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Commitment or entrenchment?: Controlling shareholders and board composition

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  • Yeh, Yin-Hua
  • Woidtke, Tracie
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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of Banking & Finance.

    Volume (Year): 29 (2005)
    Issue (Month): 7 (July)
    Pages: 1857-1885

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    Handle: RePEc:eee:jbfina:v:29:y:2005:i:7:p:1857-1885

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    1. Rafael LaPorta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert Vishny, . "Investor Protection and Corporate Governance," Working Paper 19455, Harvard University OpenScholar.
    2. Rafael La Porta & Florencio Lopez-deSilanes & Andrei Shleifer & Robert W. Vishny, 1999. "Investor Protection and Corporate Valuation," NBER Working Papers 7403, National Bureau of Economic Research, Inc.
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    4. Rafael LaPorta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, . "Law and Finance," Working Paper 19451, Harvard University OpenScholar.
    5. Benjamin E. Hermalin & Michael S. Weisbach, 1991. "The Effects of Board Composition and Direct Incentives on Firm Performance," Financial Management, Financial Management Association, Financial Management Association, vol. 20(4), Winter.
    6. Rosenstein, Stuart & Wyatt, Jeffrey G., 1997. "Inside directors, board effectiveness, and shareholder wealth," Journal of Financial Economics, Elsevier, Elsevier, vol. 44(2), pages 229-250, May.
    7. Lucian A. Bebchuk & Reinier Kraakman & George Triantis, 2000. "Stock Pyramids, Cross-Ownership, and Dual Class Equity: The Mechanisms and Agency Costs of Separating Control from Cash-Flow Rights," NBER Chapters, in: Concentrated Corporate Ownership, pages 295-318 National Bureau of Economic Research, Inc.
    8. Stijn Claessens & Simeon Djankov & Joseph P. H. Fan & Larry H. P. Lang, 2002. "Disentangling the Incentive and Entrenchment Effects of Large Shareholdings," Journal of Finance, American Finance Association, American Finance Association, vol. 57(6), pages 2741-2771, December.
    9. Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer, 1998. "Corporate Ownership Around the World," Harvard Institute of Economic Research Working Papers 1840, Harvard - Institute of Economic Research.
    10. Kaplan, Steven N. & Minton, Bernadette A., 1994. "Appointments of outsiders to Japanese boards: Determinants and implications for managers," Journal of Financial Economics, Elsevier, Elsevier, vol. 36(2), pages 225-258, October.
    11. Andrei Shleifer & Robert W. Vishny, 1996. "A Survey of Corporate Governance," NBER Working Papers 5554, National Bureau of Economic Research, Inc.
    12. Anil Shivdasani & David Yermack, 1999. "CEO Involvement in the Selection of New Board Members: An Empirical Analysis," Journal of Finance, American Finance Association, American Finance Association, vol. 54(5), pages 1829-1853, October.
    13. Holderness, Clifford G. & Sheehan, Dennis P., 1988. "The role of majority shareholders in publicly held corporations : An exploratory analysis," Journal of Financial Economics, Elsevier, Elsevier, vol. 20(1-2), pages 317-346, January.
    14. Palia, Darius, 2001. "The Endogeneity of Managerial Compensation in Firm Valuation: A Solution," Review of Financial Studies, Society for Financial Studies, Society for Financial Studies, vol. 14(3), pages 735-64.
    15. Pi, Lynn & Timme, Stephen G., 1993. "Corporate control and bank efficiency," Journal of Banking & Finance, Elsevier, Elsevier, vol. 17(2-3), pages 515-530, April.
    16. Cho, Myeong-Hyeon, 1998. "Ownership structure, investment, and the corporate value: an empirical analysis," Journal of Financial Economics, Elsevier, Elsevier, vol. 47(1), pages 103-121, January.
    17. Fama, Eugene F & Jensen, Michael C, 1983. "Separation of Ownership and Control," Journal of Law and Economics, University of Chicago Press, University of Chicago Press, vol. 26(2), pages 301-25, June.
    18. Morck, Randall & Shleifer, Andrei & Vishny, Robert W., 1988. "Management ownership and market valuation : An empirical analysis," Journal of Financial Economics, Elsevier, Elsevier, vol. 20(1-2), pages 293-315, January.
    19. Claessens, Stijn & Djankov, Simeon & Lang, Larry H. P., 2000. "The separation of ownership and control in East Asian Corporations," Journal of Financial Economics, Elsevier, Elsevier, vol. 58(1-2), pages 81-112.
    20. Gilson, Stuart C., 1990. "Bankruptcy, boards, banks, and blockholders : Evidence on changes in corporate ownership and control when firms default," Journal of Financial Economics, Elsevier, Elsevier, vol. 27(2), pages 355-387, October.
    21. Brickley, James A. & Coles, Jeffrey L. & Jarrell, Gregg, 1997. "Leadership structure: Separating the CEO and Chairman of the Board," Journal of Corporate Finance, Elsevier, Elsevier, vol. 3(3), pages 189-220, June.
    22. Mehran, Hamid, 1995. "Executive compensation structure, ownership, and firm performance," Journal of Financial Economics, Elsevier, Elsevier, vol. 38(2), pages 163-184, June.
    23. McConnell, John J. & Servaes, Henri, 1990. "Additional evidence on equity ownership and corporate value," Journal of Financial Economics, Elsevier, Elsevier, vol. 27(2), pages 595-612, October.
