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Edited by Klaus Gugler and B. Burcin Yurtoglu

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Edited by Klaus Gugler and B. Burcin Yurtoglu

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Klaus Gugler and B. Burcin Yurtoglu

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Edited by Klaus Gugler and B. Burcin Yurtoglu

This book provides an insightful view of major issues in the economics of corporate governance (CG) and mergers. It presents a systematic update on the developments in the two fields during the last decade, as well as highlighting the neglected topics in CG research, such as the role of boards, CG and public interest and the relation of CG to mergers. Two important conclusions can be drawn from this book: the first is that corporate governance systems that better align shareholders’ and managers’ interests lead to better corporate performance; second, there is an important relationship between CG structures and the quality of firm decision-making, one of the most important being the decision to merge or take over another firm.
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Stevan Bajic and Burcin Yurtoglu

Three problems pose severe challenges to identify the impact of corporate social responsibility (CSR) on firm value and profitability. These are construct validity, limited data, and endogeneity. To deal with them we use a broad composite measure of CSR and panel data with firm fixed and random effects, plus extensive covariates. We analyze a global sample drawn from 35 countries over 2003–12 and find an economically significant relationship between the overall CSR measure and firm value, but little impact of CSR and profitability. The results are driven by the social subscore. We show that both omitted firm characteristics and omitted aspects of CSR can lead to omitted variable bias and in studies that focus on a single aspect of CSR the omitted variables bias can be severe.

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Dennis C. Mueller and B. Burcin Yurtoglu