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Cambridge University Press978-1-107-01686-6 - Corporate Governance and Initial Public Offerings: An International PerspectiveEdited by Alessandro Zattoni and William JudgeIndexMore information

Index

Ablynx 82–5before the IPO 82–3IPO offer 84organization after the IPO 84–5

AEX index (at Euronext Amsterdam)314–16, 318

AFM (Dutch securities board) 319, 320agency problemIsrael 196Italy 223Nigeria 341–2Russia 362shareholder influence 14Turkey 478

agency theory 2, 7–8, 11–12, 30AIM (Alternative Investment Market,

LSE) 321, 506, 511AIM Italy 226, 227Aktietorget (Sweden) 436Aldama Report (2003), Spain 400,

401Alternext Amsterdam 319, 321Alternext market 73amakudari appointments, Japan 240–1Amsterdam Stock Exchange 306,

318–22angel investors see business angelsAnglo-American governance systems

12, 106–7, 192, 212Anglo-Saxon model of corporate

governance 20, 332, 422Arkimedica 232–4before the IPO 232–3IPO offer 233organization after the IPO 233–4

ASIC (Australian Securities andInvestments Commission) 38, 49

ASX (Australian Securities Exchange)37–8, 39–46, 49–50

audit committee 41

Australia 37–61ASX (Australian SecuritiesExchange) 37–8, 39–46, 49–50

ASX Corporate Governance Council39–41

ASX Listing Rules 49–50board of IPO companies 57–8board structure 40, 46–8CEO duality 40common law legal system 37comply-or-explain principle37–8, 40

corporate governance mechanisms37–41

corporate governance principles37–8, 39–41, 46–8

Corporations Act (2001) 38, 49director independence 40, 46–8Financial Reporting Council 38investor protection 37IPO description: Genera BiosystemsLimited 58–61

IPO regulation 49–50IPOs between 2006 and 2008 52–8legal system 37market for corporate control 37nominee and custody companies43–6

ownership structure 37, 41–6,53–7

principal agent issue 37regulatory framework 38–9S&P/ASX 100 companies 42–8S&P/ASX 300 index 42stock exchange 41–6subcommittees 41, 48

Australian Council of SuperannuationInvestors (ACSI) 46–8

Australian Prudential RegulationAuthority 38

549

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Australian Securities and InvestmentsCommission (ASIC) 38, 49

Australian Securities Exchange (ASX)37–8, 39–46, 49–50

Australian Stock Exchange Limited41–6

Babylon Ltd. 204–6before the IPO 204–5IPO offer 205organization after the IPO 205–6

banks’ shareholdings 15banks which are “too big to fail” (US)

522–3Bauer Aktiengesellschaft 160–2

before the IPO 160–1IPO offer 161–2organization after the IPO 162

Belgium 64–87Belgian Company Code 65–7blockholder control 74board structure 65–6business angels 80civil law legal system 64Code Buysse 69–72codes of good governance 67–72conflicts of interest 74Corporate Governance Act (2002)65–7

Corporate Governance Act (2010) 67Corporate Governance Code 67,68–9


corporate law 64–7director independence 66–7disclosure requirements 65economy 64executive compensation 65impact of the financial crisis 65,67, 73

IPO description: Ablynx 82–5IPO outcomes 82IPO regulation 76IPOs between 2006 and 200876–82

legal system 64listed companies governance code68–9

market capitalization 72–3

market for corporate control 75non-listed companies governancecode 69–72

ownership structure of listedcompanies 74

political background 64regulatory environment 64–7shareholder protection 66–7socio-economic situation 64stakeholder relations 65stock exchange 72–3venture capital (VC) 79–80

Big Bang deregulation, Japan 245–6blockholders of listed companies 14–16board chairperson and CEO duality

see CEO dualityboard composition 11–12board of directors, comparison of

twenty-one economies 21see also specific countries

BolsaMexicana deValores (BMV)292–4Bombay Stock Exchange (BSE) 174–5,

178–80Borsa Italiana 226–7Bosch Report 1991 47Bridgewater 110–12before the IPO 110–11IPO offer 111organization after the IPO 111–12

Burgundy securities marketplace(Sweden) 435–6

Burkhalter Group 463–5before the IPO 463–4IPO offer 464organization after the IPO 464–5

business angelsBelgium 80China 135Germany 158India 183Israel 203Italy 230Mexico 300Nigeria 346–9Singapore 391Spain 413United Kingdom 514

business ethics, Russia 363business groups 19–20China 115

550 Index






comparison of twenty-one economies25

India 167, 183Israel 190Italy 210Japan (keiretsu) 20, 238, 239–40,

248–9Nigeria 331Russia 354South Korea (chaebols) 20Spain 397Sweden 426–7Turkey 470, 480–3United Kingdom 499United States 520

Cadbury Code (1992, UK) 67–8, 502Cadbury Commission (1992, UK)

11–12Cadbury Report (1992, UK) 307, 502Canada 89–113approach to corporate governance

96–7board performance evaluation 95board structure 89, 91Canada-US Multi-jurisdictional

Disclosure System 97Canadian Coalition for Good

Governance 91–7Canadian Securities Administrators

(CSA) 90–1, 97–9code of good governance 91–7competence of directors 93–4comply or disclose system 89–90corporate governance mechanisms

89–99corporate legal system 97–9CSA Rules 97–9director compensation 94–5dominant ownership groups 89dual class shares 107economy 90executive compensation 89, 94–5foreign ownership 89, 99geography 90guidelines for boards of directors

91–7hiring and evaluation of management

95–6impact of the financial crisis 90, 107

independence of directors 92investor protection 107IPO description: Bridgewater 110–12IPO regulation 101–6IPOs between 2006 and 2008 108–9legal systems 89, 107monistic system of nomination 91Ontario Securities Commission 91ownership and governance model106

ownership concentration 96–7ownership structure of listedcompanies 99–101

population 90principles-based system 89–90privileged access to US capitalmarkets 97

pyramiding 107risk management function of theboard 95–6

separation of board chair and CEOroles 92

share ownership by directors 94–5shareholder democracy 92shareholder meetings 91stock exchange 99–101strategic planning function of theboard 95–6

super-voting shares 107TSX (Toronto Stock Exchange) 91,96–7, 99–102

TSX Venture 96–7, 98, 102–3Canada-US Multi-jurisdictional

Disclosure System 97Canadian ownership and governance

model 106Canadian Securities Administrators

(CSA) 90–1, 97–9CEO duality 12

Australia 40Canada 92comparison of twenty-one economies22

India 167Israel 191Kingdom of Saudi Arabia 263Mexico 287–8Spain 397Turkey 470United Kingdom 500, 515

Index 551






CEO duality (cont.)United States 520, 524, 526, 540

certification of shares, Netherlands 311chaebols (South Korea) 20China (People’s Republic of China)

115–38angel capital 135behavior of controlling shareholders119–20, 138

board of directors 116, 117–18,120–1, 128–9

board of supervisors 116, 117–18,121–2, 129–30

business groups 115China Securities RegulatoryCommission (CSRC) 117, 118–24

ChiNext market 125, 134civil law system 115Code of Corporate Governance forListed Companies 118–24


corporate law 116–18corporate social responsibility 123culture 115disciplinary systems 122–3disclosure of information andtransparency 123

earnings management among listedcompanies 120, 121, 123–4, 126

executive compensation 116, 122–3,130–1

Hong Kong Stock Exchange 124, 127impact of the financial crisis 130incentive systems 122–3IPO description: China HaisumEngineering Company Limited136–7

IPO process 131IPO regulation 131–4IPOs between 2006 and 2008 134–6listed companies 124–6market-oriented economic reforms115

ownership structure of listedcompanies 115–16, 127

performance assessments 122–3performance of firms after IPO 138related party transactions (RPTs)120, 138

