| 1. |
|
|
| 2. |
- Palmberg, Johanna, 1978-, et al.
(författare)
-
Ownership Structure, Board Composition and Investment Performance
- 2009
-
Ingår i: Corporate Ownership and Control. - Ukraine : Virtus Interpress. - 1727-9232 .- 1810-3057. ; 7:1, s. 117-127
-
Tidskriftsartikel (refereegranskat)abstract
- This paper explores the relation between ownership structure, board composition and firm performance among Swedish listed firms. The descriptive statistics show that Swedish board of directors have become more diversified in terms of gender. The analysis show that board size has a significant negative effect on investment performance. Gender diversity has a small but negative effect on investment performance, and the same holds for CEO being on the board. When incorporating all the explanatory variables into the same equation the negative effect of larger boards dilutes the effect of gender diversity and having the CEO on the board.
|
|
| 3. |
- Palmberg, Johanna, et al.
(författare)
-
Ownership Structure, Board Composition and Investments Performance
- 2009
-
Konferensbidrag (refereegranskat)abstract
- In this paper the relation between ownership structure, board composition and firm performance is explored. A panel of Swedish listed firms is used to investigate how board composition affects firm performance. Board heterogeneity is measured as board size, age and gender diversity. The results show that Swedish board of directors have become more diversified in terms of gender. Also, fewer firms have the CEO on the board which can be interpreted as a sign of increased independency. The regression analysis shows that gender diversity has a small but negative effect on investment performance, and the same holds for CEO being on the board. The analysis also show that board size has a significant negative effect on investment performance. When incorporating all the explanatory variables into one equation however, the negative effect of larger boards dilutes the effect of gender diversity and having the CEO on the board.
|
|
| 4. |
|
|
| 5. |
|
|
| 6. |
- Wiberg, Daniel, 1977-, et al.
(författare)
-
R&D and the Persistence of Profits
- 2008
-
Ingår i: The Icfai Journal of Managerial Economics. ; 6:2, s. 40-53
-
Tidskriftsartikel (refereegranskat)abstract
- Economic theory tells us that abnormal firm and industry profits will not persist for any significant length of time. Any firm or industry making profits in excess of the normal rate of return, will attract entrants and this competitive process will erode their profits. However, a substantial amount of research has found evidence of persistent profits above the norm. Barriers to entry and exit, is an explanation often put forward to this anomaly. In the absence of, or with low barriers to entry and exit, this reasoning provides little help in explaining why these above-norm profits arise and persist. This paper explores the links between the systematic search for knowledge and the persistence of profits. By investing in R&D (Research and Development) firms may succeed in creating products or services that are preferred by the market and/or find a more cost efficient method of production. Corporations that systematically invest in R&D may, by doing this, offset the erosion of profits and thereby have persistently high profits, which diverge from the competitive return. The paper argues that even in the absence of significant barriers to entry and exit, profits may persist. This can be accredited to a systematic search for knowledge through R&D.
|
|
| 7. |
- Högberg, Andreas, 1980-, et al.
(författare)
-
Promarket reforms and allocation of capital in India
- 2009
-
Rapport (övrigt vetenskapligt/konstnärligt)abstract
- The government of India initiated pro-market reforms in the 1990s, after almost five decades of socialist planning. These and subsequent policy reforms are credited as the drivers of India’s radical economic transformation. Prior to reforms, private investment was strictly regulated and restricted to limited sectors. There have since been numerous changes in sectors important for investment, such as the bank sector, which affects outcomes of firm-level strategic decision making and investment behavior. By most estimates, India’s economy will continue to grow rapidly. The purpose of this paper is to investigate changes in investment behavior from the introduction of reforms to current conditions. Reforms changed several institutional frameworks for firm operations, allowing firms to pursue more competitive strategies. Given the importance of ownership in determining firm efficiency and access to capital, we examine the effect of ownership type, and also control for industry differences in capital allocation. We compute a measure of investment efficiency derived from the accelerator principle: Elasticity of capital with respect to output. We find that the allocation of capital has been slow to respond to reforms, indicating similar pace of firm responses. The findings suggest that firms face significant costs in adjusting their capital stock, which in turn leads to inefficient capital allocation. Surprisingly, we find no significant improvement over the 1991-2006 time period.
|
|
