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Stock Pyramids, Cross-Ownership, and Dual Class Equity: The Mechanisms and Agency Costs of Separating Control from Cash-Flow Rights

In: Concentrated Corporate Ownership

Citations

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Cited by:

  1. Lauterbach, Beni & Yafeh, Yishay, 2011. "Long term changes in voting power and control structure following the unification of dual class shares," Journal of Corporate Finance, Elsevier, vol. 17(2), pages 215-228, April.
  2. Minetti, Raoul & Murro, Pierluigi & Paiella, Monica, 2015. "Ownership structure, governance, and innovation," European Economic Review, Elsevier, vol. 80(C), pages 165-193.
  3. Ben-Nasr, Hamdi & Boubaker, Sabri & Rouatbi, Wael, 2015. "Ownership structure, control contestability, and corporate debt maturity," Journal of Corporate Finance, Elsevier, vol. 35(C), pages 265-285.
  4. Mine Aksu & Arman Kosedag, 2006. "Transparency and Disclosure Scores and their Determinants in the Istanbul Stock Exchange," Corporate Governance: An International Review, Wiley Blackwell, vol. 14(4), pages 277-296, July.
  5. Sabri Boubaker & Florence Labégorre, 2008. "Le recours aux leviers de contrôle:le cas des sociétés cotées françaises," Revue Finance Contrôle Stratégie, revues.org, vol. 11(3), pages 95-124, September.
  6. Howell, Jason W., 2017. "The survival of the U.S. dual class share structure," Journal of Corporate Finance, Elsevier, vol. 44(C), pages 440-450.
  7. Zhang, Min & M, Lijun & Zhang, Bo & Yi, Zhihong, 2016. "Pyramidal structure, political intervention and firms' tax burden: Evidence from China's local SOEs," Journal of Corporate Finance, Elsevier, vol. 36(C), pages 15-25.
  8. Schouten, Michael C., 2009. "The Case for Mandatory Ownership Disclosure," MPRA Paper 14139, University Library of Munich, Germany, revised 13 Mar 2009.
  9. At, Christian & Burkart, Mike & Lee, Samuel, 2011. "Security-voting structure and bidder screening," Journal of Financial Intermediation, Elsevier, vol. 20(3), pages 458-476, July.
  10. Boubaker, Sabri & Nguyen, Pascal & Rouatbi, Wael, 2012. "Large shareholders and firm risk-taking behavior," MPRA Paper 39005, University Library of Munich, Germany.
  11. Randall Morck & Bernard Yeung, 2009. "Never Waste a Good Crisis: An Historical Perspective on Comparative Corporate Governance," Annual Review of Financial Economics, Annual Reviews, vol. 1(1), pages 145-179, November.
  12. Art Durnev & Kan Li & Randall Mørck & Bernard Yeung, 2004. "Capital markets and capital allocation: Implications for economies in transition," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 12(4), pages 593-634, December.
  13. Randall Morck & Michael Percy & Gloria Tian & Bernard Yeung, 2005. "The Rise and Fall of the Widely Held Firm: A History of Corporate Ownership in Canada," NBER Chapters, in: A History of Corporate Governance around the World: Family Business Groups to Professional Managers, pages 65-148, National Bureau of Economic Research, Inc.
  14. Zeineb Barka & Taher Hamza, 2020. "The effect of large controlling shareholders on equity prices in France: monitoring or entrenchment?," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 24(3), pages 769-798, September.
  15. Morck, Randall & Deniz Yavuz, M. & Yeung, Bernard, 2011. "Banking system control, capital allocation, and economy performance," Journal of Financial Economics, Elsevier, vol. 100(2), pages 264-283, May.
  16. Sumon Kumar Bhaumik & Saul Estrin & Tomasz Mickiewicz, 2017. "Ownership identity, strategy and performance: Business group affiliates versus independent firms in India," Asia Pacific Journal of Management, Springer, vol. 34(2), pages 281-311, June.
  17. Robert Carpenter & Laura Rondi, 2006. "Going Public to Grow? Evidence from a Panel of Italian Firms," Small Business Economics, Springer, vol. 27(4), pages 387-407, December.
