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
Family Control and Stock Market Reactions to Innovation Announcements
TL;DR: This paper explored the impacts of family ownership on innovation by examining the association of family control and stock market reactions to innovation announcements, and found that firms with greater family control experienced significantly more negative stock market reaction to innovation announcement.
Journal ArticleDOI
Political connections, corporate governance, and tax aggressiveness in Malaysia
TL;DR: In this paper, the authors examined the relationship between political connections and corporate tax aggressiveness in Malaysia, and found that politically connected firms are more tax aggressive than non-connected firms.
Journal ArticleDOI
Do Joint Audits Improve Audit Quality? Evidence from Voluntary Joint Audits
TL;DR: In this article, the authors examined whether the decision to employ two audit firms to conduct a joint audit is related to audit quality and found that companies that employ joint audits have a higher degree of earnings conservatism, lower abnormal accruals, better credit ratings and lower perceived risk of becoming insolvent within the next year than other firms.
Journal ArticleDOI
Voluntary disclosure, excess executive compensation, and firm value
TL;DR: In this paper, the authors explored the effect of executive compensation on firm value and found that executive compensation is negatively related to firm value but that voluntary disclosure practices moderate this relationship, and that firms that provide comprehensive voluntary disclosure appear to alleviate agency problems more efficiently when their controlling shareholders have higher private benefit incentives or when these firms have higher quality corporate governance.
Journal ArticleDOI
Corporate Governance and Corruption: Ethical Dilemmas of Asian Business Groups
TL;DR: In this article, the authors look at how the corporate governance of family-owned business groups, the most dominant form of private sector organizing in Asia, deals with different forms of corruption during the course of common business transactions.
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.