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Do controlling shareholders' expropriation incentives imply a link between corporate governance and firm value? Theory and evidence

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Cited by:

  1. Esen KARA & Duygu ACAR ERDUR & Lale KARABIYIK, 2015. "Effects Of Corporate Governance Level On The Financial Performance Of Companies: A Research On BIST Corporate Governance Index (XKURY)," Ege Academic Review, Ege University Faculty of Economics and Administrative Sciences, vol. 15(2), pages 265-274.
  2. Enikolopov, Ruben & Petrova, Maria & Stepanov, Sergey, 2014. "Firm value in crisis: Effects of firm-level transparency and country-level institutions," Journal of Banking & Finance, Elsevier, vol. 46(C), pages 72-84.
  3. Diallo, Boubacar, 2017. "Corporate governance, bank concentration and economic growth," Emerging Markets Review, Elsevier, vol. 32(C), pages 28-37.
  4. Cynthia A. Utama & Sidharta Utama, 2016. "Interaction between Incentive to Expropriate and Investment Opportunities as a Determinant of Overinvestment Problem in Indonesia," Asian Academy of Management Journal of Accounting and Finance (AAMJAF), Penerbit Universiti Sains Malaysia, vol. 12(1), pages 73-99.
  5. Byun, Hae-Young & Choi, Sunhwa & Hwang, Lee-Seok & Kim, Robert G., 2013. "Business group affiliation, ownership structure, and the cost of debt," Journal of Corporate Finance, Elsevier, vol. 23(C), pages 311-331.
  6. Crisóstomo, Vicente Lima & Brandão, Isac de Freitas & López-Iturriaga, Félix Javier, 2020. "Large shareholders’ power and the quality of corporate governance: An analysis of Brazilian firms," Research in International Business and Finance, Elsevier, vol. 51(C).
  7. Ji-Hyun Lee & Su-Yol Lee, 2022. "Effect of the Absence of Unethical Controlling Shareholders on Firm Value and the Moderating Role of Corporate Governance: Evidence from South Korea," Sustainability, MDPI, vol. 14(6), pages 1-15, March.
  8. Oluyemisi Arowolo & Ayoib Che-Ahmad, 2016. "Monitoring Mechanisms, Gender, and Information System Structure in Nigerian Non-Financial Listed Companies," International Journal of Business and Management, Canadian Center of Science and Education, vol. 11(5), pages 129-129, April.
  9. Breugem, Matthijs & Corvino, Raffaele, 2021. "Dynamic ownership and private benefits," Journal of Corporate Finance, Elsevier, vol. 67(C).
  10. Yoon K. Choi & Seung Hun Han & Sangwon Lee, 2017. "Investment and Cash Flows in Internal Capital Markets: Evidence from Korean Business Groups," Multinational Finance Journal, Multinational Finance Journal, vol. 21(4), pages 211-245, December.
  11. Alhaj-Ismail, Alaa & Adwan, Sami & Stittle, John, 2019. "Share-option based compensation expense, shareholder returns and financial crisis," Journal of Contemporary Accounting and Economics, Elsevier, vol. 15(1), pages 20-35.
  12. Bereskin, Frederick L. & Kim, Bushik & Oh, Frederick Dongchuhl, 2015. "Do credit rating concerns lead to better corporate governance? Evidence from Korea," Pacific-Basin Finance Journal, Elsevier, vol. 35(PB), pages 592-608.
  13. Block, Joern & Ulrich, Lennart, 2023. "Are family owners and managers good stewards in global crises? Evidence from stock market reactions to Covid-19," Journal of Family Business Strategy, Elsevier, vol. 14(1).
  14. Liu, Hang & Luo, Jin-hui & Wang, Xin, 2021. "Do controlling shareholders expropriate employees? Evidence from workplace fatalities in China," Pacific-Basin Finance Journal, Elsevier, vol. 69(C).
