The objective of our study is to look for anequilibrium among three factors: the privatebenefits that main shareholders can obtain fromthe firm, the social benefits derived from acertain ownership structure (such assupervision and alignment of interests) and thecosts derived from ownership...

An important aspect of current governance practice is theutilisation of non-executive directors to monitor the behaviourof senior management. The purpose of this paper is to provide aninitial insight on the determinants of non-executiverepresentation on the boards of large UK companies. The...

The Japanese system of corporate governance andin particular the role played by banks andother financial institutions have been thesubject of considerable research andcontroversy in recent years. We estimate theimpact of equity ownership by financialinstitutions on firm performance in Japan...