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
More filters
ReportDOI
Investor Protection: Origins, Consequences, and Reform
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: In this paper, the authors argue that the legal approach is a more fruitful way to understand corporate governance and its reform than the conventional distinction between bank-centered and market-centered financial systems.
Journal ArticleDOI
CEO Tenure in Taiwanese Family and Nonfamily Firms: An Agency Theory Perspective:
TL;DR: In this paper, the authors investigated the tenure of CEOs in a sample of 304 listed companies in Taiwan; 63 firms were family controlled, 241 were not, and they found that CEO turnover is significantly lower in family firms and its relationship to corporate performance is negative CEO ownership and board ownership are not significant in explaining the length of family CEO tenure.
Journal ArticleDOI
Family control and investment–cash flow sensitivity: Empirical evidence from the Euro zone
TL;DR: In this paper, the authors consider the ownership structure of family firms to determine whether family control alleviates or exacerbates investment-cash flow sensitivity in the Euro zone and find that family-controlled corporations have lower investment sensitivity than non-family firms.
Journal ArticleDOI
The impact of political connections on firms’ operating performance and financing decisions
TL;DR: In this paper, the authors investigate the impact that the political connections of publicly traded firms have on their performance and financing decisions and find that firms increase their performance after the establishment of a political connection.
Journal ArticleDOI
Corporate Governance and Dividend Policy in Southeast Asia Pre- and Post-crisis
TL;DR: In this paper, the authors investigated the relationship between dividends and corporate governance in five East Asian countries over the period 1994-2003, comparing the outcome and substitute models, and found that a strong positive relationship between governance and dividends emerges post-crisis, consistent with substantial improvements in governance empowering shareholders.
References
More filters
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.