  15. Liu, Yunxiao & Kim, Woochan & Sung, Taeyoon, 2021. "Investment efficiency of firms outside the business group," Journal of Corporate Finance, Elsevier, vol. 71(C).
  16. Wang, Xiaoming & Cao, Jerry & Liu, Qigui & Tang, Jinghua & Tian, Gary Gang, 2015. "Disproportionate ownership structure and IPO long-run performance of non-SOEs in China," China Economic Review, Elsevier, vol. 32(C), pages 27-42.
  17. Beuselinck, Christof & Cao, Lihong & Deloof, Marc & Xia, Xinping, 2017. "The value of government ownership during the global financial crisis," Journal of Corporate Finance, Elsevier, vol. 42(C), pages 481-493.
  18. Lee, Sangwon, 2022. "The value of official business group affiliation: Evidence from a change in Korean chaebol designation policy," Emerging Markets Review, Elsevier, vol. 52(C).
  19. Imad Jabbouri & Rachid Jabbouri, 2021. "Ownership identity and firm performance: Pre‐ and post‐crisis evidence from an African emerging market," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(4), pages 5963-5976, October.
  20. Corina Burunciuc & Halit Gonenc, 2020. "Reforms Protecting Minority Shareholders and Firm Performance: International Evidence," JRFM, MDPI, vol. 14(1), pages 1-24, December.
  21. Cai, Charlie X. & Hillier, David & Tian, Gaoliang & Wu, Qinghua, 2015. "Do audit committees reduce the agency costs of ownership structure?," Pacific-Basin Finance Journal, Elsevier, vol. 35(PA), pages 225-240.
  22. Javadi, Siamak & Mollagholamali, Mohsen & Nejadmalayeri, Ali & Al-Thaqeb, Saud, 2021. "Corporate cash holdings, agency problems, and economic policy uncertainty," International Review of Financial Analysis, Elsevier, vol. 77(C).
  23. Cheung, Yan-Leung & Rau, P. Raghavendra & Stouraitis, Aris & Tan, Weiqiang, 2021. "Does the market understand the ex ante risk of expropriation by controlling shareholders?," Journal of Corporate Finance, Elsevier, vol. 68(C).
  24. Yu, Zhuangxiong & Li, Jie & Yang, Jian, 2017. "Does corporate governance matter in competitive industries? Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 43(C), pages 238-255.
  25. Ducret, Romain, 2021. "Investors' perception of business group membership during an economic crisis : Evidence from the COVID-19 pandemic," FSES Working Papers 524, Faculty of Economics and Social Sciences, University of Freiburg/Fribourg Switzerland.
  26. Saghi-Zedek, Nadia & Tarazi, Amine, 2015. "Excess control rights, financial crisis and bank profitability and risk," Journal of Banking & Finance, Elsevier, vol. 55(C), pages 361-379.
  27. Ling, Leng & Luo, Danglun & Li, Xiaoxia & Pan, Xintong, 2022. "Looking good by doing good: CEO attractiveness and corporate philanthropy11We thank the co-editor (Suqin Ge) and the referees for many valuable comments and suggestions. We thank Huimin Li and Jing Sh," China Economic Review, Elsevier, vol. 76(C).
  28. Imad Jabbouri & Maryem Naili & Hamza Almustafa & Rachid Jabbouri, 2023. "Does ownership concentration affect banks’ credit risk? Evidence from MENA emerging markets," Bulletin of Economic Research, Wiley Blackwell, vol. 75(1), pages 119-140, January.
  29. Haroon ur Rashid Khan & Waqas Bin Khidmat & Muhammad Danish Habib & Sadia Awan, 2022. "Academic directors in board and corporate expropriation: Evidence from China," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 43(2), pages 372-397, March.
  30. Kong, Dongmin & Ji, Mianmian & Liu, Lihua, 2023. "Mandatory dividend policy and investment efficiency within state-owned business groups," Pacific-Basin Finance Journal, Elsevier, vol. 77(C).
