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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Corporate governance and ownership structure: Indonesia evidence
TL;DR: In this paper, the authors investigate simultaneous relations between corporate governance (CG) practice and cash flow right, cash flow leverage (the divergence between control right and ownership right of controlling shareholders), and the effect of multiple large shareholders (MLSs) on CG practice.
Posted Content
The Law and Economics of Self-Dealing December 1st, 2005
TL;DR: The anti-self-dealing index as discussed by the authors is a measure of legal protection of minority shareholders against expropriation by corporate insiders, which is calculated for 72 countries based on legal rules prevailing in 2003, and focuses on private enforcement mechanisms, such as disclosure, approval, and litigation, governing a specific selfdealing transaction.
Journal ArticleDOI
Family Firms, Corporate Governance and Export
TL;DR: This article investigated the effects of family ownership on export using rich data on Italian firms and found that family ownership increases the probability that firms export, especially when family owners retain control rights and seek the support of external managers.
Journal ArticleDOI
Corporate governance in Taiwan: The nonmonotonic relationship between family ownership and dividend policy
TL;DR: In this paper, the relationship between cash flow rights and dividend payout policy of listed family firms in Taiwan, an economy characterized by a predominance of family-controlled firms, was investigated.
Journal ArticleDOI
Making Economic Policy in Weak, Democratic, Post-crisis States: An Indonesian Case Study
TL;DR: In this article, the authors address the causes and immediate management of economic and political crisis in developing countries and develop an a priori framework which facilitates an analytical interpretation of how crises affect economic policy and hence recovery.
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.
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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.