Shanghai Stock Exchange 115,124–7, 131–6

shareholder rights 119–20Shenzhen Stock Exchange 115,124–7, 131–6

Small andMedium Enterprises Board(SME Board) 125, 134

stakeholder rights 123state control 115–16, 138state-owned enterprises (SOEs)115–16, 124–6, 131, 135, 138

stock market 124–7, 131–6venture capital (VC) 135

China Haisum Engineering CompanyLimited 136–7

before the IPO 136–7IPO offer 137organization after the IPO 137

China Securities RegulatoryCommission (CSRC) 117, 118–24

ChiNext market 125, 134civil law legal systems 24–5Belgium 64China 115French civil law 210, 470–1German civil law 238, 449–50investor protection 16–17Italy 210Japan 238Mexico 287Netherlands 306Russia 354Scandinavian civil law 422, 425Spain 397Sweden 422Switzerland 449–50Turkey 470–1

Clınica Baviera, S.A. 414–17before the IPO 414–15IPO offer 416organization after the IPO 416–17

CNBV (Mexican Securities andExchange Commission) 288,297–8

Code Buysse (Belgium) 69–72Code Napoleon 64code of corporate governanceAustralia 37–8, 39–41, 46–8Belgium 67–72Canada 91–7

552 Index






China 118–24Germany 141, 145–9India 171Israel 193–4Italy 214–17Japan 241–5Kingdom of Saudi Arabia 266–9Mexico 290–2Netherlands 307, 311–16Nigeria 337–40Russia 354–60, 361–3, 374–5Singapore 378, 379–80Spain 400–1Sweden 430–2Switzerland 451–4Turkey 473–6United Kingdom 499, 500, 501–6,

518–19United States 520, 523–6

codetermined supervisory boards,Germany 144–5

Commission on Corporate Governance(NYSE, 2009) 524–6

common law legal systems 24–5Australia 37India 167investor protection 16–17Nigeria 331Singapore 378United Kingdom 499United States 520, 521

Commonwealth of Independent States(CIS) 363–4

Compartamos Banco 301–3before the IPO 301–2IPO offer 302organization after the IPO 302–3

compensation committee 41comply-or-explain/disclose principle

28–9Australia 37–8, 40Canada 89–90Germany 145–6Italy 214–15Netherlands 306–7, 313Russia 354, 361, 363Singapore 379Spain 397Sweden 422, 430Switzerland 450

Turkey 470, 474United Kingdom 499, 501–2,518–19

Consob (Italian Supervisory Authority)212, 225–6

Conthe Code, Spain 401control, separation from ownership

6–7corporate funds, misappropriation 6–7corporate governance in twenty-one

economies 21–9board leadership/CEO duality 23board of directors 21business groups 25cluster analysis 26–9comparison of external mechanisms24–6

comparison of internal mechanisms21–3

Developed Market governancebundle 28

Developed Niche governance bundle28–9

Developed Oriental governancebundle 27–8

Developed Relations governancebundle 29

dominant shareholder type 23Emerging Owners governancebundle 29

Emerging Relations governancebundle 27

executive compensation 23institutional collectivism 25–6legal systems 24–5market for corporate control 25ownership structures 23Patriarchal Family governancebundle 29

prevalence of corruption 25see also specific countries

corporate governance mechanisms(external) 10–11, 16–21

business groups 19–20comparison of twenty-one economies24–6

legal systems 16–17market for corporate control 17–19social norms 20–1 see also specificcountries

Index 553






corporate governance mechanisms(internal) 10–16

board composition 11–12CEO and board chairpersonduality 12

comparison of twenty-one economies21–3

dominant shareholder type 14–16executive compensation 13–14shareholder dispersion/concentration14 see also specific countries

corporate governance models/systemsAnglo-American systems 12, 106–7,192, 212

Anglo-Saxon model 20, 332, 422European model 422, 449–50German model 21, 212Italian traditional model 192, 211,212–13, 214, 224–5

Italo-Latin American model 106–7Japanese system 238, 239–41Swedish model 429

corporate governance overview 6–8agency theory 7–8effects of dispersion of shareholding6–7

institutional theory 8low value creation 7managerial competence 7misappropriation of corporate funds6–7

resource dependency theory 8scope and functions 6search for a global theory 10separation between ownership andcontrol 6–7

stewardship theory 8theoretical perspectives 7–8

corruption 21comparison of twenty-one economies25

Nigeria 332–3Russia 354, 374

Corruption Perceptions Index (CPI)25

cross-shareholdingSingapore 385Spain 397, 405Sweden 425Turkey 478

culture, influence on corporategovernance 20–1 see also specificcountries

Dangote Flour Mills Plc 350–2before the IPO 350–1IPO offer 351organization after the IPO 351–2

DAX index (Germany) 150, 149deferred share units (DSUs), Canada 95Developed Market governance bundle

28Developed Niche governance bundle

28–9Developed Oriental governance bundle

27–8Developed Relations governance

bundle 29Directors’ Remuneration Report (2002,

UK) 502DNB (Dutch central bank) 319, 320Dodd-Frank Wall Street Reform and

Consumer Protection Act (2010,US) 522–3, 526

DQ Entertainment 515–18before the IPO 515–17IPO offer 517organization after the IPO 517–18

dual class shares 16Canada 107Israel 203Japan 246Mexico 290, 294, 300Netherlands 310–11Nigeria 349Singapore 391Sweden 422, 425, 427, 428Turkey 478

dual leadership structure see CEOduality

Dutch East India Company 306, 318Dutech Holdings Limited 392–5before the IPO 392–3IPO offer 393–4organization after the IPO 394–5

earnings management in listedcompanies, China 120, 121, 126

Educomp Solutions Ltd. 185–7before the IPO 185–6

554 Index






IPO offer 186–7organization after the IPO 187

Emerging Owners governancebundle 29

Emerging Relations governancebundle 27

employee co-determination, Sweden422, 424, 429

Euronext Amsterdam 308, 318–22Euronext market 73Euronext N.V. 527European companies (Societas

Europaea, SE) 142–3, 159European model of corporate

governance 422, 449–50executive compensation 13–14Belgium 65Canada 89, 94–5China 116, 122–3, 130–1comparison of twenty-one economies

23India 167Israel 191Italy 211Japan 244–5Mexico 287Netherlands 307Nigeria 332Singapore 378Spain 397stock options 13–14, 94–5, 122–3,

244–5Sweden 423, 425Turkey 470, 481United Kingdom 500United States 520

families as controlling shareholders 16family firms 16financial crisis impacts 3–4Belgium 65, 67, 73Canada 90, 107, 108China 130Germany 154India 180Israel 195, 202Italy 227Kingdom of Saudi Arabia 275Netherlands 322Nigeria 342, 343–4

Russia 366, 372, 373, 374Singapore 389Spain 405, 408, 419Switzerland 454, 457, 459United Kingdom 508United States 522–3, 524–6, 530,537

Financial Services Authority (FSA), UK500–1, 509–11

foreign directorsUnited Kingdom 506United States 526

founder ownership of IPOs, UnitedKingdom 514

founders (founded companies), legalstructures (Germany) 142

Frankfurt Stock Exchange 147, 149–52French civil law 210, 470–1Fukuoka Stock Exchange (Japan) 246

Genera Biosystems Limited 58–61before the IPO 58–9IPO offer 59organization after the IPO 59–61

German civil law code 141, 238,449–50

Germany 141–64bank ownership of companies 155–8blockholders 141board structure 141–2, 159–60business angels 158civil law legal system 141, 238,449–50

codetermined supervisory boards144–5

comply-or-explain principle 145–6corporate governance mechanisms141–9

corporate law 142–9DAX index 149, 150directors 141–2European companies (SocietasEuropaea, SE) 142–3, 159

executive compensation 142family ownership 158Frankfurt Stock Exchange 147,149–52

German Corporate GovernanceCode 141, 145–9

German governance system 141

Index 555






Germany (cont.)government ownership 155–8impact of the financial crisis 154IPO description: BauerAktiengesellschaft 160–2

IPO regulation 152–3IPOs between 2006 and 2008154–60

joint-stock corporations (KGaA) 142legal forms of companies 159–60legal structures of founders (foundedcompanies) 142

legal system 141, 238, 449–50limited liability companies (GmbH)142–3

management boards 159MDAX index 150, 162ownership structure 141, 155–8private limited companies (GmbH)142–3

