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"Makhija, Anil K"
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International Corporate Governance and Regulation
Advances in Financial Economics volume 20 deals with International Corporate Governance, particularly the role played by boards of directors, internal organization design and governance mechanisms, franchise agreements, the effect of regulation and policy, the market for corporate control, and strategic alliances.
eBook
The role of social proximity in professional CEO appointments: Evidence from caste/religion-based hiring of CEOs in India
Research summary: The role of homophily in CEO appointments at the largest corporations is an important subject in corporate governance. This subject is particularly important in a country like India where a multitude of religions, castes, and communities form its social fabric. We test for the role of homophily in professional CEO appointments in India by empirically examining the preference for same caste/religion CEOs by the largest firms. Using a unique dataset, assembled by detailed identification of castes/religions from family names and counterfactuals obtained through the Coarsened Exact Matching technique, we find that caste/religion plays a crucial role in CEO selection as a source of information (positive discrimination). The evidence is not consistent with its use to pursue taste-based preferences (negative discrimination). Managerial summary: We test for the role of homophily in the appointments of CEOs in India by empirically examining the preference for same caste/religion CEOs by the largest firms. We find that caste/religion plays an important role in CEO selection, i.e., as a form of information or \"positive discrimination.\" The evidence is not consistent with its use to pursue taste-based preferences or \"negative discrimination.\"
Journal Article
Real options in divestment alternatives
This paper examines the implications of real options theory for both the decision to divest a business unit and the mode of divestment. It is shown that the decision to divest a business unit and the decision to engage in staged modes of divestment are both sensitive to uncertainty, consistent with a real options logic. However, in the face of uncertainty, the results suggest that staged forms of governance create real options that are of lesser value as compared to simply not divesting a business unit and also as compared to completely divesting a business unit. Thus, this study shows that firms have real options of varied value to choose from in the context of divestments.
Journal Article
Corporate Governance in the US and Global Settings
Volume 17 of Advances in Financial Economics, entitled \"Corporate Governance in the US and Global Settings\" will provide further insights into corporate governance in the US & global economic and financial environment by publishing international, within-country and cross-country comparative studies.
eBook
Global Corporate Governance
Advances in Financial Economics Volume 19 deals with International Corporate Governance, particularly the role played by boards of directors, internal organization design and governance mechanisms, franchise agreements, the effect of regulation and policy, the market for corporate control, and strategic alliances.
eBook
Cloud Adoption in Accounting Information Systems in Asia & SOC 2® Report – An Empirical Study on Industry’s Perspective
Many business and technology organizations see cloud adoption and migrating existing systems to the cloud as an accelerator of digital transformation. The benefits of cloud adoption are perceived as increased scalability and cost reduction. At the same time, there are concerns about whether the information on cloud-based systems is secure and whether the privacy of the data in a cloud environment is at risk. This research brings out the industry’s perspective, both from an end-user perspective as well as IT transformation and IT procurement decision makers of accounting information systems and enterprise resource planning systems in Asia geography, on the preference for cloud-based or on-premise systems, top enablers for cloud adoption and importance of SOC 2® as an assurance for information security and data privacy concerns. The findings of this research indicate that decision-makers for IT transformation and IT procurement prefer cloud-based accounting information systems and enterprise resource planning systems over on-premise systems. Scalability, cost reduction, business agility, business continuity and disaster recovery, and enhanced collaboration are top enablers for cloud adoption. This research also indicates that the SOC 2® report is increasingly seen to address information security and data privacy concerns.
Journal Article
International Corporate Governance
Advances in Financial Economics, volume 18, will present research on corporate governance both in the US and globally. Papers will deal with the role played by boards of directors, internal organization design and governance mechanisms, franchise agreements, the effect of regulation and policy, the market for corporate control, and strategic alliances. The volume will aim at providing a deeper understanding of corporate governance practices, trends, innovations and challenges using international data.
eBook
Can Diversification Create Value? Evidence from the Electric Utility Industry
Despite SEC and state-level resistance, and contrary to the trend pursued by other firms, many electric utilities have diversified into non-electric and unregulated businesses. Moreover, this failure to focus has been rewarded with higher firm values, again contrary to the discounts documented in the literature for other diversifying firms. Prior literature has questioned whether these premiums (or discounts) can be attributed to diversification per se. Rather, these premiums could arise from the characteristics of the diversifying firms, which have then endogenously chosen to diversify. In a new approach, where regulation can make the diversification decision largely exogenous, we examine the investment policies of the comparable electric-segments in the diversifying and non-diversifying utilities. We find that single-segment electric utilities over-invest compared to diversifying utilities, which explains their diversification premiums and implies that diversification can create value by opening up new investment opportunities.
Journal Article