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position to benefit themselves at the expense of minority shareholders -- were endemic to corporations in the late …, however, was to give controlling shareholders the power to extract more than their fair share of their enterprise's profits …
Persistent link: https://www.econbiz.de/10013324108
This paper estimates the effect of corporate governance provisions on shareholder value and long-term outcomes in S&P1500 firms. We apply a regression discontinuity design to shareholder votes on governance proposals in annual meetings. A close-call vote around the majority threshold is akin to...
Persistent link: https://www.econbiz.de/10013135406
associated with controlling shareholders who hold a majority of the cash flow rights in their companies. The agency costs of …
Persistent link: https://www.econbiz.de/10012763575
work on shareholders and shareholder activism, directors, executives and their compensation, controlling shareholders …
Persistent link: https://www.econbiz.de/10013134144
an information ea between management and outside shareholders. In the presence of such a gap, maximizing short-run and … actions that will reduce long-run value. In such a case, management faces the dilemma of which shareholders to please: those …
Persistent link: https://www.econbiz.de/10013115409
important in curbing these private benefits. A high degree of statutory protection of minority shareholders and high degree of …
Persistent link: https://www.econbiz.de/10012787369
managers, institutional investors, small shareholders, auditors, and other parties involved in corporate governance. The lower …
Persistent link: https://www.econbiz.de/10013010282
This paper studies the corporate governance and asset pricing implications of investors owning blocks in multiple firms. Common wisdom is that multi-firm ownership weakens governance because the blockholder is spread too thinly. We show that this need not be the case. In a single-firm benchmark,...
Persistent link: https://www.econbiz.de/10013048056
GIM Index or the proportion of activist shareholders. Following these special meetings, we find that the next quarter …
Persistent link: https://www.econbiz.de/10013037964
shareholders from the complex, pyramidal, and often obscure corporate structures. First, we show that there are large differences …
Persistent link: https://www.econbiz.de/10012966589