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
Fraudulent financial reporting and company characteristics: tax audit evidence
TL;DR: In this article, the authors examined the relationship between fraudulent financial reporting and firms' characteristics, i.e. size, type of ownership and audit quality in companies audited by the Inland Revenue Board of Malaysia (IRBM).
Journal ArticleDOI
Capital structure and regulation: do ownership and regulatory independence matter?
TL;DR: In this paper, the effect of ownership structure and regulatory independence on the interaction between capital structure and regulated prices using a comprehensive panel data of publicly traded European utilities was studied, and the authors found that firms in their sample tend to have a higher leverage if they are privately controlled and regulated by an independent regulatory agency.
Journal ArticleDOI
Ownership characteristics as determinants of FDI location decisions in emerging economies
TL;DR: This article explored how parent firm and subsidiary ownership factors affect FDI location decisions in emerging economies and found that ownerships of block-shareholders in the parent firm (i.e., controlling family, non-family TMT members and institutional investors) and equity stake in a subsidiary owned by the parent company are positively associated with FDI locations in less-explored and risky areas.
Journal ArticleDOI
Diversity in human and social capital: Empirical evidence from Asian tourism firms in corporate board composition
TL;DR: In this article, the authors examined the links between the composition of the board of directors of 85 tourism firms in China, Hong Kong, Malaysia and Singapore and firm performance for the period 2001 to 2012.
Journal ArticleDOI
The corporate governance of banks
TL;DR: In this paper, the implications of the banks fiduciary duty to their depositors (as well as the shareholders) and the government's fiscal duty to taxpayers (in the presence of deposit insurance) for the corporate governance of banks are considered.
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.