  18. Goergen, Marc & Manjon, Miguel C. & Renneboog, Luc, 2008. "Recent developments in German corporate governance," International Review of Law and Economics, Elsevier, vol. 28(3), pages 175-193, September.
  19. Maurizio Iacopetta & Raoul Minetti & Pietro F Peretto, 2019. "Financial Markets, Industry Dynamics and Growth," The Economic Journal, Royal Economic Society, vol. 129(621), pages 2192-2215.
  20. Bernard Yeung & Randall Morck & Daniel Wolfenzon, 2004. "Corporate Governance, Economic Entrenchment and Growth," Working Papers 04-21, New York University, Leonard N. Stern School of Business, Department of Economics.
  21. Gabriel Donleavy & Kit-Chun Lam & Simon Ho, 2008. "Does East Meet West in Business Ethics: An Introduction to the Special Issue," Journal of Business Ethics, Springer, vol. 79(1), pages 1-8, April.
  22. Lélis Pedro Andrade & Aureliano Angel Bressan & Robert Aldo Iquiapaza, 2017. "Dual class shares, board of directors’ effectiveness and firm’s market value: an empirical study," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 21(4), pages 1053-1092, December.
  23. Ryu, Keunkwan & Yoo, Jihye, 2011. "Relationship between management ownership and firm value among the business group affiliated firms in Korea," Journal of Comparative Economics, Elsevier, vol. 39(4), pages 557-576.
  24. Edwards, Jeremy S.S. & Weichenrieder, Alfons J., 2009. "Control rights, pyramids, and the measurement of ownership concentration," Journal of Economic Behavior & Organization, Elsevier, vol. 72(1), pages 489-508, October.
  25. Mohd Mohid Rahmat & Kamran Ahmed & Gerald J. Lobo, 2020. "Related Party Transactions, Value Relevance and Informativeness of Earnings: Evidence from Four Economies in East Asia," Review of Pacific Basin Financial Markets and Policies (RPBFMP), World Scientific Publishing Co. Pte. Ltd., vol. 23(01), pages 1-42, March.
  26. Bennedsen, Morten & Nielsen, Kasper Meisner, 2010. "Incentive and entrenchment effects in European ownership," Journal of Banking & Finance, Elsevier, vol. 34(9), pages 2212-2229, September.
  27. Eric Hilt, 2009. "Wall Street's First Corporate Governance Crisis: The Panic of 1826," NBER Working Papers 14892, National Bureau of Economic Research, Inc.
  28. Almeida, Heitor & Park, Sang Yong & Subrahmanyam, Marti G. & Wolfenzon, Daniel, 2011. "The structure and formation of business groups: Evidence from Korean chaebols," Journal of Financial Economics, Elsevier, vol. 99(2), pages 447-475, February.
  29. Elisabete Duarte Neves, 2014. "Ownership Structure and Investor¡¯s Sentiments for Dividends," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 5(2), pages 35-58, April.
  30. Hanran Li & Wenshu Wang, 2014. "Impact of Intangible Assets on Profitability of Hong Kong Listed Information Technology Companies," Business and Economic Research, Macrothink Institute, vol. 4(2), pages 98-113, December.
  31. Hani El-Chaarani, 2014. "The Impact of Financial Structure on the Performance of European Listed Firms," European Research Studies Journal, European Research Studies Journal, vol. 0(3), pages 103-124.
  32. Randall Morck, 2005. "How to Eliminate Pyramidal Business Groups: The Double Taxation of Intercorporate Dividends and Other Incisive Uses of Tax Policy," NBER Chapters, in: Tax Policy and the Economy, Volume 19, pages 135-179, National Bureau of Economic Research, Inc.
  33. Balagopal Vissa & Henrich R. Greve & Wei-Ru Chen, 2010. "Business Group Affiliation and Firm Search Behavior in India: Responsiveness and Focus of Attention," Organization Science, INFORMS, vol. 21(3), pages 696-712, June.
  34. Chen, Ming-Yuan, 2005. "Group affiliation, identity of managers, and the relation between managerial ownership and performance," International Review of Financial Analysis, Elsevier, vol. 14(5), pages 533-558.
  35. Docherty, Paul & Easton, Steve & Pinder, Sean, 2021. "Flights-to-control: Time variation in the value of a vote," Journal of Corporate Finance, Elsevier, vol. 66(C).
