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
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Family character and international entrepreneurship: A historical comparison of Italian and Spanish 'new multinationals'
TL;DR: In this article, the authors argue that family character favours international expansion in at least three ways: (1) by granting more freedom to the managers of the company to develop their business model; (2) by facilitating the transfer to, and exploitation of, this model in foreign markets; and (3) by making the adoption of governance structures based upon trust easier.
Journal ArticleDOI
Ownership structure and operating performance of acquiring firms : the case of English-origin countries
TL;DR: In this article, the authors investigated the relationship between concentrated ownership and the level and change in operating cash flow returns after takeovers and found that higher levels of concentration consistent with decreasing agency costs as the dominant shareholder's wealth invested in the acquiring firm increases.
Journal ArticleDOI
Corporate Opacity and Cost of Debt for Family Firms
TL;DR: Li et al. as mentioned in this paper used a sample of Chinese firms to examine the impact of corporate opacity on the relationship between family control and firms' cost of debt, and found that family control is associated with a lower cost on average, and a negative impact exists mainly in firms with relatively low corporate opacity.
Journal ArticleDOI
The role of the audit committee in resolving auditor‐client disagreements: a Malaysian study
Zalailah Salleh,Jenny Stewart +1 more
TL;DR: In this article, the authors report the findings of semi-structured interviews with management, external auditors and audit committee members in Malaysia concerning the role of the audit committee in resolving auditor-client disagreements.
ReportDOI
The Rise and Fall of the Widely Held Firm - A History of Corporate Ownership in Canada
TL;DR: A panel of corporate ownership data, stretching back to 1902, shows that the Canadian corporate sector began the century with a predominance of large pyramidal corporate groups controlled by wealthy families or individuals as mentioned in this paper.
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.