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Book part
Publication date: 16 January 2023

Kiran Pandian, Daniel Pfeiffer and Samson Qian

One aspect of the opportunities and challenges for cryptoassets concerns decentralized finance (DeFi). DeFi is a growing area of cryptoassets that couples blockchain technology…

Abstract

One aspect of the opportunities and challenges for cryptoassets concerns decentralized finance (DeFi). DeFi is a growing area of cryptoassets that couples blockchain technology, digital assets, and financial services. DeFi is a publicly available system on a decentralized blockchain network, offering financial products and applications. This chapter provides an overview of the DeFi universe that has enormous potential in various industries in the global market. It also discusses the implications of DeFi’s new wave and its applications involving initial coin offerings and stablecoins and specific challenges like the scalability trilemma in DeFi and financial markets.

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The Emerald Handbook on Cryptoassets: Investment Opportunities and Challenges
Type: Book
ISBN: 978-1-80455-321-3

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Book part
Publication date: 1 July 2024

Nathan Schneider

The class of technology variously referred to as Web3 or crypto has been heralded as a democratizing force for economics and governance. This chapter argues that, to the extent…

Abstract

The class of technology variously referred to as Web3 or crypto has been heralded as a democratizing force for economics and governance. This chapter argues that, to the extent such hype is justified, it is only partly due to the affordances of the technology itself. Perhaps more important is the amnesia it has induced, as an innovative paradigm whose novelty inclines people to neglect once-stable norms. In both economics and governance, crypto offers opportunities for greater democracy, but following through on them is guaranteed by neither the technology nor the amnesia it invites.

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Defining Web3: A Guide to the New Cultural Economy
Type: Book
ISBN: 978-1-83549-600-8

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Article
Publication date: 19 November 2007

Yong H. Kim Ph., Jong C. Rhim and Daniel L. Friesner

This paper examines the interrelationships among debt policy, dividend policy, and ownership structure using a simultaneous equation framework. Our approach allows us to test both…

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Abstract

This paper examines the interrelationships among debt policy, dividend policy, and ownership structure using a simultaneous equation framework. Our approach allows us to test both the convergence of interests theory and entrenchment theory. Using a sample of publicly traded South Korean manufacturing firms, we find that debt policy and ownership structure have a positive impact on dividend policy. We also find that both debt and dividend policy are positively related to ownership structure. Our findings support both the theory of convergence of interests between management and ownership and entrenchment theory, and also explain why many studies have found conflicting results.

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Multinational Business Review, vol. 15 no. 3
Type: Research Article
ISSN: 1525-383X

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Book part
Publication date: 22 September 2009

Libby Weber, Kyle J. Mayer and Rui Wu

The goal of interfirm contract research is to examine how formal contracts impact transaction success, firm relationships, and ultimately individual and collaborative firm…

Abstract

The goal of interfirm contract research is to examine how formal contracts impact transaction success, firm relationships, and ultimately individual and collaborative firm performance when two or more firms interact. Most contract literature uses an economic lens to examine contracts: the property rights perspective, agency theory, and TCE. Property rights-based contract research (Coase, 1960; Demsetz, 1967; Alchian & Demsetz, 1973; Cheung, 1969) examines how efficient property rights assignment mitigates ex ante hazards. Similarly, agency theory-based contract research (e.g., Ross, 1973; Jensen & Meckling, 1976; Harris & Raviv, 1979) investigates how incentive alignment between the principal and agent leads to the mitigation of ex ante hazards. In contrast, TCE-based research (Williamson, 1975, 1985) examines contractual safeguards to mitigate both ex ante and ex post hazards (e.g., Joskow, 1985, 1987, 1990; Crocker & Reynolds, 1993). Because the three economic perspectives dominate, most research addresses how contracts are used to mitigate ex ante or ex post hazards. Therefore, many topics still need to be investigated to enhance our understanding of interfirm contracting.

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Economic Institutions of Strategy
Type: Book
ISBN: 978-1-84855-487-0

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Book part
Publication date: 19 September 2014

Nikolaos Kavadis and Xavier Castañer

To show that differences in the extent to which firms engage in unrelated diversification can be attributed to differences in ownership structure.

Abstract

Purpose

To show that differences in the extent to which firms engage in unrelated diversification can be attributed to differences in ownership structure.

Methodology/approach

We draw on longitudinal data and use a panel analysis specification to test our hypotheses.

