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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Do Controlling Shareholders Enhance Corporate Value
TL;DR: In this article, the effect of ownership and control of controlling shareholders on corporate valuation was investigated in Taiwan listed companies, where the ownership concentration structure is similar to that in East Asian countries.
Journal ArticleDOI
Sheltering Corporate Assets from Political Extraction
TL;DR: In this article, the authors hypothesize that firms structure their asset holdings so as to shelter assets from extraction by politicians and bureaucrats, and they find that corporate holdings of liquid assets are negatively correlated with measures of political corruption.
Journal Article
Ownership Structure and Earnings Management in Malaysian Listed Companies: The Size Effect
TL;DR: In this paper, the authors examined the association between the level of managerial ownership and earnings management activities, represented by the magnitude of discretionary accounting accruals in Malaysian listed firms, and found that managerial ownership is negatively associated with the amount of accounting estimates and techniques.
Journal ArticleDOI
A New Perspective on Ownership Identities in China's Listed Companies
TL;DR: Li et al. as mentioned in this paper introduced a new perspective on the conceptualization and measurement of ownership identities of China's listed companies, and recategorized shareholders into 16 types, which can then be regrouped into relevant categories of shareholders, such as government or private.
Journal ArticleDOI
Does family business excel in firm performance? An institution-based view
TL;DR: In this paper, the authors argue that institutions define family business characteristics such as ownership concentration and family management, and also affect the performance of family business, which contributes to a reconciliation of prior inconsistent findings and calls further attention to the embedded nature of business in institutions.
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.