SDAX index 150, 162stock corporations (AG) 141–5,160–2

stock market 149–52supervisory board 141–2, 144–5,159–60

TecDAX index 150two-tier board structure 141–2, 159–60venture capitalist (VC) ownership158

global theory of corporate governance10

GLOBE project xxviii, xxix, 21,25–6

golden parachutes 526Goldman Sachs 522government-linked companies (GLCs),

Singapore 385–6government shareholdings 15Gree Inc. 256–7

before the IPO 256IPO offer 256–7organization after the IPO 257

Greenbury Report (1995), UK 502grupos economicos (Latin America) 20Gulf Cooperation Council (GCC) 262,

263, 273, 277, 283–4

Hausbanks (Germany) 15Higgs Report (2003, UK) 502

Higgs Review 41HMS Industrial Networks AB 442–5before the IPO 442–4IPO offer 444organization after the IPO 444–5

Hong Kong Stock Exchange 124, 127

IMF (International Monetary Fund)452, 473

independent non-executive directors11–12

India 167–88board structure 167Bombay Stock Exchange (BSE)174–5, 178–80

business angels 183business groups 167, 183CEO duality 167code of good governance 171corporate governance mechanisms167–71

corporate law 168–71dominant shareholders 167, 176–8,183

economic importance of capitalmarkets 174–5

executive compensation 167impact of the financial crisis 180IPO description: Educomp SolutionsLtd. 185–7

IPO regulation 178–80IPOs between 2006 and 2008 180–5legal system 167National Stock Exchange (NSE)174–5, 180

ownership structure 167, 176–8, 183pyramidal control structures 183Securities Exchange Board of India(SEBI) 168, 171, 175, 178

social structure and culture 167stock exchanges 174–5syndicates 183venture capitalist (VC) ownership183

individual dominant shareholders 16Industry Classification Benchmark

(ICB) system 438initial public offering (IPO) overview

8–10changes to corporate structure 10

556 Index






“lockup period” 9market price of stock 9offering price of the stock 9registration period 8review of previous studies 1–2underwriting agreement 9use of the proceeds 10 see also IPO

company descriptions and specificcountries

institutional collectivism 21comparison of twenty-one economies

25–6institutional investors 14–15institutional theory 8, 30Integra Group 370–2before the IPO 370–1IPO offer 371organization after the IPO 371–2

International Financial ReportingStandards (IFRS) 115

International Monetary Fund (IMF)452, 473

investor protection, legal systems16–17, 24–5

IPC index (Mexico) 294IPO company descriptionsAblynx 82–5Arkimedica 232–4Babylon Ltd. 204–6Bauer Aktiengesellschaft 160–2Bridgewater 110–12Burkhalter Group 463–5China Haisum Engineering

Company Limited 136–7Clınica Baviera, S.A. 414–17Compartamos Banco 301–3Dangote Flour Mills Plc 350–2DQ Entertainment 515–18Dutech Holdings Limited 392–5Educomp Solutions Ltd. 185–7Genera Biosystems Limited 58–61Gree Inc. 256–7HMS Industrial Networks AB 442–5Integra Group 370–2Saudi British Bank (SABB) Takaful

Company 278–82SNS Reaal 325–6Tekfen Holding 491–3TomoTherapy Incorporated 540

Islamic Law 262, 263–4, 280–1

Israel 190–207agency problem 196blockholder control 196–8board structures 191, 192–204business angels 203business groups 190CEO duality 191code of good governance 193–4corporate governance mechanisms190–4

corporate law 191–3culture 190dual-class shares 203dual-listed companies 195–6economy 195executive compensation 191impact of the financial crisis 195,202

investor protection 192IPO description: Babylon Ltd. 204–6IPO regulation 198–9IPOs between 2006 and 2008 200–4Israeli Securities Authority andCompanies Register (ISA) 192,198

legal system 190listed companies 195–8monistic model of appointment 192ownership structure 190–1, 196–8,202–3

private equity funds 203pyramidal groups 190, 196, 203stock exchange 195–8Tel Aviv Stock Exchange (TASE)195–6, 198–9

US-listed companies 195–6venture capital (VC) 203women directors 192, 204

Israeli Securities Authority andCompanies Register (ISA) 192,198

Istanbul Stock Exchange (ISE) 476–8,483–4

Italian Stock Exchange 217–20Italian traditional model of corporate

governance 192, 211, 212–13,214, 224–5

Italo-Latin American model 106–7Italy 210–35

agency problem 223

Index 557






Italy (cont.)AIM Italy 226, 227blockholder ownership 210–11,220–4

board of directors 211, 212–14, 231board of statutory auditors 212–13Borsa Italiana 226–7business angels 230business groups 210Civil Code 211civil law legal system 210Code of Corporate Governance214–17

comply-or-disclose principle 214–15Consob (Italian SupervisoryAuthority) 212, 225–6

corporate governance mechanisms217

corporate governance systems 211,212–14

corporate law 211–14culture 210economic system 210executive compensation 211Financial Act of 1998 211–12history of corporate law 211–14impact of the financial crisis 227investor protection 211–12, 223–4IPO description: Arkimedica 232–4IPO regulation 225–7IPOs between 2006 and 2008227–31

Italian Stock Exchange 217–20Italian traditional governance model192, 211, 212–13, 214, 224–5

legal system 210, 211listed companies 217–25MAC (Mercato Alternativo delCapitale) 226, 227

main market (MTA) 220, 226–7market for corporate control 221–3Mifid Directive 226MTA (Mercato TelematicoAzionario) 220, 226–7

MTAX 220new market (Nuovo Mercato) 220one-tier board system 211, 212,213–14

origins of governance structure211–14

origins of the governance model224–5

origins of the ownership structure224–5

ownership structure 210–11, 220–5,230–1

private equity funds 230–1shareholder rights and protection210–11

shareholders’ agreements 220–3supervisory board 213two-tier (dualistic) system 211, 212,213, 214

venture capital (VC) 230–1

Japan 238–59amakudari appointments 240–1bank-centered governance 238,239–41

Big Bang deregulation 245–6board of directors 20, 238, 239–45business groups (keiretsu) 238,239–40, 248–9

corporate culture 239–41corporate governance mechanisms238–45

corporate law 239–41executive compensation 244–5financial keiretsu 238, 239–40,248–9

Financial Service Agency (FSA) 251Fukuoka Stock Exchange 246governance of large companies248–9

impact of the financial crisis 252industrial keiretsu 238, 239–40,249

IPO description: Gree Inc. 256–7IPO markets 245–6, 249–51, 258IPO regulation 249–51IPOs between 2006 and 2008 251–5Japanese corporate governancesystem 238, 239–41

JASDAQ 245–6, 249–51, 258Keidanren (business lobby) 243keiretsu 20, 238, 239–40, 248–9legal system 238listed companies 246–9main bank system 238, 239–41Nagoya Stock Exchange 245, 246

558 Index






NASDAQ Japan 245–6Osaka Stock Exchange 245–6, 251,

258ownership structure 238, 239–41,

246–9period of recessions (lost decades) 240principles of good governance 241–5relationship-oriented governance

238, 239–41Sapporo Stock Exchange 246stock exchange 245–6trading systems in JASDAQ 250–1TSE (Tokyo Stock Exchange) 241–3,

245–6, 249JASDAQ (Japan) 245–6, 249–51, 258joint-stock corporations (KGaA),

Germany 142

keiretsu, Japan 20, 238, 239–40, 248–9Kingdom of Saudi Arabia 262–84blockholder control 262–3, 273–4board of directors 263–4, 266–9Capital Market Authority (CMA)

264–6, 271, 274–5CEO duality 263Code of Good Governance 266–9corporate governance mechanisms

262–9corporate law 263–6economy 262family ownership 262–3foreign investors 271Gulf Cooperation Council (GCC)

262, 263, 273, 277, 283–4impact of the financial crisis 275investor protection 264–6IPO description: Saudi British Bank

(SABB) Takaful Company 278–82IPO regulation 274–5IPOs between 2006 and 2008 275–7,

283–4Islamic Law 262, 263–4, 280–1legal system 262listed companies 269–72ownership structure 262–3, 273–4,

