Strategic change and corporate governance: Evidence from the stock exchange industry

The literature suggests that demutualization improves financial performance, but most of these studies do not consider the corporate governance (CG) dimension to better understand this positive impact of demutualization. For a representative sample of global stock exchanges over a 21-year period, we...

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Detalles Bibliográficos
Autores: Ben Slimane, Faten, Padilla Angulo, Laura
Tipo de recurso: artículo
Fecha de publicación:2019
País:España
Institución:Universidad Loyola Andalucía
Repositorio:Brújula
OAI Identifier:oai:repositorio.uloyola.es:20.500.12412/4945
Acceso en línea:https://hdl.handle.net/20.500.12412/4945
Access Level:acceso abierto
Palabra clave:Conversion to for-profit firm
strategy
Stock exchanges
Performance
Corporate governance
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spelling Strategic change and corporate governance: Evidence from the stock exchange industryBen Slimane, FatenPadilla Angulo, LauraConversion to for-profit firmstrategyStock exchangesPerformanceCorporate governanceThe literature suggests that demutualization improves financial performance, but most of these studies do not consider the corporate governance (CG) dimension to better understand this positive impact of demutualization. For a representative sample of global stock exchanges over a 21-year period, we examine the short and long term effects of demutualization on their financial performance. Unlike previous researchers, we also study whether the CG strategy of exchanges following demutualization affects their financial performance. Our major results indicate benefits from demutualization in the long term, and we find that improved performance is boosted by major restructuring in CG, when boards evolve to have fewer members but more specialized directors. Our results shed light on how demutualization strategy brings efficiencies by identifying attributes of corporate variables that explain how performance improved. This study provides guidance to exchanges considering demutualization. Results may also apply to firms facing major changes in their business environments.This version is the accepted manuscript. The final version is available at: https://doi.org/10.1016/ j.jbusres.2018.10.0452019info:eu-repo/semantics/articlehttps://hdl.handle.net/20.500.12412/4945reponame:Brújulainstname:Universidad Loyola AndalucíaIngléshttp://creativecommons.org/licenses/by-nc-nd/4.0/info:eu-repo/semantics/openAccessoai:repositorio.uloyola.es:20.500.12412/49452026-06-24T12:48:37Z
dc.title.none.fl_str_mv Strategic change and corporate governance: Evidence from the stock exchange industry
title Strategic change and corporate governance: Evidence from the stock exchange industry
spellingShingle Strategic change and corporate governance: Evidence from the stock exchange industry
Ben Slimane, Faten
Conversion to for-profit firm
strategy
Stock exchanges
Performance
Corporate governance
title_short Strategic change and corporate governance: Evidence from the stock exchange industry
title_full Strategic change and corporate governance: Evidence from the stock exchange industry
title_fullStr Strategic change and corporate governance: Evidence from the stock exchange industry
title_full_unstemmed Strategic change and corporate governance: Evidence from the stock exchange industry
title_sort Strategic change and corporate governance: Evidence from the stock exchange industry
dc.creator.none.fl_str_mv Ben Slimane, Faten
Padilla Angulo, Laura
author Ben Slimane, Faten
author_facet Ben Slimane, Faten
Padilla Angulo, Laura
author_role author
author2 Padilla Angulo, Laura
author2_role author
dc.subject.none.fl_str_mv Conversion to for-profit firm
strategy
Stock exchanges
Performance
Corporate governance
topic Conversion to for-profit firm
strategy
Stock exchanges
Performance
Corporate governance
description The literature suggests that demutualization improves financial performance, but most of these studies do not consider the corporate governance (CG) dimension to better understand this positive impact of demutualization. For a representative sample of global stock exchanges over a 21-year period, we examine the short and long term effects of demutualization on their financial performance. Unlike previous researchers, we also study whether the CG strategy of exchanges following demutualization affects their financial performance. Our major results indicate benefits from demutualization in the long term, and we find that improved performance is boosted by major restructuring in CG, when boards evolve to have fewer members but more specialized directors. Our results shed light on how demutualization strategy brings efficiencies by identifying attributes of corporate variables that explain how performance improved. This study provides guidance to exchanges considering demutualization. Results may also apply to firms facing major changes in their business environments.
publishDate 2019
dc.date.none.fl_str_mv 2019
dc.type.none.fl_str_mv info:eu-repo/semantics/article
format article
dc.identifier.none.fl_str_mv https://hdl.handle.net/20.500.12412/4945
url https://hdl.handle.net/20.500.12412/4945
dc.language.none.fl_str_mv Inglés
language_invalid_str_mv Inglés
dc.rights.none.fl_str_mv http://creativecommons.org/licenses/by-nc-nd/4.0/
info:eu-repo/semantics/openAccess
rights_invalid_str_mv http://creativecommons.org/licenses/by-nc-nd/4.0/
eu_rights_str_mv openAccess
dc.source.none.fl_str_mv reponame:Brújula
instname:Universidad Loyola Andalucía
instname_str Universidad Loyola Andalucía
reponame_str Brújula
collection Brújula
repository.name.fl_str_mv
repository.mail.fl_str_mv
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score 15.811543

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