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
Journal ArticleDOI
Controlling-minority shareholder incentive conflicts and directors’ and officers’ liability insurance: Evidence from China
TL;DR: Wang et al. as discussed by the authors examined the demand for directors' and officers' liability insurance (D&O insurance) by Chinese listed companies where controlling-minority shareholder incentive conflicts are acute due to the concentrated and split ownership structure.
Journal ArticleDOI
Strategic Innovation and the Administrative Heritage of East Asian Family Business Groups
Michael Carney,Eric Gedajlovic +1 more
TL;DR: In this article, the authors examine the relationship between the strategic behaviour exhibited by an organisational form and it's administrative heritage and explain how the lack of fit between a dominant organizational form and contemporaneous environmental conditions may have significant implications for the organisations themselves and the economies whose landscapes they dominate.
Journal ArticleDOI
Corporate Governance and Earnings Management: The Implications of Corporate Governance Best-Practice Principles for Taiwanese Listed Companies
TL;DR: In this article, the authors investigated whether corporate governance characteristics, mandated by the Corporate Governance Best-Practice Principles (CGBPP) for companies listed in Taiwan, are associated with earnings management and found that the independence, financial expertise, and voluntary formation of independent directorships (supervisorships) were associated with the absolute value of discretionary accruals.
Journal ArticleDOI
Firms and their distressed banks: lessons from the Norwegian banking crisis
TL;DR: In this article, the impact of bank distress announcements on the stock prices of firms maintaining a relationship with a distressed bank was measured using the near-collapse of the Norwegian banking system during the period 1988-1991.
Journal ArticleDOI
Change and Continuity in Southeast Asian Ethnic Chinese Business
TL;DR: The authors argued that the 1997/1998 Asian economic crisis has fundamentally reshaped the economic organization of ethnic Chinese business in Southeast Asia, and argued that these changes have led to a more globalizing orientation of business in SE Asia.
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.