Diffusion patterns in small vs. large capital markets-the case of value-based management

Publikation: Beiträge in ZeitschriftenZeitschriftenaufsätzeForschungbegutachtet

Authors

We empirically study the diffusion of value-based management (VBM) in small capital markets. Specifically, we analyse the factors that influence VBM adoption in Danish-listed firms. Based on a hand-collected data set covering 665 firm years from 2002 to 2010, we find that the same factors influence the diffusion of VBM in both large and small capital markets. Specifically, we find that large firms with a higher percentage of institutional ownership and with a CEO whose education is business-related are more likely to adopt VBM. Additionally, the control variables reveal a significant positive correlation between VBM adoption and leverage, capital intensity, liquidity, and the characteristics of top executives. Furthermore, we find that manufacturing and utility firms are more likely to adopt VBM than service or trade firms. Contrary to the mainstream opinion, we contribute to the literature that findings from large capital …
OriginalspracheEnglisch
ZeitschriftManagement Revue
Jahrgang34
Ausgabenummer1
Seiten (von - bis)1-29
Anzahl der Seiten29
ISSN0935-9915
DOIs
PublikationsstatusErschienen - 01.01.2023

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© (2023), (Nomos Verlagsgesellschaft mbH und Co KG). All Rights Reserved.

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