    24. Baysinger, Barry D & Butler, Henry N, 1985. "Corporate Governance and the Board of Directors: Performance Effects of Changes in Board Composition," Journal of Law, Economics and Organization, Oxford University Press, Oxford University Press, vol. 1(1), pages 101-24, Spring.
    25. Faccio, Mara & Lang, Larry H. P., 2002. "The ultimate ownership of Western European corporations," Journal of Financial Economics, Elsevier, Elsevier, vol. 65(3), pages 365-395, September.
    26. Yin-hua Yeh & Tsun-siou Lee & Tracie Woidtke, 2001. "Family Control and Corporate Governance: Evidence from Taiwan," International Review of Finance, International Review of Finance Ltd., International Review of Finance Ltd., vol. 2(1&2), pages 21-48.
    27. Harris, Milton & Raviv, Artur, 1988. "Corporate governance : Voting rights and majority rules," Journal of Financial Economics, Elsevier, Elsevier, vol. 20(1-2), pages 203-235, January.
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    Cited by:
    1. Nadia Loukil & Ouidad Yousfi, 2014. "Does Gender Diversity on board lead to Risk-Taking? Empirical Evidence from Tunisia," Working Papers 2014-450, Department of Research, Ipag Business School.
    2. Yuting Huang & Anlin Chen & Lanfeng Kao, 2012. "Corporate governance in Taiwan: The nonmonotonic relationship between family ownership and dividend policy," Asia Pacific Journal of Management, Springer, Springer, vol. 29(1), pages 39-58, March.
    3. Polina Savchenko & Maria Semenova, 2013. "Sitting on the fence: does having a ‘dual-director’ add to bank profitability?," HSE Working papers, National Research University Higher School of Economics WP BRP 16/FE/2013, National Research University Higher School of Economics.
    4. Chii-Shyan Kuo & Shih-Ti Yu, 2014. "Remuneration Committee, Board Independence and Top Executive Compensation," Journal of Risk and Financial Management, MDPI, Open Access Journal, vol. 7(2), pages 28-44, April.
    5. Chou, Hsin-I & Chung, Huimin & Yin, Xiangkang, 2013. "Attendance of board meetings and company performance: Evidence from Taiwan," Journal of Banking & Finance, Elsevier, Elsevier, vol. 37(11), pages 4157-4171.
    6. Yeh, Chien Mu & Taylor, Tracy & Hoye, Russell, 2009. "Board roles in organisations with a dual board system: Empirical evidence from Taiwanese nonprofit sport organisations," Sport Management Review, Elsevier, Elsevier, vol. 12(2), pages 91-100, May.
    7. Iwasaki, Ichiro, 2008. "The Determinants of Board Composition in a Transforming Economy: Evidence from Russia," RRC Working Paper Series, Russian Research Center, Institute of Economic Research, Hitotsubashi University 9, Russian Research Center, Institute of Economic Research, Hitotsubashi University.
    8. Black, Bernard & Kim, Woochan, 2011. "The effect of board structure on firm value: a multiple identification strategies approach using Korean data," MPRA Paper 40283, University Library of Munich, Germany.
    9. Marc Essen & J. Oosterhout & Michael Carney, 2012. "Corporate boards and the performance of Asian firms: A meta-analysis," Asia Pacific Journal of Management, Springer, Springer, vol. 29(4), pages 873-905, December.
    10. Azofra, Valentín & Santamaría, Marcos, 2011. "Ownership, control, and pyramids in Spanish commercial banks," Journal of Banking & Finance, Elsevier, Elsevier, vol. 35(6), pages 1464-1476, June.
    11. Xiaoxiang Zhang & Jo-Ting Wei & Hsin-Hung Wu, 2013. "Forced financial information restatements and management turnover: Market discipline and large family shareholders’ intervention in an emerging economy," Asia Pacific Journal of Management, Springer, Springer, vol. 30(4), pages 1005-1029, December.
    12. Woidtke, Tracie & Yeh, Yin-Hua, 2013. "The role of the audit committee and the informativeness of accounting earnings in East Asia," Pacific-Basin Finance Journal, Elsevier, Elsevier, vol. 23(C), pages 1-24.
    13. 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.
    14. repec:hal:wpaper:hal-00842582 is not listed on IDEAS
    15. Goel, Sanjay & Mazzola, Pietro & Phan, Phillip H. & Pieper, Torsten M. & Zachary, Ramona K., 2012. "Strategy, ownership, governance, and socio-psychological perspectives on family businesses from around the world," Journal of Family Business Strategy, Elsevier, vol. 3(2), pages 54-65.
    16. Tang, Hui-wen & Chen, Anlin & Chang, Chong-Chuo, 2013. "Insider trading, accrual abuse, and corporate governance in emerging markets — Evidence from Taiwan," Pacific-Basin Finance Journal, Elsevier, Elsevier, vol. 24(C), pages 132-155.
    17. Yeh, Yin-Hua & Shu, Pei-Gi & Chiu, Shean-Bii, 2013. "Political connections, corporate governance and preferential bank loans," Pacific-Basin Finance Journal, Elsevier, Elsevier, vol. 21(1), pages 1079-1101.
    18. Tristan Auvray & Olivier Brossard, 2013. "French connection: interlocking directorates and the ownership-control nexus in an insider governance system," CEPN Working Papers, HAL hal-00842582, HAL.
    19. Pascal Dumontier & Sonda Chtourou & Soumaya Ayedi, 2006. "La qualité de l'audit externe et les mécanismes de gouvernance des entreprises : Une étude empirique menée dans le contexte tunisien," Post-Print halshs-00548115, HAL.
    20. Liu-Ching Tsai & Chaur-Shiuh Young & Hui-Wen Hsu, 2011. "Entrenched controlling shareholders and the performance consequences of corporate diversification in Taiwan," Review of Quantitative Finance and Accounting, Springer, Springer, vol. 37(1), pages 105-126, July.

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