• Risk management with cash and insurance in non-listed firms 

      Ehling, Paul (CCGR Working Paper, Working paper, 2008)
      I study corporate risk management with property insurance in non-listed small and medium sized rms. I document negative relations between various ownership measures CEO salary, ownership concentration and aggregate female ...
    • Social Capital and the Viability of Stakeholder-Oriented Firms: Evidence from Savings Banks 

      Ostergaard, Charlotte; Schindele, Ibolya; Vale, Bent (CCGR Working Paper;1/2015, Working paper, 2015)
      We show that social capital improves the viability of stakeholder-oriented firms operating in competitive markets. Studying exits from the population of Norwegian savings banks after deregulations, we find that banks located ...
    • Stockholder Conflicts and Dividend Payout 

      Berzins, Janis; Bøhren, Øyvind; Stacescu, Bogdan (CCGR Working Paper;5/2011, Working paper, 2011)
      This paper examines how dividend policy influences conflicts of interest between majority and minority stockholders in a large sample of private firms with controlling blockholders. We find that a higher potential for ...
    • Tax concerns and agency concerns in dividend policy: Holding companies as a separating device 

      Berzins, Janis; Bøhren, Øyvind; Stacescu, Bogdan (CCGR Working Paper;2/2013, Working paper, 2013)
      Higher dividends may create value by reducing agency costs, but may also destroy value by increasing tax payments. This paper shows empirically how stockholders use holding companies to establish indirect ownership through ...
    • The Dual-Agency Problem Reconsidered: A Strategic Deviance Perspective on the Franchise Form of Organizing 

      Kidwel, Roland E.; Nygaard, Arne (CCGR Working Paper;1/2010, Working paper, 2010)
      Drawing on various theoretical streams, including organizational deviance, we propose that a franchisor cannot assess and control opportunism without comparative information from plural form contractual arrangements provided ...
    • The Governance and Finance of Norwegian Family Firms: Main Characteristics of the Population 

      Berzins, Janis; Bøhren, Øyvind; Stacescu, Bogdan (CCGR Research Report;01/2018, Working paper, 2018-06)
    • The marginal value of cash, cash flow sensitivities and bank-finance shocks in nonlisted firms 

      Ostergaard, Charlotte; Sasson, Amir; Sørensen, Bent E. (CCGR Working Paper;1/2011, Working paper, 2011)
      We study how nonlisted firms trade off financial, real, and distributive uses of cash. We show that firms' marginal value of cash (MVC) affects the mix of external and internal finance used to absorb fluctuations in cash ...
    • Using Brokerage Commissions to Secure IPO Allocations 

      Fjesme, Sturla Lyngnes; Michaely, Roni; Norli, Øyvind (CCGR Working Paper;4/2010, Working paper, 2010)
      Using data, at the investor level, on the allocations of shares in initial public offerings (IPOs), we document a strong positive relationship between the amount of stock-trading commission and the number of shares an ...
    • When Does Cash Matter? 

      Ehling, Paul; Haushalter, David (CCGR Working Paper;6/2011, Working paper, 2011)
      We examine the association between a firm’s cash holdings and its performance. Using a large sample of private companies, we find that the importance of cash for a firm’s performance varies substantially with its size ...
    • Why Do Boards Exist? Governance in the Absence of Corporate Law 

      Burkart, Mike; Miglietta, Salvatore; Østergaard, Charlotte (CCGR Working Paper;1/2017, Working paper, 2017)
      We study how owners trade off the costs and benefits of establishing a board in a historical setting, where boards are optional and authority over corporate decisions can be freely allocated across the general meeting, the ...