• Libraries
    • Log in to:
    View Item 
    •   MSpace Home
    • Faculty of Graduate Studies (Electronic Theses and Practica)
    • FGS - Electronic Theses and Practica
    • View Item
    •   MSpace Home
    • Faculty of Graduate Studies (Electronic Theses and Practica)
    • FGS - Electronic Theses and Practica
    • View Item
    JavaScript is disabled for your browser. Some features of this site may not work without it.

    Corporate governance and aspects of public policy

    Thumbnail
    View/Open
    dissertation-alford.pdf (409.9Kb)
    Date
    2006-04-24
    Author
    Alford, Stephen C.
    Metadata
    Show full item record
    Abstract
    This dissertation consists of three papers that examine how aspects of public policy may impact private sector corporate governance. The first two examine the relationship between personal-tax policy and corporate agency costs. The first paper is a theoretical analysis based on an agency model of managerial behavior. A unique element of this paper is that it assumes a discontinuous compensation function, which reflects the occurrence of performance thresholds associated with the dismissal incentive and many common bonus plans. The analysis results in three main findings. First, the relative magnitude of proportional taxation has an indeterminate effect on managerial performance. Second, an increase in tax progressivity is associated with reduced managerial performance and increased agency costs. Third, the inclusion of performance thresholds and compensation discontinuities can cause tax system changes to have surprisingly large impacts on managerial performance. The second paper is an empirical investigation of the relationship between personal-tax progressivity and corporate operating efficiency. The analysis is based on variations in across-state tax policy and utilizes a sample of US-based firms. Using matched-pair testing and regression analysis, evidence is found that is consistent with the hypothesis that increased personal-tax progressivity negatively impacts managerial performance. Together, the analysis contained in the first two papers suggests a need to further examine the relationship between personal taxation and corporate agency costs, an issue that is largely absent from the research literature. The third paper investigates whether variations in state corporate law affect firm value. Previous research in this area generally treats all states other than Delaware as having homogeneous corporate law. I relax this assumption and analyze a large panel sample of US firms. Evidence is found that Delaware firms are worth more, on average, than non-Delaware firms. However, this effect is not consistent across all non-Delaware jurisdictions. The valuation differences are correlated to differences in statutory law. Specifically, corporate law that provides greater entrenchment of management is associated with reduced firm value. The results indicate that corporate law does affect corporate governance. Furthermore, the findings are inconsistent with the “race to the bottom” theory of corporate law.
    URI
    http://hdl.handle.net/1993/240
    Collections
    • FGS - Electronic Theses and Practica [25496]

    Related items

    Showing items related by title, author, creator and subject.

    • The primary importance of corporate social responsibility and ethicality in corporation reputation: an empirical study 

      Walker, Kent; Dyck, Bruno (Business and Society Review, 2014-03-03)
      We examine three assumptions commonly held in the corporate reputation literature: i) reputation ratings of owners and investors are generally representative of all stakeholders; ii) stakeholders will generally provide a ...
    • The antecedents and consequences of corporate social irresponsibility: evidence from large U.S. corporations, 1991-2009 

      Song, Danping (2014-01-22)
      Both academic and practical attention to corporate social responsibility (CSR) has been increasing over the past few decades. Past research on CSR largely focuses on the positive side of corporate social issues management, ...
    • The development corporation model’s impact on municipal planning policy, development process, and standards: The Calgary Municipal Land Corporation 

      Geen, Jillian (2016)
      The government land development corporation model works at ‘arm’s length’ from the public sector to manage development of public land assets. With the potential to create uplift in value and shape the built environment to ...

    DSpace software copyright © 2002-2016  DuraSpace
    Contact Us | Send Feedback
    Theme by 
    Atmire NV
     

     

    Browse

    All of MSpaceCommunities & CollectionsBy Issue DateAuthorsTitlesSubjectsThis CollectionBy Issue DateAuthorsTitlesSubjects

    My Account

    Login

    Statistics

    View Usage Statistics

    DSpace software copyright © 2002-2016  DuraSpace
    Contact Us | Send Feedback
    Theme by 
    Atmire NV