  36. 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.
  37. Watanabe, Mariko, 2002. "Holding company risk in China: a final step of state-owned enterprises reform and an emerging problem of corporate governance," China Economic Review, Elsevier, vol. 13(4), pages 373-381, December.
  38. Ferrell, Allen & Liang, Hao & Renneboog, Luc, 2016. "Socially responsible firms," Journal of Financial Economics, Elsevier, vol. 122(3), pages 585-606.
  39. Rui Albuquerue & Neng Wang, 2008. "Agency Conflicts, Investment, and Asset Pricing," Journal of Finance, American Finance Association, vol. 63(1), pages 1-40, February.
  40. Min, Byung-seong, 2021. "Heterogeneity of R&D in family firms," Journal of Business Research, Elsevier, vol. 129(C), pages 88-95.
  41. Boubaker, Sabri & Labégorre, Florence, 2008. "Ownership structure, corporate governance and analyst following: A study of French listed firms," Journal of Banking & Finance, Elsevier, vol. 32(6), pages 961-976, June.
  42. Pistor, Katharina, 2009. "Global network finance: Institutional innovation in the global financial market place," Journal of Comparative Economics, Elsevier, vol. 37(4), pages 552-567, December.
  43. Maurizio Iacopetta & Raoul Minetti & Pietro F Peretto, 2019. "Financial Markets, Industry Dynamics and Growth," Economic Journal, Royal Economic Society, vol. 129(621), pages 2192-2215.
  44. Randall Morck & Lloyd Steier, 2005. "The Global History of Corporate Governance: An Introduction," NBER Chapters, in: A History of Corporate Governance around the World: Family Business Groups to Professional Managers, pages 1-64, National Bureau of Economic Research, Inc.
  45. Abdelkbir Elouidani & Faical Zoubir, 2018. "Proposal of a theoretical reference framework for the study of the attractiveness of Foreign Direct Investments by Developing Countries [Proposition d’un cadre de référence théorique pour l’étude d," Post-Print hal-02948677, HAL.
  46. Boubaker, Sabri & Cellier, Alexis & Rouatbi, Wael, 2014. "The sources of shareholder wealth gains from going private transactions: The role of controlling shareholders," Journal of Banking & Finance, Elsevier, vol. 43(C), pages 226-246.
  47. Möbert, Jochen & Tydecks, Patrick, 2007. "Power and Ownership Structures among German Companies. A Network Analysis of Financial Linkages," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 35974, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
  48. Lee, Youkyoung & Cho, Myeonghyeon, 2016. "Does control-ownership disparity matter to foreign investors in Korea?," International Review of Economics & Finance, Elsevier, vol. 44(C), pages 219-231.
  49. Jyoti Gupta & Pramuan Bunkanwanicha & Sergey Khakimov & Philippe Spieser, 2016. "Do Financial Indicators Drive Market Value of Firms in the Transition Economies? The Russian Case," Journal of Emerging Market Finance, Institute for Financial Management and Research, vol. 15(2), pages 225-268, August.
  50. Audrey Wenhsin Hsu & Sophia Hsintsai Liu, 2018. "Parent-subsidiary investment layers and the value of corporate cash holdings," Review of Quantitative Finance and Accounting, Springer, vol. 51(3), pages 651-681, October.
  51. Randall Morck & Masao Nakamura, 2018. "Japan's Ultimately Unaccursed Natural Resources-financed Industrialization," NBER Chapters, in: Corporate Governance (NBER-TCER-CEPR Conference), National Bureau of Economic Research, Inc.
  52. Bhaumik, Sumon Kumar & Selarka, Ekta, 2012. "Does ownership concentration improve M&A outcomes in emerging markets?," Journal of Corporate Finance, Elsevier, vol. 18(4), pages 717-726.
  53. Katsuhiko Muramiya & Tomomi Takada, 2015. "Cross-Shareholdings and Information Environment," Discussion Papers in Economics and Business 15-20, Osaka University, Graduate School of Economics.
  54. Kim, Woochan & Lim, Youngjae & Sung, Taeyoon, 2007. "Group control motive as a determinant of ownership structure in business conglomerates: Evidence from Korea's chaebols," Pacific-Basin Finance Journal, Elsevier, vol. 15(3), pages 213-252, June.
