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Protecting Minority Shareholders: Listed versus Unlisted Firms

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  • Claudio Loderer
  • Urs Waelchli

Abstract

"Listed firms have an incentive to render themselves attractive to investors at large. This paper examines whether listed and unlisted firms differ in their care for minority shareholders and finds supporting evidence. We examine control structure, disclosure, board architecture and processes, and director compensation. The corporate governance package in listed firms differs from that in unlisted firms in terms of levels and mix of the different provisions. The data also suggest that listed firms perform better." Copyright (c) 2010 Financial Management Association International.

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Bibliographic Info

Article provided by Financial Management Association International in its journal Financial Management.

Volume (Year): 39 (2010)
Issue (Month): 1 (03)
Pages: 33-57

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Handle: RePEc:bla:finmgt:v:39:y:2010:i:1:p:33-57

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Cited by:
  1. Patricia Crifo & Vanina Forget & Sabrina Teyssier, 2012. "The price of unsustainability: An experiment with professional private equity investors," Working Papers hal-00757203, HAL.
  2. Loderer, Claudio & Waelchli, Urs, 2010. "Firm age and performance," MPRA Paper 26450, University Library of Munich, Germany.
  3. Cole, Rebel & Mehran, Hamid, 2010. "What can we learn from privately held firms about executive compensation?," MPRA Paper 24668, University Library of Munich, Germany.
  4. Waelchli, Urs & Zeller, Jonas, 2013. "Old captains at the helm: Chairman age and firm performance," Journal of Banking & Finance, Elsevier, vol. 37(5), pages 1612-1628.
  5. Claudio Loderer & René Stulz & Urs Waelchli, 2013. "Limited Managerial Attention and Corporate Aging," NBER Working Papers 19428, National Bureau of Economic Research, Inc.

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