Now showing 1 - 2 of 2
  • Publication
    Transparency differences at the top of the organization: Market-pull versus strategic hoarding forces
    This chapter examines the opposing forces that induce or impede firms to become transparent in terms of their board of directors' (BoD) and top management teams' (TMT) demographic characteristics, education and experiences. Extant literature on governance transparency often draws on a "market-pull perspective" to emphasize the market-level motives that drive organizations toward rising levels of governance transparency. In this chapter we introduce the "strategic hoarding perspective", which emphasizes the human capital attrition factors that discourage firms to openly report information about their BoD and TMT composition. Our theory and data from 208 large listed firms in Switzerland, the United Kingdom and the Netherlands for the years 2005 and 2009 suggest that organizations' relative transparency preferences in terms of BoD and TMT characteristics can better be explained based on a combination of market-pull and strategic hoarding perspectives. Implications and directions for further research are discussed.
  • Publication
    Corporate Governance and Initial Public Offerings in Switzerland
    (Cambridge University Press, 2012) ; ;
    Zattoni, Alessandro
    ;
    Judge, William
    This chapter describes the current state of corporate governance in Switzerland following the most recent governance reforms introduced in 2007. Further, using a sample of all Swiss IPOs between 2006 and 2008, it investigates whether newly listed firms tend to follow the recommended corporate governance principles, and whether ownership concentration in these firms continues to be high. Results show that Swiss IPOs and, in extension, the Swiss governance system are increasingly falling in line with international corporate governance standards. Despite this positive picture, however, ownership concentration in Swiss IPOs continues to be high. Implications and future research directions are discussed