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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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  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. Safdar Husain Tahir & Sara Sohail & Irtaza Qayyam & Komal Mumtaz, 2016. "Effect Of Corporate Governance Index On Dividend Policy: An Investigation Of Textile Industry Of Pakistan," Journal of Economic and Social Development, Clinical Journals Press, vol. 3(01), pages 01-08.
  5. 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.
  6. 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.
  7. 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).
  8. 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.
  9. 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.
  10. Breugem, Matthijs & Corvino, Raffaele, 2021. "Dynamic ownership and private benefits," Journal of Corporate Finance, Elsevier, vol. 67(C).
  11. 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.
  12. Choi, Heejung & Kim, Jong-Hoon & Suh, Jungwon & Uchida, Konari, 2026. "Left to their own devices: Ownership concentration and payout policy," Research in International Business and Finance, Elsevier, vol. 81(C).
  13. Han, Hongwen & Tang, Jiali Jenna & Tang, Qingquan, 2024. "The role of large shareholders in goodwill impairment decisions – Evidence from China," Emerging Markets Review, Elsevier, vol. 59(C).
  14. 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.
  15. Cai, Guowei & Hsu, Po-Hsuan & Xu, Xinyi & Zhou, Tong & Zhu, Yadian, 2023. "The bright and dark sides of minority shareholder protection: Evidence from the separate vote counts disclosure rule in China," Pacific-Basin Finance Journal, Elsevier, vol. 82(C).
  16. 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.
  17. 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).
  18. 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).
  19. Liu, Yunxiao & Kim, Woochan & Sung, Taeyoon, 2021. "Investment efficiency of firms outside the business group," Journal of Corporate Finance, Elsevier, vol. 71(C).
  20. Caixe, Daniel Ferreira, 2025. "Policy uncertainty and cash holdings: The role of corporate governance in Brazil," Research in International Business and Finance, Elsevier, vol. 80(C).
  21. 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.
  22. 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.
  23. 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).
  24. 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.
  25. Corina Burunciuc & Halit Gonenc, 2020. "Reforms Protecting Minority Shareholders and Firm Performance: International Evidence," JRFM, MDPI, vol. 14(1), pages 1-24, December.
  26. 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.
  27. 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).
  28. 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).
  29. 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.
  30. 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.
  31. Dang, Man & Puwanenthiren, Premkanth & Mazur, Mieszko & Hoang, Viet Anh & Nadarajah, Sivathaasan & Nguyen, Thieu Quang, 2025. "Firm complexity and credit ratings," International Review of Financial Analysis, Elsevier, vol. 104(PA).
  32. Chen, Yi-Wen & Pan, Xing-Yu & Lin, Chu-Bin & Yang, Chun-Hua, 2024. "Share pledge and stock repurchase: The role of stock mispricing and corporate governance," Pacific-Basin Finance Journal, Elsevier, vol. 88(C).
  33. 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.
  34. 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 Shi for their valuable comments. We acknowledge the ," China Economic Review, Elsevier, vol. 76(C).
  35. 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.
  36. 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.
  37. 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).
  38. 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.
  39. 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.
  40. 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.
  41. Imen Ghadhab, 2021. "Cross-listing and crisis," Journal of Asset Management, Palgrave Macmillan, vol. 22(7), pages 539-558, December.
  42. Gam, Yong Kyu & Gupta, Paramita & Im, Jieun & Shin, Hojong, 2021. "Evasive shareholder meetings and corporate fraud," Journal of Corporate Finance, Elsevier, vol. 66(C).
  43. 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.
  44. 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.
  45. Yonghyun Kwon & Seung Hun Han & Young Woo Koh, 2022. "Production Suspension, Corporate Governance, and Firm Value," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 58(10), pages 2711-2735, August.
  46. 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).
  47. 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.
  48. 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.
  49. 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.
  50. 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).
  51. 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.
  52. 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.
  53. Barbara Casu & Laura Chiaramonte & Ettore Croci & Stefano Filomeni, 2024. "Access to Credit in a Market Downturn," Journal of Financial Services Research, Springer;Western Finance Association, vol. 66(2), pages 143-169, October.
  54. 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.
  55. Caixe, Daniel Ferreira, 2022. "Corporate governance and investment sensitivity to policy uncertainty in Brazil," Emerging Markets Review, Elsevier, vol. 51(PB).
  56. 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.
  57. Udichibarna Bose & Stefano Filomeni & Elena Tabacco, 2025. "Does Soft Information Mitigate Gender Bias in Corporate Lending?," Journal of Business Ethics, Springer, vol. 198(2), pages 437-466, May.
  58. 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).
  59. 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.
  60. 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.
  61. Hearn, Bruce & Filatotchev, Igor & Goergen, Marc, 2025. "Dispersed ownership and asset pricing: An unpriced premium associated with free float," Journal of Corporate Finance, Elsevier, vol. 92(C).
  62. 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).
  63. 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.
  64. 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.
  65. 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.
  66. 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.
  67. 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.
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