Journal ArticleDOI
The separation of ownership and control in east asian corporations
TLDR
The authors examined the separation of ownership and control for 2,980 corporations in nine East Asian countries and found that voting rights frequently exceed cash-ow rights via pyramid structures and cross-holdings.About:
This article is published in Journal of Financial Economics.The article was published on 2000-01-01. It has received 4195 citations till now.read more
Citations
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Journal ArticleDOI
Capital Market Development, Integration, Legal Systems, and the Value of Corporate Diversification: A Cross-Country Analysis
TL;DR: In this paper, the authors find that the value of corporate diversification is related to the level of capital market development, integration, and legal systems, and that the optimal organizational structure and corporate governance may be very different for firms operating in emerging markets than it is for companies operating in more developed and integrated countries.
Journal ArticleDOI
To grow or to harvest? Governance, strategy and performance in family and lone founder firms
TL;DR: In this paper, the authors attempt to reconcile two opposing views of the strategies and conduct of closely held firms: that of entrepreneurship and that of family business, and they conclude that the value-maximization expectations of the entrepreneurship literature apply only to lone or unrelated founder businesses whose owners, unencumbered by family distractions, embrace growth and outperform.
Journal ArticleDOI
Corporate Governance in Taiwan: empirical evidence from Taiwanese company directors
TL;DR: In this article, the authors present empirical evidence on the attitudes of Taiwanese company directors on the role and function of the board of directors in Taiwanese corporate governance and endorse the important role played by outside directors in the corporate governance system.
Journal ArticleDOI
Corporate governance and cash holdings: A quantile regression approach
TL;DR: In this article, the role of ownership and control structure of firms when determining their cash holdings is investigated and the association between excess control rights and cash holdings was found to depend on each firm's characteristics in terms of quantile regression.
MonographDOI
Corporate governance around the world
TL;DR: In this paper, the authors present the following models of corporate governance: the American National System of Corporate Governance, the Canadian National System, the Japanese National System and the Hong Kong National System.
References
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Journal ArticleDOI
Theory of the firm: Managerial behavior, agency costs and ownership structure
TL;DR: In this article, the authors draw on recent progress in the theory of property rights, agency, and finance to develop a theory of ownership structure for the firm, which casts new light on and has implications for a variety of issues in the professional and popular literature.
Posted Content
Law and Finance
Rafael La Porta,Rafael La Porta,Florencio Lopez de Silanes,Florencio Lopez de Silanes,Andrei Shleifer,Andrei Shleifer,Robert W. Vishny,Robert W. Vishny +7 more
TL;DR: This paper examined legal rules covering protection of corporate shareholders and creditors, the origin of these rules, and the quality of their enforcement in 49 countries and found that common law countries generally have the best, and French civil law countries the worst, legal protections of investors.
Book
The Modern Corporation and Private Property
TL;DR: Weidenbaum and Jensen as mentioned in this paper reviewed the impact of developments not fully anticipated by Berle and Means, such as the rise of the service sector, and the significant role played by institutional investors in the owner/manager equation.
Journal ArticleDOI
The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration
Sanford J. Grossman,Oliver Hart +1 more
TL;DR: In this paper, a theory of costly contracts is presented, which emphasizes the contractual rights can by of two types: specific rights and residual rights, and when it is costly to list all specific rights over assets, it may be optimal to let one party purchase all residual rights.
Journal ArticleDOI
Corporate Ownership Around the World
TL;DR: In this paper, the authors use data on ownership structures of large corporations in 27 wealthy economies to identify the ultimate controlling shareholders of these firms, and they find that, except in economies with very good shareholder protection, relatively few firms are widely held, in contrast to Berle and Means's image of ownership of the modern corporation.