Corporate Finance in Europe: A Survey

Degeorge, François; Maug, Ernst

doi:10.2139/ssrn.896518

Cited by 4 publications

(3 citation statements)

References 115 publications

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“…Most of the main stylised facts about the payout policies of US firms also characterise the payout policies of European companies (see, e.g., Bancel et al , 2005; Degeorge and Maug, 2006, ). Most notably, in many European markets, researchers observe the same close connection between the decision to pay dividends and a firm's current profitability, size, growth prospects, and mix of earned and contributed capital as in US firms (see, e.g., Denis and Osobov, 2006; von Eije and Megginson, 2006).…”

Section: The Full Payout Model As the Foundation Of A Positive Thementioning

confidence: 99%

Payout Policy Pedagogy: What Matters and Why

DeAngelo¹,

DeAngelo²

2007

Euro Fin Management

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"This paper argues that we should abandon""MM (1961)""irrelevance as the foundation for teaching payout policy, and instead emphasise the need to distribute the full value generated by investment policy ('full payout'). Because MM's assumptions restrict payouts to an optimum, their irrelevance theorem does not provide the appropriate prescription for managerial behaviour. A simple example clarifies why the correct prescription is 'full payout', and why both payout and investment policy matter even absent agency costs (""DeAngelo and DeAngelo, 2006""). A simple life-cycle generalisation explains the main stylised facts about the payout policies of US and European firms." Copyright 2007 The Authors Journal compilation (c) 2007 Blackwell Publishing Ltd.

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Section: The Full Payout Model As the Foundation Of A Positive Thementioning

confidence: 99%

Payout Policy Pedagogy: What Matters and Why

DeAngelo¹,

DeAngelo²

2007

Euro Fin Management

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“…If governance does improve, then we have strong evidence that bonding is occurring and that it is effective. Degeorge and Maug (2008) arrive at a similar conclusion in their review of the European evidence on the bonding hypothesis. They conclude that less indirect evidence and more direct testing is needed to settle the debate over the ability of bonding to explain the corporate crosslisting decision.…”

Section: Summary and Directions For Future Researchmentioning

confidence: 57%

“…1 1 Degeorge and Maug (2008) observe that corporate bonding in a purely domestic context can be first attributed to Gordon (1988) who contends that listing on the NYSE commits the firm to only a single class of shares and thus can eliminate the wedge between voting and cash flow rights resulting from a dual class share structure. …”

mentioning

confidence: 99%

The Effect of Crosslisting on Corporate Governance: A Review of the International Evidence

Ferris¹,

Kim²,

Noronha³

2009

Corporate Governance

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Manuscript Type: ReviewResearch Question: This review essay examines the mechanisms by which crosslisting of a firm's shares on a foreign stock exchange and its subsequent exposure to an international capital market can induce changes in corporate governance. We also review reasons why a firm might elect to use crosslisting to improve investor perception of the quality of its governance. Research Findings/Results: After a review of the existing literature, we conclude that there is substantial support for legal bonding in the decision to crosslist, with lesser evidence consistent with reputational bonding. We also conclude that firm growth opportunities and the need for external capital are critical factors in a decision to crosslist. Theoretical Implications: This study synthesizes the extensive empirical work done on crosslisting and consequent changes in corporate governance structures. It also highlights a number of areas that require further research including more direct testing of governance changes following crosslisting, the effect of crosslisting on corporate equity ownership structures, and the investment/new securities issuance behavior of firms subsequent to crosslisting. This research will help to chart the path of future academic study by scholars of international corporate governance. Practical Implications: This review of the empirical evidence will contribute to the identification of a set of best practices that can lead to improved governance for firms worldwide. Furthermore, the discussion of what remains unexamined by governance researchers will help to shape the contours of future policy and legislative debate.

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The factors influencing the decision to list on Abu Dhabi securities exchange

Maghyereh

Awartani

2018

Journal of Behavioral and Experimental Finance

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The Abu Dhabi Securities Exchange is established to fund corporates, investments and economic growth. However, many companies operating in Abu Dhabi do not take the opportunity and list in the market. In this paper we survey a sample 145 chief executive officers and deputies of the CEO's in order to explain why firms refrain from going public and float their equity in the market. Our findings indicate that the poor quality of the Abu Dhabi equity market in terms of its inefficiency and inadequate liquidity plays a crucial role in discouraging firms to list in the market. Moreover, management do not list in order to avoid dilution of ownership as well as to retain control of the company. Finally, we find that knowledgeable managers in big companies are more likely to list in the market particularly when they operate in a competitive industry.

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Corporate Finance in Europe: A Survey

Cited by 4 publications

References 115 publications

Payout Policy Pedagogy: What Matters and Why

Payout Policy Pedagogy: What Matters and Why

The Effect of Crosslisting on Corporate Governance: A Review of the International Evidence

The factors influencing the decision to list on Abu Dhabi securities exchange

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