277pyramid ownership 263Royal Decrees 264–6, 279Saudi Arabian Monetary Agency

265, 271

Saudi Stock Exchange (Tadawul)263, 264–6, 269–72, 274–5,283–4

Shari’ah law 262, 263–4, 280–1Shari’ah Supervisory Board (SSB)263–4, 269, 280–1

stakeholder protection 264–6stock exchange 263, 264–6, 269–72,274–5, 283–4

Latibex market 404Legal Origins theory 476legal systems

comparison of twenty-one economies24–5

investor protection 16–17, 24–5see also civil law, common law,Shari’ah law

limited liability companies (GmbH),Germany 142–3

London Stock Exchange (LSE) 226,250–1, 321, 365, 389, 506,509–11

low value creation 7

MAC (Mercato Alternativo delCapitale), Italy 226, 227

main bank system, Japan 238, 239–41manager discipline, market for

corporate control 17–19managerial competence 7market for corporate control 17–19

Australia 37Belgium 75comparison of twenty-one economies25

Singapore 378Spain 397Sweden 422, 425Turkey 470United Kingdom 499United States 520, 521

market maker trading system 250–1MDAX index (Germany) 150, 162Mexico 287–304

board of directors 287–8, 289–90,301

Bolsa Mexicana de Valores (BMV)292–4

business angels 300

Index 559






Mexico (cont.)CEO duality 287–8code of good governance 290–2corporate governance mechanisms287–92

corporate law 288–90culture 287dual class shares 290, 294, 300executive compensation 287family ownership 294IPC index 294IPO description: CompartamosBanco 301–3


legal system 287listed companies 292–4Mexican Securities and ExchangeCommission (CNBV) 288, 297–8

ownership structure 287–8, 294,299–300

pyramidal control structures 294,300

stock exchange 292–4venture capital (VC) 300

MICEX (Moscow Interbank CurrencyExchange) 364–5

Mifid Directive (Italy) 226monistic system of appointment

Canada 91Israel 192Spain 399

MTA (Mercato Telematico Azionario),Italy 220, 226–7

MTAX (Italy) 220Multilateral Trading Facilities (MTFs),

Sweden 435–6

Nagoya Stock Exchange (Japan) 245,246

NASDAQ 245–6, 250–1, 321, 523–4,527–9, 530–5

cross-listed Israeli companies195–6

NASDAQ Japan 245–6NASDAQ OMX 433, 527NASDAQ OMX Nordic 435NASDAQ OMX Stockholm (First

North) 436

National Stock Exchange (NSE), India174–5, 180

Netherlands 306–27AEX index (at Euronext Amsterdam)314–16, 318

Alternext Amsterdam 319, 321Amsterdam Stock Exchange 306,318–22

anti-director rights 310–11blockholder ownership 316–18board structure 307, 308–10, 314,324–5

certification of shares 311comply-or-explain principle 306–7,313

corporate governance history 306,307


corporate law 307–10culture 306dual class shares 310–11Dutch central bank (DNB) 319, 320Dutch corporate governance code307, 311–16

Dutch East India Company 306, 318Dutch securities board (AFM) 319,320

economy 306Euronext Amsterdam 308, 318–22executive compensation 307, 314–16impact of the financial crisis 322IPO description: SNS Reaal 325–6IPO regulation 319–21IPOs between 2006 and 2008 321–5legal system 306management board 308–10ownership structure 307, 316–18,323–4

Peters Committee report 307,311–12

polder model 306preferred defense shares issues 310–11priority shares 310–11private limited liability firms (BV)307–8

public limited liability firms (NV)307–8

shareholder influence 310–11,313–14, 323–4

560 Index






supervisory board 307, 308–10,313–14

Tabaksblat code 307, 311–16two-tier board structure 307, 308–10voluntary regulation 311–12

New York Stock Exchange see NYSENGOs in Russia, influence on

corporate governance 363–4Nigeria 330–52agency problems 341–2blockholder control 331–2board structure 332, 349–50business angels 346–9business groups 331capital market activity on the NSE

(2006 to 2008) 342Code of Corporate Governance in

Nigeria 337–40common law legal system 331Companies and Allied Matters Act

(CAMA) 1990 334–6Corporate Affairs Commission

335–6corporate corruption 332–3corporate governance mechanisms

331–2corporate law 334–5culture 331dual class shares 349executive compensation 332impact of the financial crisis 342,

343–4influences on corporate governance

development 332–3IPO description: Dangote Flour Mills

Plc 350–2IPO regulatory process 342–3IPOs between 2006 and 2008

343–50legal system 331Nigerian Stock Exchange (NSE)

336–7, 342, 343ownership structure 331–2, 340–2,

346–9private equity funds 346–9pyramidal groups 349Securities and Exchange Commission

336, 337, 338state of corporate governance 332–3sub-Saharan African perspective 330

syndicates 349venture capital (VC) 346–9

Nigerian Stock Exchange (NSE) 336–7,342, 343

Nomads (nominated advisors) 511nomination committee 41nominee and custody companies,

Australia 43–6non-executive independent directors

11–12Nordic Growth Market (NGM) 435Nordic Growth Market NGM (Nordic

MTF) 436NuovoMercato (newmarket), Italy 220NYSE (New York Stock Exchange)

321, 374, 523–6, 527–9, 530–5NYSE Euronext 527

OECD (Organisation for EconomicCo-operation and Development)

assessment of Turkish corporategovernance 473–6

corporate governance principles11–12, 191, 194, 363, 473–6

oligarchs, Russia 358–9Olivencia Report (1998), Spain 400–1OMX Nordic Exchange Stockholm

434–6OMX (Sweden) 433Ontario Securities Commission 91order-driven trading system 250–1Osaka Stock Exchange (Japan) 245–6,

251, 258Oslo Stock Exchange 435ownership, separation from control

6–7ownership structures, comparison of

twenty-one economies 23see also specific countries

Patriarchal Family governance bundle29

People’s Republic of China (PRC)see China

Philadelphia Stock Exchange 527preferred defense shares issues,

Netherlands 310–11priority shares, Netherlands 310–11private equity funds

Israel 203

Index 561






private equity funds (cont.)Italy 230–1Nigeria 346–9

private limited companies (GmbH),Germany 142–3

proxy fights 18pyramidal control groups 16

Canada 107India 183Israel 190, 196, 203Kingdom of Saudi Arabia 263Mexico 294, 300Nigeria 349Singapore 385, 391Spain 406, 407Sweden 425Turkey 478

related party transactions (RPTs),China 120, 138

remuneration committee 41see also executive compensation

research projectarchival data collection xxxivbirth of the project xxixdesign and objectives xxx–xxxiiifirst Professional DevelopmentWorkshop (PDW) xxviii

future prospects xxxviIPO company data collection xxxvsecond PDW xxxv–xxxvi

research study perspectivebundles of governance mechanisms 2governance in private and publicstates 4–5

impacts of the financial crisis 3–4market conditions in the study period3–4

multiple IPO outcomes 2range of sizes of IPO firms 4–5variety of economies included 2

resource dependency theory 8Rio Tinto 47Romano-Germanic legal tradition 210RTS (Russian Trading System) 364–6RTS-2 Index 366RTS Index 366RTS Standard Index 366Russia 354–75

agency problem 362

attracting investment 361–3, 373–5blockholder control 354board of directors 354–70business ethics 363business groups 354civil law legal system 354Code of Corporate Conduct (2002)354–60, 361–3, 374–5

Commonwealth of IndependentStates (CIS) 363–4

comply-or-disclose principle 354,361, 363


corporate law 361–3corruption 354, 374culture 354Federal Commission for theSecurities Markets (FCSM) 355,359, 364–5

firm performance and corporategovernance 362

foreign investment 373–5founders 361impact of the financial crisis 366,372, 373, 374

IPO description: Integra Group370–2

IPOs between 2006 and 2008366–70

KPMG Russia 363–4legal system 354MICEX (Moscow InterbankCurrency Exchange) 364–5

NGOs’ influence on corporategovernance 363–4

oligarchs 358–9ownership structure 354privatization 354, 358–9RTS (Russian Trading System) 364–6RTS-2 Index 366RTS Index 366RTS Standard Index 366Russian Association of Managers363–4

Russian Institute of Directors 359,363–4

shareholder protection 361–3shareholder rights 358–60stock exchanges 364–6

562 Index






transition to a market-orientedsystem 354, 358–9

S&P 500 Index 524, 529S&P/ASX 100 companies 42–8S&P/ASX 300 index 42Sapporo Stock Exchange (Japan) 246Sarbanes-Oxley Act (2002) 97–9, 194,

