Abstract: In this study we analyze the relationship between ownership concentration and firm performance, while accounting for the endogeneity of the ownership structure of firms, curvilinearity, and differences in corporate governance systems and alternative performance measures. Using a sample of 1,079 firms from 8 countries and various subsamples we find that ownership concentration has no effect on firm performance. The results underline the findings by Demsetz & Villalonga (2001) and cast doubt on the results of the study by Thomsen, Pedersen & Kvist (2006), who argued that in countries with a German- or French-Civil-Law background corporate governance systems might push ownership concentration levels above and beyond the value maximizing point. The analyses cannot find a performance effect for any level of ownership concentration.

Abstract: Using a sample of 1242 Indian manufacturing firms from 38 industries drawn from CMIE-Prowess we find that firms that face prior downside risk tend to under-invest compared to firms that do not face prior risk. Firms that are riskier in prior period tend to get more riskier in the subsequent period but this is not manifested in firm investment behavior. In effect firms, by under investing, may be letting go of valuable option generating investments which by nature are assumed to provide significant upside while curbing the downside risk and this could possibly explain the downward spiral of firms that face significant downside risk. This difference in investment behavior may hold valuable clues to explaining the Bowman Paradox and in the downward spiral of riskier firms.

Abstract: The relationship of strategic assets with resources and performance has been well-established, thus providing a link within the resource-based view that investigates firm performance. This link provides an opportunity to look at the development and deployment of strategic assets to understand the phenomenon of capability building. This paper is an attempt in that direction by looking at how Indian software firms leveraged the cost-advantage and utilized the available knowledge and skills to create strategic assets that led to the emergence of the cost-effective and high quality model of global software service delivery. The paper delineates the interdependence between factor markets, firm resources and the strategic processes that enable firms to utilize these resources.

Abstract: In this paper Data Envelopment Analysis (DEA) is used to measure Portuguese Football clubs efficiency. We study different data from six seasons between 2002-2003 and 2006-2007. The main goal is to know how much a club spend in order to get their objectives. For some clubs the objective is to win the League, to other clubs the maintenance in the League is enough. To reach these two different objectives, clubs spend different amounts of money paying to players and coaches and use different incentive devices. In football, as in many businesses, Stars are difficult and expensive to hire. Are clubs spending more money than they should to achieve objectives? Are clubs with less financial capabilities getting better results than clubs with more financial capabilities?