Findings

We find that unrelated diversification destroys value; pressure-sensitive Anglo-American owners in a firm’s equity reduce unrelated diversification, whereas pressure-resistant domestic owners increase unrelated diversification; the greater the firm’s free cash flow, the greater the negative effect of pressure-sensitive Anglo-American owners on unrelated diversification.

Research limitations/implications

We contribute to corporate governance and strategy research by bringing in owners’ institutional origin as a shaper of owner preferences in particular with regards to unrelated diversification. Future research may expand our investigation to more than one home institutional context, and theorize on institutional origin effects beyond the dichotomy between Anglo-American and non-Anglo-American (not oriented toward shareholder value maximization) owners.

Practical implications

Policy makers, financial analysts, owners, and managers may want to reflect about the implications of ownership structure, as well as promoting or joining corporations with particular ownership configurations.

Social implications

A shareholder value-destroying strategy, such as unrelated diversification has adverse consequences for society at large, in terms of opportunity costs, that is, resources could be allocated to value-creating activities instead. Promoting an ownership configuration that creates value should contribute to social welfare.

Originality/value

Owners may not be exclusively driven by shareholder value maximization, but can be influenced by normative beliefs (biases) stemming from the institutional context they originate from.

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Book part
Publication date: 26 April 2011

Bassem M. Hijazi and James A. Conover

We examine the empirical relationship between direct equity agency costs measures and corporate governance control mechanisms to control equity agency costs. We measure the three…

Abstract

We examine the empirical relationship between direct equity agency costs measures and corporate governance control mechanisms to control equity agency costs. We measure the three direct agency cost proxies commonly used in the literature: the operating expense; asset turnover; and selling, general, and administrative (SGA) ratios. Internal corporate governance control mechanisms examined are inside ownership (IO), outside ownership concentration (OC), the size of the board of directors (BODs), and the composition of the BODs (proportion of nonexecutive (NE) directors and separation of chief executive officer (CEO) and board chair). The external corporate governance control mechanism examined is the size of bank debt (short-term debt). Univariate and multivariate tests reveal that the only statistically significant relationship between corporate governance control mechanisms and direct equity agency cost measures is the negative relationship between the proportion of IO and direct agency costs. The asset utilization ratio (asset turnover) ratio is the best proxy for direct equity agency costs and can be useful for event studies of announcement period excess returns.

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Research in Finance
Type: Book
ISBN: 978-0-85724-541-0

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Article
Publication date: 8 March 2011

Fernando J. Peris Bonet, Marta Peris‐Ortiz and Ignacio Gil Pechuán

The purpose of this paper is to identify the conceptual basis shared by different theories, regardless of the unit of analysis they specifically adopt. The different ontological…

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Abstract

Purpose

The purpose of this paper is to identify the conceptual basis shared by different theories, regardless of the unit of analysis they specifically adopt. The different ontological choice (or different segment of reality studied by each theory) does not hinder conceptual common ground for a good number of organisational theories.

Design/methodology/approach

The paper highlights the importance of hierarchical, social and institutional relations and of the technological, cognitive, social and institutional contents. It looks at the common conceptual contents of the two main theories examined, and those of a wide set of other theories addressed here. Both of the theories examined are interpreted in terms of relations and contents, taking a closer look at the passageways and walls that exist between them.

Findings

Ontological and conceptual bases for the analysis of organisational theories are established.

Research limitations/implications

The proposal of a common background from which one can examine different organisational theories is, in principle, important. The limitation inherent is that, given the infinite nature of reality, in the material world and in the world of thought, no one can be sure of having proposed the best possible methodological basis.

Originality/value

Relations and contents, as a basis for analysing theories, is an innovative proposal that attempts to gain insights on the basic materials (ontological and conceptual) that go to make up theories. From this point, the path towards a higher order theory can be based on the fundamental aspects (the way in which they interpret reality) of the theories themselves, not by formulating more generalist concepts or constructs.

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Management Decision, vol. 49 no. 2
Type: Research Article
ISSN: 0025-1747

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Article
Publication date: 7 January 2019

Mohammed Amidu, William Coffie and Philomina Acquah

This paper aims to investigate how transfer pricing (TP) and earnings management affect tax avoidance of firms in Ghana.

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Abstract

Purpose

This paper aims to investigate how transfer pricing (TP) and earnings management affect tax avoidance of firms in Ghana.