  55. Randall Morck & Bernard Yeung, 2003. "Agency Problems in Large Family Business Groups," Entrepreneurship Theory and Practice, , vol. 27(4), pages 367-382, October.
  56. Chirinko, Robert S. & Schaller, Huntley, 2004. "A revealed preference approach to understanding corporate governance problems: Evidence from Canada," Journal of Financial Economics, Elsevier, vol. 74(1), pages 181-206, October.
  57. Gur Aminadav & Elias Papaioannou, 2020. "Corporate Control around the World," Journal of Finance, American Finance Association, vol. 75(3), pages 1191-1246, June.
  58. Paul André & Walid Ben-Amar & Samir Saadi, 2014. "Family firms and high technology Mergers & Acquisitions," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 18(1), pages 129-158, February.
  59. Liu-Ching Tsai & Chaur-Shiuh Young & Hui-Wen Hsu, 2011. "Entrenched controlling shareholders and the performance consequences of corporate diversification in Taiwan," Review of Quantitative Finance and Accounting, Springer, vol. 37(1), pages 105-126, July.
  60. Laetitia Lepetit & Amine Tarazi & Nadia Zedek, 2012. "Ultimate Ownership Structure and Bank Regulatory Capital Adjustment: Evidence from European Commercial Banks," Working Papers hal-00918579, HAL.
  61. Kato, Takao & Long, Cheryl, 2006. "CEO turnover, firm performance, and enterprise reform in China: Evidence from micro data," Journal of Comparative Economics, Elsevier, vol. 34(4), pages 796-817, December.
  62. Marc Levy, 2006. "Control in Pyramidal Structures," Working Papers CEB 06-023.RS, ULB -- Universite Libre de Bruxelles.
  63. Anna Maria Biscotti & Eugenio D’Amico, 2016. "Theoretical foundation of IC disclosure strategies in high-tech industries," International Journal of Disclosure and Governance, Palgrave Macmillan, vol. 13(1), pages 1-25, February.
  64. Waseem Ullah & Shahid Ali & Sajid Mehmood, 2017. "Impact of Excess Control, Ownership Structure and Corporate Governance on Firm Performance of Diversified Group Firms in Pakistan," Business & Economic Review, Institute of Management Sciences, Peshawar, Pakistan, vol. 9(2), pages 49-72, June.
  65. Sumon Kumar Bhaumik & Andros Gregoriou, 2010. "‘Family’ Ownership, Tunnelling And Earnings Management: A Review Of The Literature," Journal of Economic Surveys, Wiley Blackwell, vol. 24(4), pages 705-730, September.
  66. Lloyd Steier, 2009. "Familial capitalism in global institutional contexts: Implications for corporate governance and entrepreneurship in East Asia," Asia Pacific Journal of Management, Springer, vol. 26(3), pages 513-535, September.
  67. Gerhard Schnyder, 2008. "Does Social Democracy Matter? Corporate Governance Reforms in Switzerland and Sweden (1980-2005)," Working Papers wp370, Centre for Business Research, University of Cambridge.
  68. Surjit Tinaikar, 2014. "Voluntary disclosure and ownership structure: an analysis of dual class firms," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 18(2), pages 373-417, May.
  69. Andrea Melis & Silvia Carta & Silvia Gaia, 2012. "Executive remuneration in blockholder-dominated firms. How do Italian firms use stock options?," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 16(3), pages 511-541, August.
  70. Torres, Juan Pablo & Jara Bertín, Mauricio & López-Iturriaga, Félix J., 2017. "Corporate control and firm value: The bright side of business groups," Journal of Family Business Strategy, Elsevier, vol. 8(2), pages 99-108.
  71. Abreu, Mariana Piaia & Grassi, Rosanna & Del-Vecchio, Renata R., 2019. "Structure of control in financial networks: An application to the Brazilian stock market," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 522(C), pages 302-314.
  72. George, Rejie & Kabir, Rezaul, 2008. "Business groups and profit redistribution: A boon or bane for firms?," Journal of Business Research, Elsevier, vol. 61(9), pages 1004-1014, September.
  73. Henrik Cronqvist & Fredrik Heyman & Mattias Nilsson & Helena Svaleryd & Jonas Vlachos, 2009. "Do Entrenched Managers Pay Their Workers More?," Journal of Finance, American Finance Association, vol. 64(1), pages 309-339, February.