452, 501, 522, 523–4Saudi Arabia see Kingdom of Saudi

ArabiaSaudi British Bank (SABB) Takaful

Company 278–82before the IPO 278–81board of directors 279–80IPO offer 282organization after the IPO 282Shari’ah Supervisory Board 280–1

Saudi Stock Exchange (Tadawul) 263,264–6, 269–72, 274–5, 283–4

Scandinavian civil law 422, 425SDAX index (Germany) 150, 162SE (Societas Europaea, European

companies) 142–3, 159seasoned equity offerings (SEOs) 506Securities Exchange Board of India

(SEBI) 168, 171, 175, 178Shanghai Stock Exchange (China) 115,

124–7, 131–6shareholdersdispersion/concentration 14dominant shareholder type

14–16, 23effects of dispersion of ownership

6–7influence on corporate decision

making 14 see also specificcountries

Shari’ah law 262, 263–4, 280–1Shari’ah Supervisory Board (SSB)

263–4, 269, 280–1Shenzhen Stock Exchange (China) 115,

124–7, 131–6Singapore 378–95board of directors 378, 391–2business angels 391Code of Corporate Governance 378,

379–80common law legal system 378comply-or-explain principle 379

corporate governance failures 395corporate governance mechanisms378–80

corporate law 378–9cross-shareholding 385culture 378dual class shares 391economic significance of the stockexchange 380–3

executive compensation 378government-linked companies(GLCs) 385–6

impact of the financial crisis 389IPO description: Dutech HoldingsLimited 392–5


legal system 378market for corporate control 378Monetary Authority of Singapore379



shareholder protection 378Singapore Exchange 378, 379–83,387, 389

state-owned firms 385–6stock exchange 378, 379–83syndicates 391Temasek Holdings 385–6venture capital (VC) 391

Singapore Exchange 378, 379–83, 387,389

SIX (Swiss exchange) 451, 454Small and Medium Enterprises Board

(SME Board), China 125, 134Smith Review (2003), UK 502SNS Reaal 325–6

before the IPO 325IPO offer 325organization after the IPO 326

social norms, influence on corporategovernance 20–1

Societas Europaea (SE, Europeancompanies) 142–3, 159

Spain 397–419Aldama Report (2003) 400, 401

Index 563






Spain (cont.)bank conglomerates 398banking failures in the 1970s 398blockholder control 397, 398, 404–7board of directors 397, 401, 413–14business angels 413business groups 397CEO duality 397civil law legal system 397codes of good governance 400–1comply-or-explain principle 397Conthe Code 401control-enhancing mechanisms406–7


corporate law 398–400cross-shareholding 397, 405culture 397disclosure of information issues 397executive compensation 397family ownership 397impact of the financial crisis 405,408, 419

IPO description: Clınica Baviera, S.A.414–17


Latibex market 404legal system 397listed companies 403–7market for corporate control 397Olivencia Report (1998) 400–1ownership structure 397, 398,404–7, 411–13


shareholder coalitions 406shareholders’ rights 398–400Spanish Stock Exchange Commission399

stock exchange 403–4Unified Code of Best Practice (2006)400, 401

venture capital (VC) 411, 413SPI (Swiss Performance Index) 454state control, China 115–16, 138state-dependent business system,

Turkey 470, 480–3

state-owned enterprises (SOEs), China115–16, 124–6, 131, 135, 138

state-owned firms, Singapore 385–6Statute for a European Company

(Societas Europaea, SE) 66stewardship theory 8stock corporations (AG), Germany

142–5, 160–2stock options for executives 13–14Canada 94–5China 122–3Japan 244–5

Stockholm Stock Exchange (SSE) 433,434–5

subcommittees 41, 48sub-Saharan African perspective 330super-voting shares, Canada 107Sweden 422–46Aktietorget 436board of directors 422, 424, 428–30,431–2, 440–2

Burgundy securities marketplace435–6

business groups 426–7civil law legal system 422comply-or-explain principle 422,430

controlling shareholders 424, 425–7Corporate Governance Code 430–2corporate governance features423–7


corporate law 427–30cross-holdings 425culture 422, 423disclosure of information 422dual class shares 422, 425, 427, 428economic importance of the stockmarket 432–3

employee co-determination 422,424, 429

executive compensation 423, 425features of the Swedish context422–3

foreign ownership 427Handelsbanken group 426–7international character of businesses423–4

investor protection 422

564 Index






IPO description: HMS IndustrialNetworks AB 442–5

IPO process 436–8IPOs between 2006 and 2008 438–42legal system 422market for corporate control 422,

425Multilateral Trading Facilities

(MTFs) 435–6multinational companies 423–4NASDAQ OMX 433NASDAQ OMX Nordic 435NASDAQ OMX Stockholm (First

North) 436Nordic Growth Market (NGM) 435Nordic Growth Market NGM

(Nordic MTF) 436OMX 433OMX Nordic Exchange Stockholm

434–6ownership structure 422, 424,

426–7, 440political influences 424pyramid control structures 425shareholder rights 422, 425–6,

428–30social control 423stock exchanges 433, 434–6stock market 432–3Stockholm Stock Exchange (SSE)

433, 434–5Swedish Company Act (2005)

427–30Swedish model for corporate

governance 429tunneling 426Wallenberg group 426–7women directors 424

Switzerland 449–66attracting foreign investors 450–1blockholder ownership 449–51, 455,

460board of directors 449–50, 453–5,

461–2civil law legal system 449–50code of best practice 451–4competitiveness ranking 449comply-or-explain principle 450corporate governance mechanisms

449–54

corporate governance reforms450–4, 460

corporate law 451–4diversity in IPO boards and TMTs462

European model of corporategovernance 449–50

foreign direct investment 449foreign investors 449, 450–1impact of the financial crisis 454,457, 459

investor protection 450–1IPO activity level 449IPO board composition 461–2IPO description: Burkhalter Group463–5

IPO process 455–7IPOs between 2006 and 2008457–60

legal system 449–50listed companies 454–5multinational corporations 449ownership concentration 449–51,455, 460

shareholder rights 452SPI (Swiss Performance Index) 454Swiss exchange (SIX) 451, 454

syndicate agreements 16India 183Nigeria 349Singapore 391

Tabaksblat code (Netherlands) 307,311–16

Tadawul (Saudi Stock Exchange) 263,264–6, 269–72, 274–5, 283–4

takeovers 18–19TecDAX index (Germany) 150Tekfen Holding 491–3

before the IPO 491–2IPO offer 492–3organization after the IPO 493

Tel Aviv Stock Exchange (TASE)195–6, 198–9

Temasek Holdings (Singapore) 385–6theoretical perspectives 7–8TomoTherapy Incorporated 540

before the IPO 540–2IPO offer 542–3organization after the IPO 543–4

Index 565






trading systems 250–1Troubled Asset Relief Program (TARP),

United States 530TSE (Tokyo Stock Exchange) 241–3,

245–6, 249TSX (Toronto Stock Exchange) 91,

96–7, 99–102TSX Venture 96–7, 98, 102–3tunneling 426Turkey 470–94

agency problems 478blockholders 478–80board of directors 470, 490–1business groups 470, 478–83Capital Markets Board 470–3, 474,475, 483

CEO duality 470civil law legal system 470–1code of good governance 473–6company law 470–3comply-or-explain principle 470,474


Corporate Governance Principles473–6

cross-shareholdings 478culture 470, 475–6dual class shares 478executive compensation 470, 481family business groups 470, 478–83foreign investment 480governance of large companies480–3

IPO description: Tekfen Holding491–3


Istanbul Stock Exchange (ISE)476–8, 483–4

legal system 470–1listed companies 476–80market for corporate control 470,479

OECD assessment of corporategovernance 473–6


pyramid control structures 478

shareholder rights 470–3, 478state-dependent business system 470,480–3

stock exchange 476–8Turkish Commercial Code 470–3voting rights control 478women directors 490

