Property networks of corporations as cause of abusive behaviour: a stock market analysis based on institutional economics
AbstractThe present study deals with the fact that it seems as if executive boards have developed a self-service-mentality concerning the corporations they are meant to manage. The surprise about this is not the attempt of exploitation (rather the opposite would be surprising from an economic point of view) but the apparent absence of sanctions imposed by the owners. This study shows that this behaviour of corporations’ owners is at least to a main part due to the fact, that the reciprocal property of corporations prevents the exercise of certain property rights by the 'true’ holders.
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Bibliographic InfoArticle provided by Taylor and Francis Journals in its journal Applied Financial Economics Letters.
Volume (Year): 1 (2005)
Issue (Month): 5 (September)
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Web page: http://www.tandfonline.com/RAFL20
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- L. A. A. Van den Berghe & Abigail Levrau, 2004. "Evaluating Boards of Directors: what constitutes a good corporate board?," Corporate Governance: An International Review, Wiley Blackwell, vol. 12(4), pages 461-478, October.
- Goyal, Vidhan K. & Park, Chul W., 2002. "Board leadership structure and CEO turnover," Journal of Corporate Finance, Elsevier, vol. 8(1), pages 49-66, January.
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