دانلود رایگان مقاله لاتین بانکدار هیئت مدیره از سایت الزویر
عنوان فارسی مقاله:
بانکدار در هیئت مدیره و فعالیت نوآورانه
عنوان انگلیسی مقاله:
Banker on board and innovative activity
سال انتشار : 2016
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بخشی از مقاله انگلیسی:
2. Relevant literature
Conflict of interests between owners and managers is one of the long-standing debates in corporate finance (Berle & Means, 1932; Williamson, 1964). According to this argument, since managers are protected by limited liability, they can deviate from value-maximization objective and enhance private benefits. In order to minimize this conflict, companies resort to a team of monitoring directors. One such director on a firm board which is quite pervasive in bank-based financial systems is the banker. Banks can influence corporate governance in several ways. Firstly, as shareholders, banks have exclusive information regarding the investment opportunities of the firm and in fact, banks as shareholders improve the selection of profitable investment projects (Kang, Shivdasani, & Yamada, 2000; Morck, Nakamura, & Shivdasani, 2000). In addition, firms with bank-shareholders are likely to have better chances of raising external resources (Hoshi, Kashyap, & Scharfstein, 1990) or even funds at competitive rates (Petersen & Rajan, 1994).3 The more pervasive role of banks is in their capacity as nominees on the boards of firms. We postulate several channels that are germane for the role of banker nominee in the R&D activity of non-financial firms. The information channel contends that bank nominees collect information about the firm and transmits it to the lender. A board position provides the bank nominee with proprietary information about the firm. In that case, the bank nominee is likely to dissuade poorly performing firms from undertaking R&D, since it is a risky investment (Hall, 2009) and banker-nominees have greater incentives to protect their debt claims (Ciamarra, 2012). This would explain why such firms invest less in R&D. We employ firm profitability (RoA) as a proxy for its performance. The debt monitoring channel that bank nominees seek to safeguard their existing loans by actively monitoring the management on behalf of outside stakeholders. In such a case, bankers would be more likely to be present on the boards of companies that have a higher burden of debt and low solvency (Dittmann et al., 2010; Gilson, 1990). On the other hand, the higher debt burden entails limited incentives for firms to engage in R&D. As a result, R&D would be less likely in firms with a higher burden of bank debt. We proxy debt burden by the ratio of borrowings to total asset (Leverage) and consider the interest coverage ratio as a proxy for solvency.
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کلمات کلیدی:
Affiliated Banker on Board and Conservative Accounting DAVID ... https://olin.wustl.edu/docs/faculty/subramanyam.pdf by D ERKENS - 2011 - Cited by 24 - Related articles Keywords: bankers on board, affiliated bankers, conservatism, debt contracting .... with unaffiliated bankers on board are no less conservative than the firms ... Bankers on boards as corporate governance mechanism: evidence ... link.springer.com/article/10.1007/s10997-012-9251-4 Nov 9, 2012 - Hence, the presence of bankers on boards is not associated with bank monitoring. They rather promote their employer's business. The findings ... Investment bankers on boards make for better corporate acquisitions ... https://now.uiowa.edu/.../investment-bankers-boards-make-better-corporate-acquisitio... Oct 30, 2013 - Companies mulling a merger would do well to have an investment banker on their board of directors. A new study from the University of Iowa ... Boards of Directors - World Bank Group www.worldbank.org/en/about/leadership/directors The World Bank Group Boards of Directors refers to four separate Boards of Directors, namely the Board of the International Bank for Reconstruction and ... Boards of Governors - World Bank Group www.worldbank.org/en/about/leadership/governors The Boards of Governors consist of one Governor and one Alternate Governor appointed by each member country. The office is usually held by the country's ... Management Board – Deutsche Bank https://www.db.com/company/en/management-board.htm Jun 30, 2017 - The Management Board is responsible for managing the company. ... Christian SewingPresident – Head of Private & Commercial Bank ... [PDF]Bankers on the Boards of German Firms - European Corporate ... www.ecgi.org/competitions/rof/files/Bankers%20On%20Boards%2020080131.pdf by I Dittmann - Cited by 197 - Related articles Jan 31, 2008 - evidence that the presence of bankers on the board causes a decline in the ... bankers use board seats to monitor their equity interests or their ...