Turnbull Report (1998), UK 502

UK Listing Authority (UKLA) 500–1,509–11

Unified Code of Best Practice (2006),Spain 400, 401

unitary leadership structure 12United Kingdom 499–519AIM (Alternative InvestmentMarket) 506, 511

board of directors 500, 514–15business angels 514business groups 499Cadbury Code (1992) 67–8, 502Cadbury Commission (1992) 11–12Cadbury Report (1992) 307, 502CEO duality 500, 515Code of Corporate Governance(2010) 499, 500, 501–6, 518–19

common law legal system 499Companies Act (2006) 500comply-or-explain principle 499,501–2, 518–19


corporate law 500–1cultural and ethnic diversity 499description of an IPO: DQEntertainment 515–18

Directors’ Remuneration Report(2002) 502

disclosure of information 499executive compensation 500Financial Services Authority (FSA)500–1, 509–11

foreign directors 506founder ownership of IPOs 514Greenbury Report (1995) 502Higgs Report (2003) 502impact of the financial crisis 508IPO boards 514–15IPO regulation 509–11IPO size and performance 512–15

566 Index







legal system 499London Stock Exchange (LSE) 506,

509–11market for corporate control 499Nomads (nominated advisors) 511ownership structure 499–500,

507–8, 514single board system 500Smith Review (2003) 502Turnbull Report (1998) 502UK Listing Authority (UKLA) 500–1,

509–11women directors 506

United States 520–44banks which are “too big to fail”

522–3board of directors 520, 538–40business groups 520CEO duality 520, 524, 526, 540code of corporate governance 520code of good governance 523–6Commission on Corporate

Governance (NYSE, 2009) 524–6common law legal system 520, 521corporate governance mechanisms

520–6corporate law 521–3corporate scandals 522culture 520disclosure of information 520Dodd-Frank Wall Street Reform and

Consumer Protection Act (2010)522–3, 526

economic importance of the stockmarkets 529

executive compensation 520federal securities laws 522financial system reform 522–3foreign directors 526golden parachutes 526impact of the financial crisis 522–3,

524–6, 530, 537incorporation in the state of

Delaware 521investor protection 521–3IPO description: TomoTherapy

Incorporated 540IPO regulation 530–6


legal system 520, 521listed companies 527–30listed Israeli companies 195–6market for corporate control 520, 521NASDAQ 523–4, 527–9, 530–5NASDAQ OMX 527National Association of SecuritiesDealers (NASD) 536

NYSE (New York Stock Exchange)321, 374, 523–6, 527–9, 530–5

NYSE Euronext 527ownership structure 520, 529–30,538

Philadelphia Stock Exchange 527rule-based corporate behavior 520Sarbanes-Oxley Act (2002) 97–9,194, 452, 501, 522, 523–4

Securities and Exchange Commission(SEC) 521–2, 523–6, 527, 530–6

shareholder protection 521–3Standard & Poor’s 500 Index 524,529

state securities laws 521stock exchange 527–9Troubled Asset Relief Program(TARP) 530

women directors 526, 540

venture capital (VC)Belgium 79–80China 135Germany 158India 183Israel 203Italy 230–1Mexico 300Nigeria 346–9Singapore 391Spain 411, 413

Warsaw Stock Exchange 321women directors

Israel 192, 204Sweden 424Turkey 490United Kingdom 506United States 526, 540

World Bank 265, 290

Index 567






Index of names

Aaronson, Colin 511Aboagye, Kwame 333Abu Ghudda, Abdul Sattar 264Abu-Tapanjeh, Abdussalam Mahmoud

264Achebe, Ifeanvi 340Addo, Elsie 333Adegbite, Emmanuel 331–3, 335,

336–7, 340, 341–2,344, 349

Aganin, Alexander 223, 225Agca, Ahmet 475Aggarwal, Rajesh 1Aggarwal, Reena 43Agnblad, Jonas 425, 426Aguiar Dıaz, Inmaculada 405, 406Aguilera, Ruth 2, 11, 523Aharony, Joseph 117, 120, 124,

125, 126Ahlstrom, David 8Ahmadjian, Christina L. 240Ahunwan, Boniface 332, 335,

340, 341Akgiray, Vedat 476, 477Akkermans, Dick 306Aksu, Mine 475Allen, Franklin 398Altay, Anlam S. 471Al-Twaijry, Abdulrahman A.M.

271Alvarez Otero, Susana 411, 416Amasya, Serap 471Amzaleg, Yaron 191Ang, James S. 386Annunziata, Filippo 227Aoki, Masahiko 239Ararat, Mesla 480Arikan, Alsi 1, 10Arthurs, Jonathan 8Atakan, Serap 471, 472, 475

Bancel, Frank 1Bany, Ariffin Amin Nordin 183Barca, Fabrizio 74, 220Barondes, Royce 535, 536Baums, Theodor 106Bebchuk, Lucian A. 14, 424Becht, Marco 73, 74, 149, 220, 273,406

Beiras Escudero, Jose 408Bellinazzo, Marco 214Ben-David, Nissim 196Bennett, Paul 527Benston, George 521Ben-Zion, T. Yael 190, 196, 197, 207Berglof, Erik 239, 425, 426Berle, Adolf 7Bianchi, Marcello 210, 223, 224Bianco, Magda 210, 224Bier, Barbara 308, 309, 310Bin Buang, Azrudi 395Bishop, Kate 1Black, Bernard S. 362Black, Lewis 521Blair, Margaret 6Blass, Asher 190, 196, 197, 206Blau, Peter M. 462Bodur, Muzaffer 475Bolak, Mehmet 480, 481, 492Bolton, Patrick 149Boone, Audra 518Bortolotti, Bernardo 149Boulton, Thomas 1Bradley, Daniel 536Brau, James 1, 9, 30Brierley, John A. 271Broshko, Erinn B. 89, 90Brown, Jill 2, 11Bruton, Garry 1, 8Buatsi, Seth 333Buck, Trevor 362

568






Bugra, Aye 480Burkart, Mike 177Busenitz, Lowell 8

Cabeza Garcıa, Laura 400, 401Canepa, Ancillo 450Cantrijn, Dolf 310, 311Capron, Laurence 1, 10Carchon, Steven 76, 274Carlsson, Rolf H. 423, 424, 425,426, 430

Carpenter, Mason 457Castaneda, Gonzalo 294Castillo Ponce, Ramon A. 294Certo, S. Trevis 1, 5, 30, 450, 462,535, 536

Chahine, Salim 1Chaikin, David 37Chan, K. Hung 120Charkham, Jonathan P. 7, 15, 18, 21, 521Cheffins, Brian 13, 17Chen, Gongmeng 138Chen, Jean Jinghan 122, 124, 130Cheung, Yan-Leung 120, 124Chiang, Thomas C. 174Chung, Huimin 398Claessens, Stijn 99, 176, 239, 246,378, 385, 478, 480

Coffee, John C. 509Coffee, John C., Jr. 195Collin, Sven-Olaf 2, 426, 427Cools, Kees 308Craswell, Allen T. 46Cuervo, Alvaro 401Cuervo-Cazurra, Alvaro 523Cuervo Garcia, Alvaro 406Cuomo, Francesca 12

Daily, Catherine M. 1, 11, 40, 462,535, 536

Daines, Robert 521Dalton, Dan 1, 11Dalton, Dan R. 40, 462Dalton, Dan S. 535, 536Dalziel, Thomas 8, 12, 462Davis, Gerald 527Davis, James 8De Haan, Jakob 37, 42De Jong, Abe 308, 309, 310, 311,312, 318

De Jong, Douglas V. 310, 312Demirag, Istemi 337, 478Denis, Diane 8Derrien, Francois 154Dickie, Mure 241Ding, David D. 386Ding, Yuan 125Djankov, Simeon 99, 176, 239, 246,

378, 385, 478, 480Doidge, Craig 30Donaldson, Lex 8Donaldson, William 522Dore, Ronald 21Dorfman, Peter xxvii, 21, 25Dow, Sandra 240

Edwards, Jeremy 154Eggert, Wolfgang 154Ellis, Caspar 316, 317Ellis, Katrina 536Ellstrand, Alan 11, 462Elron, Efrat 462Elston, Julie Ann 158Engelen, Peter 314Engesaeth, Eric P. 315Enriques, Luca 154, 223Ercan, Metin 476, 477Erede, Matteo 223Erel, Isil 43Ertuna, Bengi 475, 476, 477, 479, 480,