  74. Joanna Ho & Feng Tian & Anne Wu & Sean Xin Xu, 2017. "Seeking Value Through Deviation? Economic Impacts of IT Overinvestment and Underinvestment," Information Systems Research, INFORMS, vol. 28(4), pages 850-862, December.
  75. Yeh, Yin-Hua & Shu, Pei-Gi & Chiang, Tsui-Lin, 2014. "Affiliation and professionalism: Alternative perspectives on decomposing the board structures of financial institutions," International Review of Economics & Finance, Elsevier, vol. 32(C), pages 159-174.
  76. N. Dewaelheyns & C. Van Hulle, 2004. "The Impact of Business Groups on Bankruptcy Prediction Modeling," Review of Business and Economic Literature, KU Leuven, Faculty of Economics and Business (FEB), Review of Business and Economic Literature, vol. 0(4), pages 623-645.
  77. Madden, Laura & McMillan, Amy & Harris, Oneil, 2020. "Drivers of selectivity in family firms: Understanding the impact of age and ownership on CSR," Journal of Family Business Strategy, Elsevier, vol. 11(2).
  78. Chauhan, Yogesh & Dey, Dipanjan Kumar & Jha, Rajneesh Ranjan, 2016. "Board structure, controlling ownership, and business groups: Evidence from India," Emerging Markets Review, Elsevier, vol. 27(C), pages 63-83.
  79. Park, Chan-Kyoo & Lee, Cheolwoo & Jeon, Jin Q., 2020. "Centrality and corporate governance decisions of Korean chaebols: A social network approach," Pacific-Basin Finance Journal, Elsevier, vol. 62(C).
  80. Chakraborty, Indrani, 2010. "Capital structure in an emerging stock market: The case of India," Research in International Business and Finance, Elsevier, vol. 24(3), pages 295-314, September.
  81. Belkhir, Mohamed & Boubaker, Sabri & Rouatbi, Wael, 2013. "Excess control, agency costs and the probability of going private in France," Global Finance Journal, Elsevier, vol. 24(3), pages 250-265.
  82. repec:hal:spmain:info:hdl:2441/5gcvpatejr92bbog69gpen3cmn is not listed on IDEAS
  83. Chung, Hsi-Mei, 2014. "The role of family management and ownership on semi-globalization pattern of globalization: The case of family business groups," International Business Review, Elsevier, vol. 23(1), pages 260-271.
  84. Carney, Richard W. & Child, Travers B. & Liu, Wai-Man & Ngo, Phong T.H., 2021. "The dynamism of partially state-owned enterprises in East Asia," Journal of Corporate Finance, Elsevier, vol. 68(C).
  85. Belkhir, Mohamed & Boubaker, Sabri & Derouiche, Imen, 2014. "Control–ownership wedge, board of directors, and the value of excess cash," Economic Modelling, Elsevier, vol. 39(C), pages 110-122.
  86. Kim, Woochan & Sung, Taeyoon & Wei, Shang-Jin, 2011. "Does corporate governance risk at home affect investment choices abroad?," Journal of International Economics, Elsevier, vol. 85(1), pages 25-41, September.
  87. Kabbach-de-Castro, Luiz Ricardo & Kirch, Guilherme & Matta, Rafael, 2022. "Do internal capital markets in business groups mitigate firms' financial constraints?," Journal of Banking & Finance, Elsevier, vol. 143(C).
  88. Li, Ting & Zaiats, Nataliya, 2017. "Information environment and earnings management of dual class firms around the world," Journal of Banking & Finance, Elsevier, vol. 74(C), pages 1-23.
  89. Oded Cohen, 2020. "Firm-level and Country-level Corporate Governance: Does One Substitute or Complement the Other?," Bank of Israel Working Papers 2020.08, Bank of Israel.
  90. Shashank Bansal & M. Thenmozhi, 2019. "Does Board Composition Matter to Institutional Investors?," Journal of Emerging Market Finance, Institute for Financial Management and Research, vol. 18(2_suppl), pages 238-266, August.
