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
Tunneling or Value Addition? Evidence from Mergers by Korean Business Groups
TL;DR: In this article, the authors investigate the nature of business groups in emerging markets and examine whether Korean business groups (chaebols) add value to their member firms or provide the controlling shareholders with an opportunity for wealth transfer.
Journal ArticleDOI
Corporate Governance and Firm Profitability: Evidence from Korea before the economic crisis
Sung Wook Joh,Sung Wook Joh +1 more
TL;DR: Lee et al. as discussed by the authors examined how ownership structure and conflicts of interest among shareholders under a poor corporate governance system affected firm performance before the crisis and found that firms with low ownership concentration show low firm profitability, controlling for firm and industry characteristics.
Journal ArticleDOI
Equity Ownership and Firm Value in Emerging Markets
TL;DR: This article investigated whether management stock ownership and large non-management blockholder share ownership are related to firm value across a sample of 1433 firms from 18 emerging markets and found that when a management group's control rights exceed its cash flow rights, the firm values are lower.
Journal ArticleDOI
Diversification Decisions in Family‐Controlled Firms
TL;DR: In this paper, the authors examine diversification decisions of family firms and suggest that on average family firms diversify less both domestically and internationally than non-family firms, and when they do diversify, family firms tend to opt for domestic rather than international diversification, and those that go the latter route prefer to choose regions that are "culturally close".
Journal ArticleDOI
A Rational Expectations Model of Financial Contagion
Laura E. Kodres,Matthew Pritsker +1 more
TL;DR: This paper developed a multiple asset rational expectations model of asset prices to explain financial market contagion through cross-market rebalancing, where investors transmit idiosyncratic shocks from one market to others by adjusting their portfolios' exposures to shared macroeconomic risks.
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.