481, 492Erturk, Ismail 474, 476

Faccio, Mara 406, 508Fama, Eugene F. 75, 308Fan, Joseph P.H. 99, 120Fantini, Marcella 149Farrell, Sean 91, 96Fauver, Larry 145Fauzias, Mat Nor 183Fawcett, Stanley 1, 9, 30Feng, Fang 386Fentrop, Paul 306Fernandez, Enrique 401Fernandez Alvarez, Ana I. 416Ferreira, Miguel 43Field, Laura Casares 518Filatotchev, Igor 1, 30, 362Firth, Michael 120, 121, 122, 123,

124, 138

Index of names 569






Fiss, Peer C. 154Fleischer, Jorg 150Foley, C. Fritz 1, 10Franks, Julian 154, 508Freybote, Theo 154Fried, James 14Fuerst, Michael E. 145Fung, Peter M.Y. 120, 122

Gabrielsson, Jonas 440, 441Gale, Douglas 398Garcıa Coto, Domingo J. 408Gerke, Wolfgang 150Gerlach, Michael L. 239, 240Ghezzi, Federico 192, 212, 213Gianfrate, Gainfranco 221Gill, Suveera 177Gilson, Ronald J.R. 426Glete, Jan 423Goergen, Marc 154Goksen, Nisan S. 481Goldschmidt, Chanan 20Gomez Anson, Silvia 400, 401Goncharov, Igor 313Gonzalez Mendez, Victor M. 411Gonzalo Angula, Jose A. 398Gorton, Gary 145Granovetter, Mark 20Green, Stephen P. 131, 138Greenwood, Robin 1, 10Gregoriou, Greg 1Gregory, Holly J. 143, 145Groenewald, Edo 307, 312, 313Gromb, Denis 177Grundei, Jens 144Gugler, Klaus 15, 76, 274, 478Guillen, Mauro F. 480Gulati, Ranjay 1, 4, 10Gumus, Guluzar K. 478Gupta, Laxmi C. 174Gupta, Vipin 21, 25Gurunlu, Meltem 487Gwilliam, David 271

Habersack, Mathias 143Hackethal, Andreas 154Hall, Peter A. 30Hamilton, David 542Hanges, Paul xxvii, 21, 25Hardie, Paul 49

Harrison, David A. 462Hart, Oliver 14, 18, 19Hasan, Zulkifli 280Heeley, Michael 1Hendry, John 7Henry, Darren 43Hermes, Niels 306, 312Higgins, Minca 4Higgins, Monica 1, 10Hillman, Amy J. 8, 12, 462Hiraki, Takato 249Hoffman, David E. 359Hofstede, Geert 190, 210, 397, 475Hogfeldt, Peter 423, 424, 425, 426Holcomb, Tim R. 5, 30Holmen, Martin 426Holmes, Kim R. 386Holmes, R. Michael, Jr. 5, 30Hooghiemstra, Reggy 306, 308Horiuchi, Akiyoshi 240Hoshi, Takeo 239, 240Hoskisson, Robert E. 8, 362House, Robert xxvii, 21, 25Howton, Shawn 1Howton, Shelly 1Hsu, Grace C-M. 46Hu, Yan 455Huang, Xiao 116, 117Hubbard, Glenn 501Hughes, Darrell 530Huse, Morten 20

Imamura, Mitsumasa 239Inoue, Hideaki 249Ito, Akitoshi 249

Jacobs, Jack 521Jain, Neelan 1Javidan, Mansour xxvii, 21, 25Jenkinson, Tim 436, 438, 535, 536Jensen, Michael 7, 75, 308Jeon, Bang Nam 174Jeunink, Andreas 310, 311Jiang, Guohua 120, 138Jiang, Ping 124Jiang, Yi 8Jing, Lihua 120Johnson, Jonathon 11Johnson, Robert 8Jordan, Bradford 536

570 Index of names






Judge, William Q., Jr. 21, 362, 422Junkes, Joachim 145

Kabasakal, Hayat 475Kabir, Rezaul 308, 310, 311Kang, Jun-Koo 249Kaplan, Steven N. 249Karatas, A. 481Karim, Rifaat 264Karolyi, G. Andrew 30Karpoff, Jonathan 518Karreman, Matts 426Kashyap, Anil K. 239, 240Kaur, Parmjit 177Keller, Hans Ulrich 455Kelly, Gavin 504Kerins, Frank 250Keyman, E. Fuat 476Khanna, Tarun 19Khurshed, Arif 154Kim, Han 122King, Michael R. 99Klein, Dan 154Klein, Katherine J. 462Koh, Ping-Sheng 46Kolat, Georg L. 313Kort, Michael 471, 472, 473, 474Kosedag, Arman 475Kosenko, Konstantin 190Koutzevol, Nadejda 362Koyuncu, Berrin 476Kraakman, Reinier 424Krigman, Laurie 1Kumar, Vikas 19, 20Kuroki, Fumiaki 249Kutsuna, Kenji 250

La Porta, Rafael 16, 17, 23, 24, 42, 61,75, 106, 107, 112, 183, 190, 191,207, 223, 224, 248, 262, 274, 310,335, 397, 425, 470, 471, 476,478, 508

Laeven, Luc 406Lagorce, Aude 374Lan, Luh Luh 395Lane, Peter 2Lang, Larry H.P. 99, 176, 239, 246,378, 385, 406, 478, 480, 508

Lau, Sie Ting 125Law, Siong Hook 183

Leary, Myleen 457Lee, Charles M.C. 120, 138Lee, Chi-Wen Jevons 117, 120, 124,

125, 126Lesova, Polya 374Leung, Tak Yan 121, 122, 123, 124Levarau, Abigail 274Levine, Ross 406Levrau, Abigail 68, 74, 76Levy, Haim 197Li, Huimin 174Li, Kai 89, 90Li, Mingsheng 154Li, Weian 122, 124, 130Li, Xiao 313Licht, Amir N. 20, 195Lim, Dominic 1, 10Linck, James 522, 524Lincoln, James R. 240Lindenthal, Sabine 145Lipman, Frederick 1, 31Liu, Qiao 117, 121, 124, 138Liu, Xuguang 122, 124, 130Ljungqvist, Alexander 436, 438Lo, Agnes W.Y. 120Lopez de Letona, Jose M. 398Lopez-de-Silanes, Florencio 16, 17, 23,

24, 42, 61, 75, 106, 107, 112, 183,190, 191, 207, 223, 224, 248, 262,274, 310, 397, 425, 470, 471, 476,478, 508

Love, Inessa 362Lu, Tong 120Lu, Yao 122Lu, Zhou (Joe) 117, 121, 124, 138Lubatkin, Michael 2Lupold, Martin 452

Maassen, Gregory F. 308Mach, Andre G. 452Mackie, Thomas Rockwell 541MacNeil, Ian 313Mak, Yuen Teen 395Malberti, Corrado 192, 212, 213Mallin, Christine A. 118Mandacı, Pınar E. 478Mannen, Sachiko 250Marchetti, Piergaetano 223Markus, Stanislav 374Marra, Teye 308

Index of names 571






Martin, Thomas A. 150Masuda, Hiroyuki 249Matos, Pedro 43Matusik, Sharon 1Maug, Ernst G. 178Maury, Benjamin 406Mayer, Colin 74, 154, 273McCarthy, Daniel J. 358, 359, 360,

362, 363, 364McConnell, John 8McDermott, Robert 91, 96McGee, Robert W. 177McGuire, Jean 240McNatt, D. Brian 21McNulty, Terry 12Means, Gardiner 7Meckling, William 7Mehrez, Abraham 191Melis, Andrea 212Melkumov, Dmitri 357Mensah, Sam 333Mertens, Gerard 310, 311, 312, 318Meyer, Colin 508Michaely, Roni 536Miller, Terry 386Minichilli, Alessandro 13, 20, 211Minton, Bernadette A. 249Mitchell, Ronald 1, 10Mittoo, Usha 1Miwa, Yoshiro 244Moerland, Pieter W. 308Moloney, Niamh 226Morck, Randall K. 106, 239, 249, 406Moreland, Pieter 521Morrison, Alan 535, 536Morse, Eric 1, 10Mosca, Chiara 214, 223Mueller, Dennis C. 478