  91. Caixe, Daniel Ferreira & Kalatzis, Aquiles Elie Guimarães & Castro, Luiz Ricardo Kabbach de, 2019. "Controlling shareholders and investment-risk sensitivity in an emerging economy," Emerging Markets Review, Elsevier, vol. 39(C), pages 133-153.
  92. Marianne Bertrand & Paras Mehta & Sendhil Mullainathan, 2002. "Ferreting out Tunneling: An Application to Indian Business Groups," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 117(1), pages 121-148.
  93. repec:dau:papers:123456789/5922 is not listed on IDEAS
  94. Randall Morck, 2009. "The Riddle of the Great Pyramids," NBER Working Papers 14858, National Bureau of Economic Research, Inc.
  95. Julian FRANKS & Colin MAYER & MIYAJIMA Hideaki & OGAWA Ryo, 2023. "Managing Ownership by Management," Discussion papers 23022, Research Institute of Economy, Trade and Industry (RIETI).
  96. Khadija Mnasri, 2015. "Ownership Structure, Board Structure And Performance In The Tunisian Banking Industry," Asian Academy of Management Journal of Accounting and Finance (AAMJAF), Penerbit Universiti Sains Malaysia, vol. 11(2), pages 57-82.
  97. Gao, Ning & Jiang, Wei & Jin, Jiaxu, 2023. "Disproportional control rights and debt maturity," International Review of Financial Analysis, Elsevier, vol. 85(C).
  98. Fan, Joseph P. H. & Wong, T. J., 2002. "Corporate ownership structure and the informativeness of accounting earnings in East Asia," Journal of Accounting and Economics, Elsevier, vol. 33(3), pages 401-425, August.
  99. repec:ipg:wpaper:2014-605 is not listed on IDEAS
  100. Chourou, Lamia & Hossain, Ashrafee T. & Kryzanowski, Lawrence, 2019. "Dual-class firms, M&As and SOX," The Quarterly Review of Economics and Finance, Elsevier, vol. 71(C), pages 176-187.
  101. Hani El-Chaarani, 2017. "The Mutual Impacts of Corporate Governance Dimensions and Legal Protection Systems on the Performance of European Banks: A Post-Crisis Study," European Research Studies Journal, European Research Studies Journal, vol. 0(2A), pages 538-567.
  102. Odegaard, Bernt Arne, 2007. "Price differences between equity classes. Corporate control, foreign ownership or liquidity?," Journal of Banking & Finance, Elsevier, vol. 31(12), pages 3621-3645, December.
  103. Jose‐Manuel Prado‐Lorenzo & Isabel Gallego‐Alvarez & Isabel M. Garcia‐Sanchez, 2009. "Stakeholder engagement and corporate social responsibility reporting: the ownership structure effect," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 16(2), pages 94-107, March.
  104. Lee, Keun & Kim, Ji Youn & Lee, Oonkyu, 2010. "Long-term evolution of the firm value and behavior of business groups: Korean chaebols between weak premium, strong discount, and strong premium," Journal of the Japanese and International Economies, Elsevier, vol. 24(3), pages 412-440, September.
  105. Riccardo Ferretti & Pierpaolo Pattitoni & Alex Castelli, 2019. "Security-voting structure and equity financing in the banking sector: ‘one head-one vote’ versus ‘one share-one vote’," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 23(4), pages 1063-1097, December.
  106. Sabri Boubaker & Riadh Manita & Wael Rouatbi, 2021. "Large shareholders, control contestability and firm productive efficiency," Annals of Operations Research, Springer, vol. 296(1), pages 591-614, January.
  107. Bozec, Yves & Rousseau, Stephane & Laurin, Claude, 2008. "Law of incorporation and firm ownership structure: The law and finance theory revisited," International Review of Law and Economics, Elsevier, vol. 28(2), pages 140-149, June.
  108. 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).
  109. Laetitia Lepetit & Amine Tarazi & Nadia Zedek, 2012. "Bank Regulatory Capital Adjustment and Ultimate Ownership Structure: Evidence from European Commercial Banks," Working Papers hal-00918577, HAL.
  110. Yen, Tze-Yu & Andre, Paul, 2007. "Ownership structure and operating performance of acquiring firms: The case of English-origin countries," Journal of Economics and Business, Elsevier, vol. 59(5), pages 380-405.