Design/methodology/approach

The authors use a panel data set from 2008 to 2015 to further shed light on transfer pricing-tax avoidance nexus by examining the complex interaction of three key variables: transfer pricing, earnings management and tax avoidance.

Findings

The results show that almost all the sample firms have engaged in some form of transfer pricing strategies and the manipulation of earnings to avoid tax during 2008-2015. There is evidence to suggest that non-financial multinational corporations manipulate more earnings than the financial firms while financial firms also use more TP than non-financial firms. The overall results suggest that the sensitivity of tax avoidance to transfer pricing decreases as firms increase their earnings management. By extension, these results have important policy implication for policymakers in assessing the effectiveness of tax laws relating to transfer pricing.

Originality/value

The authors investigate how transfer pricing and earnings management affect the avoidance of firms operating in Ghana.

Details

Journal of Financial Crime, vol. 26 no. 1
Type: Research Article
ISSN: 1359-0790

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Article
Publication date: 6 March 2023

Patrick Velte

This paper aims to review 68 archival studies on the impact of audit committees (ACs) on firms’ consequences [(non)financial reporting, performance and audit quality] in European…

814

Abstract

Purpose

This paper aims to review 68 archival studies on the impact of audit committees (ACs) on firms’ consequences [(non)financial reporting, performance and audit quality] in European firms.

Design/methodology/approach

Applying a stakeholder agency-theoretical framework, the author differentiates between three categories of AC variables: presence; composition; and resources, incentives and diligence.

Findings

The author finds that AC composition, (non)financial reporting and audit quality are dominant in the literature review. Other inputs or outputs are either too low in amount or yielded heterogeneous results, hindering clear tendencies. However, there are indications that financial expertise is positively related to financial reporting and audit quality, in line with agency theory and European regulatory assumptions.

Research limitations/implications

In the discussion of potential future research, the author emphasizes, among others, the need for the recognition of innovative and sustainable AC variables, inclusion of moderator and especially mediator variables and reaction to endogeneity concerns by advanced regression models.

Practical implications

As the European Commission currently discusses extended regulations on AC duties and composition, this literature review highlights the huge impact of financial expertise on financial reporting and audit quality. In view of the increased monitoring duties of sustainability reporting, both business practices and regulatory bodies should increase the sustainability expertise of ACs.

Originality/value

This analysis makes useful contributions to prior research by focusing on attributes of AC and their impact on firms’ outputs in the European capital market, based on a differentiation between mandatory one-tier/two-tier systems and the choice model. The findings support the promotion of European evidence-based regulations, such as the Corporate Sustainability Reporting Directive and the Corporate Sustainability Due Diligence Directive.

Details

Journal of Global Responsibility, vol. 14 no. 4
Type: Research Article
ISSN: 2041-2568

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Available. Open Access. Open Access
Article
Publication date: 16 August 2022

Juri Matinheikki, Katri Kauppi, Alistair Brandon–Jones and Erik M. van Raaij

Contemporary supply chain relationships inherently rely on delegation of work between organizations and, thus, are subject to agency problems for which a wide range of governance…

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Abstract

Purpose

Contemporary supply chain relationships inherently rely on delegation of work between organizations and, thus, are subject to agency problems for which a wide range of governance mechanisms exist. This review of agency theory (AT), across four distinct fields, explains the connection between governance mechanisms and supply chain relationship types.

Design/methodology/approach

The study uses a systematic literature review (SLR) of articles using AT in a supply chain context from the operations and supply chain management, general management, marketing, and economics fields.

Findings

The authors categorize the governance mechanisms identified to create a typology of agency relationships in supply chains.

Research limitations/implications

The developed typology provides parsimonious theory on different forms of supply chain agency relationships and takes a step towards a “supply chain-oriented agency theory” explaining and predicting relationship types and governance in supply chains. Furthermore, a future research agenda calls for more accurate measuring of agency costs, to examine residual gains alongside residual losses, to take a dual-sided perspective of agency relations and to adopt AT to examine more complex supply networks.

Practical implications

The review provides a menu of governance mechanisms and describes situations under which these mechanisms could be deployed to guide managers when developing their supply chain relationships.

Originality/value

The first review to combine and elaborate views from four major disciplines using AT as a lens to supply chain relationships. Expanding the traditional set of governance mechanisms provides academics and practitioners with a bigger “menu” of options to consider.

Details

International Journal of Operations & Production Management, vol. 42 no. 13
Type: Research Article
ISSN: 0144-3577

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