  31. Charl de Villiers & Ruth Dimes, 2021. "Determinants, mechanisms and consequences of corporate governance reporting: a research framework," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 25(1), pages 7-26, March.
  32. Black, Bernard S. & Kim, Woochan & Jang, Hasung & Park, Kyung-Suh, 2015. "How corporate governance affect firm value? Evidence on a self-dealing channel from a natural experiment in Korea," Journal of Banking & Finance, Elsevier, vol. 51(C), pages 131-150.
  33. Miaowei Peng & Xue Tan, 2023. "Does controlling persons’ foreign residency rights influence executive compensation?," Review of Managerial Science, Springer, vol. 17(7), pages 2375-2416, October.
  34. Imen Ghadhab, 2021. "Cross-listing and crisis," Journal of Asset Management, Palgrave Macmillan, vol. 22(7), pages 539-558, December.
  35. Gam, Yong Kyu & Gupta, Paramita & Im, Jieun & Shin, Hojong, 2021. "Evasive shareholder meetings and corporate fraud," Journal of Corporate Finance, Elsevier, vol. 66(C).
  36. Christopher Hansen & Joern Block & Matthias Neuenkirch, 2020. "Family Firm Performance Over The Business Cycle: A Meta‐Analysis," Journal of Economic Surveys, Wiley Blackwell, vol. 34(3), pages 476-511, July.
  37. Wei Zhang & Xiong Xiong & Guanying Wang & Jing Li, 2022. "The accounting and trading information channels of excess control rights on IPO long-term return in China," Review of Quantitative Finance and Accounting, Springer, vol. 59(4), pages 1609-1646, November.
  38. Attig, Najah & El Ghoul, Sadok & Guedhami, Omrane & Zheng, Xiaolan, 2021. "Dividends and economic policy uncertainty: International evidence," Journal of Corporate Finance, Elsevier, vol. 66(C).
  39. Andy Lardon & Christof Beuselinck & Marc Deloof, 2019. "Does stable ownership create value? Evidence from the global financial crisis," Review of Quantitative Finance and Accounting, Springer, vol. 52(2), pages 573-642, February.
  40. Jerry X. Cao & Yuan Ding & Hua Zhang, 2016. "Social Capital, Informal Governance, and Post-IPO Firm Performance: A Study of Chinese Entrepreneurial Firms," Journal of Business Ethics, Springer, vol. 134(4), pages 529-551, April.
  41. Duc Nam Phung & Anil V. Mishra, 2016. "Ownership Structure and Firm Performance: Evidence from Vietnamese Listed Firms," Australian Economic Papers, Wiley Blackwell, vol. 55(1), pages 63-98, March.
  42. Liu, Ruiming & Si, Haiping & Miao, Miao, 2022. "One false step can make a great difference: Does corporate litigation cause the exit of the controlling shareholder?," Journal of Corporate Finance, Elsevier, vol. 73(C).
  43. Jaemin Kim & Joon‐Seok Kim, 2022. "Arrests and indictments of corporate insiders, ownership structure, and corporate governance: Evidence from Korea," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 27(3), pages 3580-3598, July.
  44. Lin, Cho-Min & Chan, Min-Lee & Chien, I-Hsin & Li, Kuan-Hua, 2018. "The relationship between cash value and accounting conservatism: The role of controlling shareholders," International Review of Economics & Finance, Elsevier, vol. 55(C), pages 233-245.
  45. Jiang, Guohua & Rao, Pingui & Yue, Heng, 2015. "Tunneling through Non-Operational Fund Occupancy: An investigation based on officially identified activities," Journal of Corporate Finance, Elsevier, vol. 32(C), pages 295-311.
  46. Caixe, Daniel Ferreira, 2022. "Corporate governance and investment sensitivity to policy uncertainty in Brazil," Emerging Markets Review, Elsevier, vol. 51(PB).
