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Do Multiple Large Shareholders Play A Corporate Governance Role? Evidence From East Asia

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  • Najah Attig
  • Sadok El Ghoul
  • Omrane Guedhami
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    Abstract

    Abstract We examine the governance role of multiple large shareholder structures (MLSS) to determine their valuation effects in a sample of 1,252 publicly traded firms from nine East Asian economies. We find that the presence, number, and size of multiple large shareholders are associated with a significant valuation premium. Our results also show that the identity of MLSS influences corporate value and that the valuation effects of MLSS are more pronounced in firms with greater agency costs. Our results imply that MLSS play a valuable monitoring role in curbing the diversion of corporate resources. Copyright (c) 2009 The Southern Finance Association and the Southwestern Finance Association.

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    Bibliographic Info

    Article provided by Southern Finance Association & Southwestern Finance Association in its journal Journal of Financial Research.

    Volume (Year): 32 (2009)
    Issue (Month): 4 ()
    Pages: 395-422

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    Handle: RePEc:bla:jfnres:v:32:y:2009:i:4:p:395-422

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    Cited by:
    1. Najah Attig & Sadok El Ghoul & Omrane Guedhami & Sorin Rizeanu, 2013. "The governance role of multiple large shareholders: evidence from the valuation of cash holdings," Journal of Management and Governance, Springer, Springer, vol. 17(2), pages 419-451, May.
    2. Boubaker, Sabri & Cellier, Alexis & Rouatbi, Wael, 2014. "The sources of shareholder wealth gains from going private transactions: The role of controlling shareholders," Journal of Banking & Finance, Elsevier, Elsevier, vol. 43(C), pages 226-246.
    3. Boubaker, Sabri & Nguyen, Pascal & Rouatbi, Wael, 2012. "Large shareholders and firm risk-taking behavior," MPRA Paper 39005, University Library of Munich, Germany.
    4. Bill Francis & Iftekhar Hasan & Liang Song, 2012. "Are Firm- And Country-Specific Governance Substitutes? Evidence From Financial Contracts In Emerging Markets," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, Southern Finance Association;Southwestern Finance Association, vol. 35(3), pages 343-374, 09.
    5. Di Cai & Jin-hui Luo & Di-fang Wan, 2012. "Family CEOs: Do they benefit firm performance in China?," Asia Pacific Journal of Management, Springer, Springer, vol. 29(4), pages 923-947, December.
    6. Bajo, Emanuele & Barbi, Massimiliano & Bigelli, Marco & Hillier, David, 2013. "The role of institutional investors in public-to-private transactions," Journal of Banking & Finance, Elsevier, Elsevier, vol. 37(11), pages 4327-4336.
    7. Cheng, Minying & Lin, Bingxuan & Wei, Minghai, 2013. "How does the relationship between multiple large shareholders affect corporate valuations? Evidence from China," Journal of Economics and Business, Elsevier, Elsevier, vol. 70(C), pages 43-70.
    8. Sabri Boubaker & Hind Sami, 2011. "Multiple Large Shareholders and Earnings Informativeness," Post-Print, HAL halshs-00623867, HAL.
    9. Nguyen, Pascal & Rahman, Nahid & Zhao, Ruoyun, 2013. "Ownership structure and divestiture decisions: Evidence from Australian firms," International Review of Financial Analysis, Elsevier, Elsevier, vol. 30(C), pages 170-181.
    10. Jin-Hui Luo & Heng Liu, 2014. "Family-Concentrated Ownership in Chinese PLCs: Does Ownership Concentration Always Enhance Corporate Value?," International Journal of Financial Studies, MDPI, Open Access Journal, vol. 2(1), pages 103-121, February.
    11. Chen, En-Te & Gray, Stephen & Nowland, John, 2012. "Multiple founders and firm value," Pacific-Basin Finance Journal, Elsevier, Elsevier, vol. 20(3), pages 398-415.

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