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We examine the interaction between three kinds of concentrated owners commonly found in an emerging market: family-run business groups, domestic financial institutions, and foreign financial institutions. Using data from India in the early 1990s, we find evidence that domestic international...
Persistent link: https://www.econbiz.de/10012471852
Around the world, large corporations usually have controlling owners, who are usually very wealthy families. Outside the U.S. and the U.K., pyramidal control structures, cross shareholding and super voting rights are common. Using these devices, a family can control corporations without making a...
Persistent link: https://www.econbiz.de/10012467999
Countries in which billionaire heirs' wealth is large relative to G.D.P. grow more slowly, show signs of more political rent-seeking, and spend less on innovation than do other countries at similar levels of development. In contrast, countries in which self-made entrepreneur billionaire wealth...
Persistent link: https://www.econbiz.de/10012471999
Most listed firms are freestanding in the U.S, while listed firms in other countries often belong to business groups: lasting structures in which listed firms control other listed firms. Hand-collected historical data illuminate how the present ownership structure of the United States arose: (1)...
Persistent link: https://www.econbiz.de/10012458971
families behind these business groups affects the groups' organization, governance and performance. To address this question … when the founder is no longer present. We identify a possible governance channel for this performance effect. Excess …
Persistent link: https://www.econbiz.de/10012464909
of 24 governance provisions (G-Index) would have earned abnormal returns during the 1991-1999 period, and this intriguing … governance-returns association was due to market participants' learning to appreciate the difference between firms scoring well … and poorly on the governance indices. Consistent with the learning hypothesis, we document that (i) attention to corporate …
Persistent link: https://www.econbiz.de/10012462740
economically significant predictor of whether a hospital replaces its management with a new team of for-profit managers. We also …
Persistent link: https://www.econbiz.de/10012466226
allocating the economy's capital and other resources. Comparative financial histories show these corporate governance regimes to …
Persistent link: https://www.econbiz.de/10012463607
institutional parameters (cost of financial intermediation, quality of corporate governance, and level of property rights protection …
Persistent link: https://www.econbiz.de/10012464662
, corporate governance, and property rights protection - and patterns of international capital flows. It studies conditions under … poor corporate governance in a country may be completely bypassed by two-way capital flows in which domestic savings leave … effect is ambiguous for a developing country with an inefficient financial sector/poor corporate governance. However, the net …
Persistent link: https://www.econbiz.de/10012465505