...
  • 主题
高级搜索  >
历史搜索 清空历史
首页> 外文期刊>Journal of economic geography >The emerging market for European corporate governance: the relationship between governance and capital expenditures, 1997-2005
【24h】

The emerging market for European corporate governance: the relationship between governance and capital expenditures, 1997-2005

机译：欧洲公司治理的新兴市场：1997 - 2005年治理与资本支出之间的关系

获取原文
获取原文并翻译 | 示例
           
页面导航
  • 摘要
  • 著录项
  • 相似文献
  • 相关主题

摘要

We examine European corporate governance with respect to the relationship between shareholder value and capital investment. Based upon Europes largest listed companies, it is shown that Anglo-American conceptions of shareholder value are increasingly important for European firms whatever their home jurisdictions and inherited traditions. Using annual capital expenditures (CAPEX) as a proxy for corporate managers commitment to shareholder value, it is shown, contra arguments to the effect that the map of European corporate governance regimes is fixed and virtually immutable, even large firms from paradigmatic stakeholder regimes believed focused upon long-term value increasingly act to maximize short-term shareholder value. We divide Europe into three regions based on ownership concentration, legal systems, board structures and the presence of corporate governance codes. In this multi-jurisdictional setting, we compare the effects of different elements of corporate governance on CAPEX in each region. Our analysis shows that the overall effect of investor-sensitive corporate governance on CAPEX is consistently negative notwithstanding differences in the formal nature and quality of governance standards between regions. We explain this finding by reference to the governance standards of the United Kingdom: a market for corporate governance that has come to dominate its continental European neighbours.
机译：我们在股东价值与资本投资之间的关系审视欧洲公司治理。基于欧洲最大的上市公司，表明股东价值的英美概念对欧洲公司的任何居民均越来越重要，无论其居所如何以及继承传统。利用年度资本支出（CAPEX）作为企业管理人员对股东价值承诺的代理，展示了欧洲公司治理制度地图所固定而几乎不变的效果的对象论据，即使是来自范例利益相关者制度的大公司也认为长期价值越来越多地采取行动，以最大化短期股东价值。我们将欧洲分为三个地区，基于所有权集中，法律制度，董事会结构以及公司治理代码的存在。在这种多司法管辖区中，我们比较各个地区公司治理不同元素对CAPEX的影响。我们的分析表明，投资者敏感的公司治理对资本资本的总体影响始终是否定的，尽管处于地区之间的治理标准的正式性质和质量差异。我们通过参考联合王国的治理标准来解释这一发现：公司治理的市场，以占据其大陆欧洲邻国。

著录项

相似文献

  • 外文文献
  • 中文文献
  • 专利
获取原文

客服邮箱：kefu@zhangqiaokeyan.com

京公网安备：11010802029741号 ICP备案号：京ICP备15016152号-6 六维联合信息科技 (北京) 有限公司©版权所有

  • 客服微信

  • 服务号