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Ownership structure and minority expropriation in Lebanon

Author

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  • Nehme Azoury
  • Elie Bouri

Abstract

This paper examines minority expropriation issues in the dominant presence of family ownership using longitudinal (hand-collected) data on 270 Lebanese non-financial firms between 2009 and 2012. The analysis reveals that family-related CEOs and the disparity between cash-flow rights and voting rights facilitate expropriation. However, the presence of private equity and banking firms reduces private benefit extraction. By explicitly focusing on the ownership-expropriation nexus and by promoting the development and implementation of a tailored governance code that considers Lebanese specificities, this paper makes a contribution to the growing literature on the role of corporate governance in emerging markets.

Suggested Citation

  • Nehme Azoury & Elie Bouri, 2016. "Ownership structure and minority expropriation in Lebanon," International Journal of Business and Globalisation, Inderscience Enterprises Ltd, vol. 17(2), pages 149-173.
    • Handle: RePEc:ids:ijbglo:v:17:y:2016:i:2:p:149-173
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