Does Board Independence Matter in Companies with a Controlling Shareholder?
A number of studies have reported value discounts for listed companies in countries that provide weak legal protection to minority shareholders. Such studies typically attribute these discounts to the ability, and the well-documented tendency, of controlling shareholders to extract a disproportionate share of corporate resources for "private benefits." This tendency and the resulting discounts create a dilemma for those controlling shareholders intent on maximizing value for not just themselves, but "all" shareholders: How can such controlling shareholders assure their minority shareholders that they will not exploit their power to expropriate resources and so eliminate the discount from their companies' shares? Copyright Copyright (c) 2009 Morgan Stanley.
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Volume (Year): 21 (2009)
Issue (Month): 1 ()
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