We develop a model of internal governance where the self-serving actions of top management are limited by the potential …, even without any external governance. Internal governance seems to work best when both top management and subordinates are …

utilities are large firms with professional management: there is a separation between ownership and control. The agency costs of …

This Paper evaluates the primary mechanisms for changing management or obtaining control in publicly traded …

organization under his management interacts with the replacement policy of the board of directors. We characterize the optimal …

professional manager or leaving management to his heir, as well as on how much, if any, of the shares to float on the stock … intermediate protection, management is delegated to a professional, but the family stays on as large shareholders to monitor the … the family. This theory of separation of ownership from management includes the Anglo-Saxon and the Continental European …

. We compare member firms of a group with a control set of large firms categorized by dispersed ownership or/and management …

This Paper analyses the effects of dividend taxation on corporate behaviour using the large tax cut on individual …