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 …

This paper documents recent structural changes in China's corporate landscape, based on company level data, providing a … complementary perspective to that of official Chinese statistics. We classify China's largest companies by revenue since 2004 (based …

stake can reduce investment in family firms, by reducing the future income they can pledge to external financiers. Using a …-2006 interval, we find that stricter inheritance law is associated with lower investment in family firms, while it leaves investment … unaffected in non-family firms. Moreover, as predicted by the model, inheritance law affects investment only in family firms that …