  47. Liew, Chee Yoong & Devi, S.Susela, 2020. "Independent Directors’ Tenure, Expropriation, Related Party Transactions, and Firm Value: The Role of Ownership Concentration in Malaysian Publicly Listed Corporations," MPRA Paper 99705, University Library of Munich, Germany.
  48. Wang, Kun Tracy & Kartika, Fiki & Wang, Wanbin Walter & Luo, Guqiang, 2021. "Corporate social responsibility, investor protection, and the cost of equity: Evidence from East Asia," Emerging Markets Review, Elsevier, vol. 47(C).
  49. Yu He & Lei Xu & Minhua Yang, 2021. "The impact of tunnelling on financial distress and resolution: Evidence from listed firms in China," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(2), pages 1773-1792, April.
  50. Jacob LaRiviere & Matthew McMahon & William Neilson, 2018. "Shareholder Protection and Agency Costs: An Experimental Analysis," Management Science, INFORMS, vol. 64(7), pages 3108-3128, July.
  51. Kabbach-de-Castro, Luiz Ricardo & Kalatzis, Aquiles Elie Guimarães & Pellicani, Aline Damasceno, 2022. "Do financial constraints in an unstable emerging economy mitigate the opportunistic behavior of entrenched family owners?," Emerging Markets Review, Elsevier, vol. 50(C).
  52. Pandey, Rakesh & Vithessonthi, Chaiporn & Mansi, Mansi, 2015. "Busy CEOs and the performance of family firms," Research in International Business and Finance, Elsevier, vol. 33(C), pages 144-166.
  53. Howard Bodenhorn, 2014. "Voting Rights, Shareholdings, and Leverage at Nineteenth-Century U.S. Banks," Journal of Law and Economics, University of Chicago Press, vol. 57(2), pages 431-458.
  54. Hwang, Lee-Seok & Kim, Hakkon & Park, Kwangwoo & Park, Rae Soo, 2013. "Corporate governance and payout policy: Evidence from Korean business groups," Pacific-Basin Finance Journal, Elsevier, vol. 24(C), pages 179-198.
  55. Yen, Tze-Yu & André, Paul, 2019. "Market reaction to the effect of corporate social responsibility on mergers and acquisitions: Evidence on emerging markets," The Quarterly Review of Economics and Finance, Elsevier, vol. 71(C), pages 114-131.
  56. Tilahun Dires & Derjew Fentie & Yeneneh Hunie & Worku Nega & Mulugeta Tenaw & Sayeh Kassaw Agegnehu & Reinfried Mansberger, 2021. "Assessing the Impacts of Expropriation and Compensation on Livelihood of Farmers: The Case of Peri-Urban Debre Markos, Ethiopia," Land, MDPI, vol. 10(6), pages 1-16, June.
  57. Connelly, J. Thomas & Limpaphayom, Piman & Nguyen, Hien T. & Tran, Thanh D., 2017. "A tale of two cities: Economic development, corporate governance and firm value in Vietnam," Research in International Business and Finance, Elsevier, vol. 42(C), pages 102-123.
  58. Bae, Kee-Hong & Kim, Seung-Bo & Kim, Woochan, 2012. "Family control and expropriation at not-for-profit organizations: evidence from korean private universities," MPRA Paper 44029, University Library of Munich, Germany.
  59. Wang, Kun Tracy & Shailer, Greg, 2017. "Family ownership and financial performance relations in emerging markets," International Review of Economics & Finance, Elsevier, vol. 51(C), pages 82-98.
  60. Paolo Saona & Laura Muro & Pablo San Martín & Carlos Cid, 2020. "Ibero-American corporate ownership and boards of directors: implementation and impact on firm value in Chile and Spain," Economic Research-Ekonomska Istraživanja, Taylor & Francis Journals, vol. 33(1), pages 2138-2170, January.
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