-
作者：Boubakri, Narjess; Mansi, Sattar A.; Saffar, Walid
作者单位：American University of Sharjah; Virginia Polytechnic Institute & State University; Hong Kong Polytechnic University
摘要：We investigate the impact of political institutions on corporate risk-taking. Using a large sample of non-financial firms from 77 countries covering the period from 1988 to 2008, we find that sound political institutions are positively associated with corporate risk-taking, and that this relation is stronger when government extraction is higher. In a subsample of 45 countries, we also find that politically connected firms engage in more risk-taking, which suggests that close ties to the govern...
-
作者：Oxelheim, Lars; Gregoric, Aleksandra; Randoy, Trond; Thomsen, Steen
作者单位：Lund University; Research Institute of Industrial Economics (IFN); University of Agder; Copenhagen Business School
摘要：This study investigates the internationalization of corporate boards, using a sample of 346 non-financial listed Nordic firms during 2001-2008. Given a high level of international activity, these firms have surprisingly few foreign directors. The picture of international expertise changes considerably, however, if we also count the international experience of national directors. The percentage of foreign directors is related primarily to financial internationalization rather than foreign sales...
-
作者：Ertug, Gokhan; Cuypers, Ilya R. P.; Noorderhaven, Niels G.; Bensaou, Ben M.
作者单位：Singapore Management University; Tilburg University; INSEAD Business School
摘要：Trust is an important factor in interorganizational relations. Interorganizational trust in cross-border relationships is likely to be influenced by the home countries of both partners. Using data on 165 international joint ventures (IJVs), we show that the perceived trustworthiness of an IJV partner is influenced by the general propensity to trust in the trustor's home country. Moreover, the trustworthiness perceived by a focal parent firm is also affected by the home country of the other IJV...
-
作者：Dau, Luis Alfonso
作者单位：Northeastern University
摘要：Building on economic geography and knowledge-based theory, I argue that pro-market reforms augment the profitability of firms by increasing their competitiveness and market knowledge. However, I propose that this effect is greater for firms that operate internationally, firms that operate in more advanced markets, and firms that become multinationals before reforms are implemented. This is because such firms acquire market knowledge abroad that they can use when responding to reforms at home, ...
-
作者：Bae, Kee-Hong; Purda, Lynnette; Welker, Michael; Zhong, Ligang
作者单位：York University - Canada; Queens University - Canada; Southwestern University of Finance & Economics - China
摘要：We examine whether certification by an internationally recognized information intermediary helps emerging-market firms overcome the liability of foreignness in capital markets. Specifically, we ask whether securing a credit rating from Standard & Poor's (S&P) enables these firms to certify their financial reporting quality. We hypothesize that the unique information demands of lenders motivate firms to provide more conservative financial statements upon securing an S&P rating. We find evidence...
