firm’s size on the incentives and behaviour of firms towards innovation. In particular we highlight the following findings … incentives to promote innovation in firms. (iii) Firm shareholders may have incentives to curtail innovation even if these …

restructuring, investors focus control on poorly performing companies. These results stand in contrast to the US, where there is …

We study the relationship between liquid asset holding and the pattern of share ownership and control structures within … institutions of control oriented finance. The data include information on ownership concentration, voting alliances, managerial … strongly control oriented as evidenced by the very high levels of observed ownership concentration and the prevalence of …

and business groups are prevalent. When companies have controlling shareholders, institutional investors, as minority … shareholders, can play only a limited role in corporate governance. Moreover, the presence of powerful families who control many …

not fired when performance deteriorates due to factors deemed explicitly to be beyond their control, nor are they fired …

internal and external control. Finally, we explore how the internal organization of firms may be structured to enhance the role …

rights, controlling for risk. Second, dividend yields and earning-price ratios also correlate positively with judicial … efficiency and rule of law, but negatively with shareholder rights' protection, controlling for risk and expected earnings growth …