Nakajima, Chizu 332, 333Nakamoto, Michio 241, 243Nakamura, Masao 239, 249Nenova, T. 426Netter, Jeffry 522, 524Nielsen, Sabina 20Nilsson, Gul O. 470, 471, 472, 473,

482Notari, Mario 214Nowak, Eric 125Nyce, Charles 535, 536

O’Hara, Maureen M. 536Oba, Beyza 471, 472, 475Obama, Barack 522–3Oguchi, Takashi 28Okike, Elewechi N.M. 332, 337Olson, Gerard 1Onder, Serife 475Orbay, Hakan 472, 478Orlando, Richard 462Ortengren, Torsten 438Ozsoy, Zeynep 471, 472, 475

Pajuste, Anete 406Palacın Sanchez, Marıa J. 408Paleari, Stefano 226, 438Panunzi, Fausto 177Pape, Joost 264Parkinson, John 504Patrick, Hugh 239Pearce, John A. 40Peck, Simon 455Pedersen, Torben 19, 20Pedrazzini, Mario 452Pellizzoni, Enrico 226Penbera, Joseph 12Pendeleton, Andrew 507Peng, Michael 8Peng, Mike W. 362Peng, Winnie Q. 120Percy, Michael 106Perkins, Roswell B. 359, 361Perotti, Enrico 239Piazzalunga, Daniele 438Ploix, Helene 521Pollock, Timothy 1, 9, 457Porac, Joseph 1, 9Postma, Theo J.B.M. 306, 308, 310,311, 312

Prowse, Stephen D. 249Puffer, Shiela M. 358, 359, 360, 362,363, 364

Puri, Poonam 107, 113

Raaijmakers, Theo 309, 311Rachinsky, Andrei 362Raheja, Charu 518Rajan, Raghuram G. 425Ramırez, Carlos D. 386Ramseyer, Mark J. 244Rao, Hayagreeva 527

572 Index of names






Rau, P. Raghavendra 120Ravasi, Davide 224Rediker, Kenneth 2, 11Redondi, Renato 438Renneboog, Luc 154Ritter, Jay 9, 536Rivkin, Jan W. 19Roberts, John 12Rodriguez, Dan 2, 11Roe, Mark 225Roell, Ailsa 149, 308, 406Roosenboom, Peter 310, 311, 312, 318Rottke, Nico 154Rui, Oliver M. 120, 121, 122, 123,124, 138

Ruigrok, Winifred 450, 455

Sadowski, Dieter 145Sakawa, Hideaki 239, 244Sale, Hillary 521, 522San Martın, J.M. 294San Segundo, Gonzalo 415Sanchez Garcıa, Amelia 408Sanger, Gary 535, 536Santana Martın, Domingo J. 405, 406Santor, Eric 99Saywell, Richard A. 46Schaefer, Steve 544Schiereck, Dirk 154Schleifer, Andrei 310Schleiffer, Patrick 450Schmid, Frank A. 145Schmidt, Reinhard H. 154Schnyder, Gerhard 452Scholtens, Bert 37, 42Schoorman, F. David 8Schuit, Steven R. 308, 309, 310Schwartz, Shalom H. 20Schweizer, Markus 450, 451Scott, W. Richard 8Seawright, Kristie 1, 10Selekler-Goksen, N. 481Selker, Camiel 315Sell, John W. 151, 154Serter, Mehmet 478Seth, Anju 2, 11Seward, James 75Shaffaii, Suapi 280Shah, Ajay 174Shapiro, Mary 526, 544

Sheard, Paul 239Shehzad, Choudhry Tanveer 37, 42Shekshnia, Stanislav V. 355Shelor, Roger M. 462Sherman, A.E. 438Shimatani, Takeshi 250Shimizu, Katsutoshi 240Shimizu, Tokiko 250Shivdasani, Anil 249Shleifer, Andrei 6, 16, 17, 23, 24, 42,

61, 75, 106, 107, 112, 177, 183, 190,191, 197, 207, 223, 224, 248, 262,274, 362, 397, 425, 470, 471, 476,478, 508

Simmekjaer, Robert T., II 143, 145Siniscalco, Domenico 149Smart, Scott 1Smith, Richard 250Solis, Rafael 27Soskice, David 30Staffsudd, Anna 423, 425, 426, 427Steinwascher, William H. 294Sterken, Elmer 308, 310, 311Stewart, R. 40Stiles, Philip 12Stouraitis, Aris 120Stultz, Rene 30Suchman, Mark 8Sun, Qian 138, 386Sundin, Sven-Ivan 427Sundqvist, Ann-Mari 427Svancar, Helena 425, 426

Talaulicar, Till 143, 144, 146, 155,313, 398

Tan, Ling Hui 386Tan, Weiqiang 124Tanaka, Akira 240Taylor, Stephen L. 46Teng, K.C. 27Terrell, Ellen 527Thomas, David 452Thomas, Randall 13Thomas, Susan 174Thompson, Robert 521, 522Thomsen, Steen 423, 424, 430Thornton, John 501Tian, Gloria 106Tihanyi, Lazlo 362, 462Tong, Wilson H.S. 138, 386

Index of names 573






Trabucchi, Fabio 438Triantis, George G. 424Tukel, Ali 475Tyrell, Marcel 154

Uhlenbruck, Klaus 362Uno, Jun 250Usdiken, Behlul 481, 490, 492

Van Den Berg, Annette 314Van den Berghe, Lutgart 68, 76, 274Van den Bosch, Frans A.J. 308Van der Elst, Christoph 66, 73, 74, 76,

274, 309, 311Van der Laan, Gerwin 306, 314, 315Van Ees, Hans 306, 308, 310, 311, 315Van Manen, Jaap 308Van Praag, Mirjam 308Van Witteloostuijn, Arjen 306Ventoruzzo, Marco 192, 213Very, Phillippe 2Vishny, Robert W. 6, 16, 17, 23, 24, 61,

75, 106, 107, 112, 190, 191, 197,207, 224, 310, 362, 397, 425, 470,471, 478

Vismara, Silvio 226, 438Vitols, Sigurt 150, 154Volpin, Paolo F. 154, 223, 225Von Planta, Andreas 450Von Werder, Axel 313Voogsgeerd, Herman H. 312

Wade, James 1, 9Waisman, Maya 521Walsh, James 75Wan, Paulina xxxiiWang, Haizhi 521Wang, Jiwei 126Wang, Tracy 1, 4Ward, Andrew 2, 11, 527Wasley, Charles E. 310, 312Watanabel, Naoki 239, 244Wei, K.C. John 120Wei, Li 527Weichenrieder, Alfons 154

Weimer, Jeroen 264Werder, Axel 143, 146, 155Werner, Jorg R. 313Whitley, Richard 480Wilhelm, William 535, 536Wilkin, Sam 386Winton, Andrew 1, 4Wolfenzon, Daniel 406Womack, Kent 1Wong, Raymond M.K. 120Wong, Tak Jun 117, 120, 124, 125, 126Wright, Mike 362Wuebker, Robert 521Wymeersch, Eddy 307, 312, 313

Xu, Weichu 21

Yafeh, Yishay 190, 196, 197, 206Yakasai, Alhaji G.A. 332, 333Yamak, Sibel 479, 480, 481, 492Yang, J. Jimmy 158Yang, Tina 522, 524Yang, Ting 125Yang, Zhishu 120Yeung, Bernard B. 106, 406Yildirim-Oktem, Ozlem 481, 490, 492Yosha, Oved 190, 196, 197, 206Young, Michael 8Yu, Xiaoyun 1, 4Yuan, Hongqi 126Yue, Heng 120, 138Yurtoglu, Burcin B. 472, 473, 478, 479,480, 481, 482

Zahra, Shaker A. 30, 40Zajac, Edward J. 154Zattoni, Alessandro 12, 13, 19, 20,

211, 223, 224, 406Zhang, Hua 125Zhang, Tianyu 120Zimmerman, Jochen 313Zimmerman, Monica 462Zingales, Luigi 425Zivkov, Orestis 312Zutter, Chad 1

574 Index of names




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