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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The Future of Domestic Capital Markets in Developing Countries
TL;DR: The Future of Domestic Capital Markets in Developing Countries as discussed by the authors addresses the challenges that countries face as they develop and strengthen capital markets, and provides practical guidance on strategies such as nurturing issuers, improving rules and institutions, addressing regulatory challenges, and sequencing reforms.
Journal ArticleDOI
Multiple directorships, family ownership and the board nomination committee: International evidence from the GCC
TL;DR: In this paper, the authors investigate the association between outside board directorships and family ownership concentration and find a positive association between family ownership and the number of outside directorships held by board members, consistent with the notion that family ownership reduces a board's monitoring capabilities.
Journal ArticleDOI
Competition, corporate governance and selection in emerging markets*
TL;DR: In this paper, the authors introduce the three articles in this Feature, concerned respectively with competition, corporate governance and selection in emerging markets, and provide the intellectual background to the issues raised in the papers and examine their interrelationships in analytical, empirical and methodological terms.
Journal ArticleDOI
The private benefits of control in Chinese listed firms: Do cash flow rights always reduce controlling shareholders’ tunneling?
Jin-hui Luo,Difang Wan,Di Cai +2 more
TL;DR: Wang et al. as discussed by the authors measured the size of private benefits of control (PBC) and explored the impact of ownership structure and board independence on controlling shareholders' tunneling, finding evidence of a nonlinear U-shaped relationship between controlling shareholders’ PBC and their cash flow rights.
Journal ArticleDOI
Related-party transactions, dominant owners and firm value
TL;DR: In this paper, the authors examine RPTs in one Continental European country, Spain, where ownership concentration is prevalent and state ownership is practically non-existent, and show that more than half of listed Spanish firms commit to RPT, regardless of the dimension (financial, operating and investment) affected by the existence of RPT.
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.