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 ownership and financial performance relations in emerging markets
Kun Tracy Wang,Greg Shailer +1 more
TL;DR: In this article, the authors use meta-analysis techniques to review the literature on the relation between family ownership concentration and performance for listed corporations in emerging markets and find that family ownership can enhance monitoring of managers or better align majority and minority shareholders interests to improve corporate performance.
Journal Article
Ownership Structure, Corporate Governance and Firm Performance
TL;DR: In this paper, the authors investigated the relationship between firms' ownership structures, corporate governance pratices and firm performance, focusing on ten corporate governance components which include board structure, CEO duality, board size, independent board of directors, directors professionalism/qualification, board meeting, board committee, directors’ remuneration, transparency and disclose, merger and acquisition.
Journal ArticleDOI
Board chairs and R&D investment: Evidence from Chinese family-controlled firms
TL;DR: Li et al. as discussed by the authors argue that family firms with family members as board chairs make more intensive R&D investment than family firms without family chairs, because family chairs enable family owners to have direct control over firms, making these owners less concerned about potential loss of socioemotional wealth.
Journal ArticleDOI
Family Business Succession of SMEs and Post-Transition Business Performance
TL;DR: In this article, a study aimed at identifying the relationship between the success factors of succession in terms of preparation of heirs, relationship between family and business as well as planning and control activities to smooth transition process.
Journal ArticleDOI
Bailout and conglomeration
Se-Jik Kim,Se-Jik Kim +1 more
TL;DR: In this paper, a model of business groups in emerging markets where banks cannot accurately distinguish between good (high productivity) and bad (low productivity) borrower firms is developed, where risk-averse firms might form a conglomerate to reduce the risk of liquidation.
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.