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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Privatization and corporate governance : principles, evidence, and future challenges
TL;DR: In this paper, the authors introduce the concept of governance chains that can constrain the grabbing hands of public and private actors by providing information and accountability mechanisms to help investors monitor managers.
Journal ArticleDOI
State-owned enterprises in China: A review of 40 years of research and practice
TL;DR: In this article, the authors review the literature on economic theories and 40 years of practice of Chinese SOEs and discuss implications for future research, including SOE reform, performance and financing strategies, corporate governance, and corporate social responsibility in SOEs.
Journal ArticleDOI
Information Environment and the Investment Decisions of Multinational Corporations
TL;DR: In this paper, the authors examined how the external information environment in which foreign subsidiaries operate affects the investment decisions of multinational corporations (MNCs) and found that MNCs in country-industries with more transparent information environments are more responsive to local growth opportunities than are those of foreign subsidiaries in country industries with less transparent information environment.
Journal ArticleDOI
Family Management, Family Ownership, and Downsizing: Evidence from S&P 500 Firms:
TL;DR: In this paper, the authors distinguish between family management and family ownership as two distinct dimensions of family firms and analyzes their respective influences on downsizing, finding that the extent of family ownership decreases the likelihood of deep job cuts, whereas family management has no impact.
Journal ArticleDOI
Coevolution of Institutions and Corporations in Emerging Economies: How the Salim Group Morphed into an Institution of Suharto's Crony Regime
TL;DR: In this article, the authors investigate whether large family groups in emerging economies can proactively change their environment using a coevolutionary approach, which accounts for the influence of context on the entrepreneur and for the freedom of the latter to modify it.
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.