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Essays on Corporate Governance

Sekerci, Naciye LU (2014)
Abstract
This thesis consists of four self-contained, yet related articles which all contribute mainly to the corporate governance literature. Very broadly, the first two papers are on family firms and large shareholders in Sweden while the second two are on Enterprise Risk Management (ERM) practices in Nordic countries.

The contribution of Paper 1 is that I for the first time take into account the two dimensions that have not been investigated in the family firm literature before mainly due to data availability. Accordingly, by exploiting unique ownership data on listed Swedish firms I overall show that 1) investment horizon of family owners and 2) diversification level of family portfolios matter for corporate investment decisions.... (More)
This thesis consists of four self-contained, yet related articles which all contribute mainly to the corporate governance literature. Very broadly, the first two papers are on family firms and large shareholders in Sweden while the second two are on Enterprise Risk Management (ERM) practices in Nordic countries.

The contribution of Paper 1 is that I for the first time take into account the two dimensions that have not been investigated in the family firm literature before mainly due to data availability. Accordingly, by exploiting unique ownership data on listed Swedish firms I overall show that 1) investment horizon of family owners and 2) diversification level of family portfolios matter for corporate investment decisions.

The main contribution of Paper 2 which is written together with S. Abraham (Avri) Ravid is as follows: we look at agency cost of blockholders by for the first time taking their portfolio composition and investment horizon into account. Again by exploiting a novel data-set, we present that these two considerations change the results documented in the literature.

The final two papers which are on ERM also use a unique data-set which is formed based on a risk-management survey conducted to all listed Nordic firms. Paper 3 contributes to the literature in two ways. First, I investigate determinants of ERM from a corporate governance point of view in a systematic way. Second, I develop a new sound measure for ERM process that could be further developed and used in the ERM literature. The main contribution of Paper 4 is that it provides new evidence on value-relevance of ERM by testing the hypothesis that ERM increases firm value. (Less)
Please use this url to cite or link to this publication:
author
supervisor
opponent
  • Aabo, Tom, Aarhus University
organization
publishing date
type
Thesis
publication status
published
subject
keywords
blockholders, stock importance, portfolio diversification, family firms, investment horizon, Enterprise Risk Management
pages
225 pages
publisher
Lund University School of Economics and Management, Department of Business Administration
defense location
Holger Crafoords Ekonomicentrum EC3:108
defense date
2014-11-17 13:15
ISBN
ISBN 978-91-7623-140-1 (print)
ISBN 978-91-7623-141-8 (pdf)
language
English
LU publication?
yes
id
af4b2488-e407-4183-9162-2422ab022e6c (old id 4729954)
date added to LUP
2014-10-27 10:28:43
date last changed
2016-09-19 08:45:03
@phdthesis{af4b2488-e407-4183-9162-2422ab022e6c,
  abstract     = {This thesis consists of four self-contained, yet related articles which all contribute mainly to the corporate governance literature. Very broadly, the first two papers are on family firms and large shareholders in Sweden while the second two are on Enterprise Risk Management (ERM) practices in Nordic countries.<br/><br>
The contribution of Paper 1 is that I for the first time take into account the two dimensions that have not been investigated in the family firm literature before mainly due to data availability. Accordingly, by exploiting unique ownership data on listed Swedish firms I overall show that 1) investment horizon of family owners and 2) diversification level of family portfolios matter for corporate investment decisions. <br/><br>
The main contribution of Paper 2 which is written together with S. Abraham (Avri) Ravid is as follows: we look at agency cost of blockholders by for the first time taking their portfolio composition and investment horizon into account. Again by exploiting a novel data-set, we present that these two considerations change the results documented in the literature.<br/><br>
The final two papers which are on ERM also use a unique data-set which is formed based on a risk-management survey conducted to all listed Nordic firms. Paper 3 contributes to the literature in two ways. First, I investigate determinants of ERM from a corporate governance point of view in a systematic way. Second, I develop a new sound measure for ERM process that could be further developed and used in the ERM literature. The main contribution of Paper 4 is that it provides new evidence on value-relevance of ERM by testing the hypothesis that ERM increases firm value.},
  author       = {Sekerci, Naciye},
  isbn         = {ISBN 978-91-7623-140-1 (print)},
  keyword      = {blockholders,stock importance,portfolio diversification,family firms,investment horizon,Enterprise Risk Management},
  language     = {eng},
  pages        = {225},
  publisher    = {Lund University School of Economics and Management, Department of Business Administration},
  school       = {Lund University},
  title        = {Essays on Corporate Governance},
  year         = {2014},
}