms in the EU
• ISBN: 1-4623-5075-5; 1-4518-6952-5; 1-282-84046-0; 1-4519-8325-5; 9786612840463
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Lingua di pubblicazione: Inglese
• Record Nr.: 9910464006203321
• Lo trovi qui: Univ. Federico II
• Serie: IMF Working Papers