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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Trust, inequality and the size of the co-operative sector: cross-country evidence
Derek C. Jones,Panu Kalmi +1 more
TL;DR: In this paper, the first empirical evidence on the determinants of differences in the size of the cooperative sector around the world is provided, where the authors concentrate on the links between inequality and trust and cooperative incidence.
Journal ArticleDOI
Incentive or Disincentive? A Socioemotional Wealth Explanation of New Industry Entry in Family Business Groups:
TL;DR: The authors examined how controlling owners' family considerations affect their new industry entry decisions in family business groups in emerging economies, drawing on the socioemotional wealth (SEW) approa...
Journal ArticleDOI
The Relationship between Ownership and Performance: A Review of Theory and Evidence
Yabei Hu,Shigemi Izumida +1 more
TL;DR: The authors surveys the theoretical basis for, and empirical evidence on the relationship between ownership structure and corporate performance from two perspectives: ownership concentration and managerial ownership, and pay special attention to see reasons for discrepancies among previous empirical research, such as corporate governance environments, data issues, variable measurements and estimation methods.
Journal ArticleDOI
The Impact of Corporate Governance Structures on the Corporate Investment Performance in Turkey
Hakan Orbay,B. Burcin Yurtoglu +1 more
TL;DR: In this article, the authors test the impact of large shareholders' deviations on corporate investment performance in Turkey and find that the average Turkish listed company has a return on investment which is less than its cost of capital.
Journal ArticleDOI
The effect of ownership structure on leverage decision: new evidence from Chinese listed firms
TL;DR: Li et al. as mentioned in this paper examined the effect of state control and ownership structure on the leverage decision of firms listed in the Chinese stock market, and showed that state-owned enterprises (SOEs) have higher leverage ratios than non-SOEs, and SOEs in regions with a poorer institutional environment have high leverage ratios compared to those in better regions.
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.