  111. Jan Hanousek & Evžen Kočenda, 2011. "Rozsah integrovaného státního vlastnictví a vliv firemní kontroly na výkonnost českých podniků [Extent of the Integrated State Ownership and Effect of the State Control on Performance of Czech Firm," Politická ekonomie, Prague University of Economics and Business, vol. 2011(1), pages 82-104.
  112. Holmen, Martin & Hogfeldt, Peter, 2004. "A law and finance analysis of initial public offerings," Journal of Financial Intermediation, Elsevier, vol. 13(3), pages 324-358, July.
  113. Muramiya, Katsuhiko & Takada, Tomomi, 2017. "A research note: Quality of financial inputs and management earnings forecast accuracy in Japan," Journal of Contemporary Accounting and Economics, Elsevier, vol. 13(2), pages 179-191.
  114. Pajuste, Anete, 2005. "Determinants and consequences of the unification of dual-class shares," Working Paper Series 465, European Central Bank.
  115. Ciftci, Ilhan & Tatoglu, Ekrem & Wood, Geoffrey & Demirbag, Mehmet & Zaim, Selim, 2019. "Corporate governance and firm performance in emerging markets: Evidence from Turkey," International Business Review, Elsevier, vol. 28(1), pages 90-103.
  116. Bigelli, Marco & Mehrotra, Vikas & Rau, P. Raghavendra, 2011. "Why are shareholders not paid to give up their voting privileges? Unique evidence from Italy," Journal of Corporate Finance, Elsevier, vol. 17(5), pages 1619-1635.
  117. Bansal, Shashank & Thenmozhi, M., 2020. "Does Concentrated Founder Ownership Affect Related Party Transactions? Evidence from an Emerging Economy," Research in International Business and Finance, Elsevier, vol. 53(C).
  118. de Andres, Pablo & Garcia-Rodriguez, Inigo & Romero-Merino, M. Elena & Santamaria-Mariscal, Marcos, 2022. "Stakeholder governance and private benefits: The case of politicians in Spanish cajas," Journal of Business Research, Elsevier, vol. 144(C), pages 1272-1292.
  119. Langlois, Richard N., 2013. "Business groups and the natural state," Journal of Economic Behavior & Organization, Elsevier, vol. 88(C), pages 14-26.
  120. Marc Levy & Ariane Szafarz, 2017. "Cross-Ownership: A Device for Management Entrenchment?," Review of Finance, European Finance Association, vol. 21(4), pages 1675-1699.
  121. Levy, Marc, 2011. "The Banzhaf index in complete and incomplete shareholding structures: A new algorithm," European Journal of Operational Research, Elsevier, vol. 215(2), pages 411-421, December.
  122. Tristan Auvray & Olivier Brossard, 2013. "French connection: interlocking directorates and the ownership-control nexus in an insider governance system," Working Papers hal-00842582, HAL.
  123. Shailer, Greg & Wang, Kun, 2015. "Government ownership and the cost of debt for Chinese listed corporations," Emerging Markets Review, Elsevier, vol. 22(C), pages 1-17.
  124. Chen, Shenglan & Lin, Bingxuan & Lu, Rui & Zhang, Ting, 2015. "Controlling shareholders’ incentives and executive pay-for-performance sensitivity: Evidence from the split share structure reform in China," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 34(C), pages 147-160.
  125. Moore, Jared A. & Suh, SangHyun & Werner, Edward M., 2017. "Dual entrenchment and tax management: Classified boards and family firms," Journal of Business Research, Elsevier, vol. 79(C), pages 161-172.
  126. Haw, In-Mu & Ho, Simon S.M. & Hu, Bingbing & Wu, Donghui, 2010. "Concentrated control, institutions, and banking sector: An international study," Journal of Banking & Finance, Elsevier, vol. 34(3), pages 485-497, March.
  127. Amoako-Adu, Ben & Baulkaran, Vishaal & Smith, Brian F., 2014. "Analysis of dividend policy of dual and single class U.S corporations," Journal of Economics and Business, Elsevier, vol. 72(C), pages 1-29.
  128. Mehdi Nekhili & Moêz Cherif, 2011. "Related parties transactions and firm's market value: the French case," Review of Accounting and Finance, Emerald Group Publishing Limited, vol. 10(3), pages 291-315, August.
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