The agency problem strikes as an ethical, practical, and economic issue in equal measures. The principal objective of the current research is to trace the nature of the agency conflicts in the family-owned pyramidal business groups of corporate Malaysia and how they affect the firm value. It is...

During both the 2008 and the COVID crises, aggregate employment in Europe and the US fell despite continuing growth in the aggregate capital stock. Using more than one million firm-year observations of small and medium European firms between 2003 and 2018, this paper introduces new stylized...

Can corporate governance ratings reduce problems of asymmetric information between companies and investors? To answer this question, we set out to examine the information basis for providing such ratings by reviewing corporate governance attributes that are required or recommended in laws,...

This study examines the relationship between institutional investors, corporate governance, and firm performance in Vietnam. The findings on Vietnamese listed companies indicate that while institutional investors are less likely to hold shares of companies with larger board sizes, Chief...

This paper examines the relationship between family ownership and firm performance over the period 2009-2017 for a large sample of French-listed firms. Previous research showed that family ownership can bring both benefits and costs to firms. Empirical results in whether it enhances or...

We investigate the governance sensitivity of foreign institutional investors' (FII) ownership in a large emerging market setting of India, characterized by highly concentrated insider ownership. More specifically, we focus on the moderating role of firm size and price to book value (PB) in...

We present a model with firms selling (homogeneous) products in two imperfectly segmented markets (a "high-demand" and a "low-demand" market). Buyers are mobile but restricted by transportation costs, so that imperfect arbitrage occurs when prices differ in both markets. We show that equilibria...

This paper analyzes the welfare implications of buyer mergers, which are mergers between downstream firms from different markets. We focus on the interaction between the merger's effects on downstream efficiency and on buyer power in a setup where one manufacturer with a non-linear cost function...

Worldwide, the overwhelming majority of large horizontal mergers are cleared by antitrust authorities unconditionally. The presumption seems to be that efficiencies from these mergers are sizeable. We calculate the compensating efficiencies that would prevent a merger from harming consumers for...