France

Related Party Transactions in France - A Critical Assessment

In France, the regulation of related party transactions (RPTs) involves three steps following the notification to the board of an RPT. First, the board gives its prior authorisation to the transaction. Those who are self-interested do...

Loyalty Shares with Tenure Voting - Does the Default Rule Matter? Evidence from the Loi Florange Experiment

The contractual theory of the firm predicts that companies adopt charters that maximise firm value, regardless of the default rule. We test this proposition around an exogenous switch of the default from one share-one vote to tenure...

Performance and Behavior of Family Firms: Evidence From the French Stock Market

Do Bankruptcy Codes Matter? A Study of Defaults in France, Germany, and the UK