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    Governance and the corporate life-cycle


    O'Connor, Thomas G. and Byrne, Julie (2015) Governance and the corporate life-cycle. Working Paper. Maynooth Economic Working Paper N248-13.

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    Abstract

    Purpose – The purpose of this research is to examine whether corporate governance changes along the corporate life-cycle. Design/methodology/approach – In a sample of 205 firms from 21 emerging market countries and using a life-cycle proxy from the dividends literature, we use a governance-prediction model which examines whether corporate governance differs along the corporate life-cycle. Findings - Mature firms tend to practice better overall corporate governance. Discipline and independence improve as firms mature. Firms tend to be most transparent and accountable when they are young. These findings suggest that the resource/strategy and monitoring/control governance functions are relevant but at different life-cycle stages. Research limitations/implications – In the absence of longitudinal governance data with sufficient coverage to track within-firm changes in corporate governance along the corporate life-cycle, we analyze differences in corporate governance between-firms at different life-cycle stages. Originality/value – We use an alternative, yet new measure from the dividends literature to account for the firm’s position along the corporate life-cycle. With this new measure, our findings are in line with the predictions of Filatotchev et al. (2006).

    Item Type: Monograph (Working Paper)
    Keywords: Corporate governance; corporate life-cycle; emerging markets;
    Academic Unit: Faculty of Social Sciences > Economics, Finance and Accounting
    Item ID: 9148
    Depositing User: Thomas G. O'Connor
    Date Deposited: 16 Jan 2018 15:30
    Publisher: Maynooth Economic Working Paper N248-13
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