We investigate the effects of ownership concentration and corporate governance on the extent of risk-taking in an … important emerging economy- Thailand. Ownership in Thai firms are substantially more concentrated than that in developed … economies, providing a unique opportunity to study the effect of highly concentrated ownership on risk-taking. Large owners are …

Grounded in agency theory, this paper investigates the effect of board independence on managerial ownership. We exploit … significantly higher managerial ownership. In particular, firms forced to raise board independence exhibit managerial ownership that … equity ownership constitute governance mechanisms that act as complements, rather than substitutes. Our empirical strategy …

performance. We find new evidence that the degree of bank boards' political connection is negatively correlated with bank …

boards of directors are dominated by independent directors. The results suggest that higher ownership by inside directors … adverse effect, however, is alleviated in firms where inside directors hold higher proportions of equity ownership and where … helps align management's and shareholders' interests whereas outside-dominated boards better monitor management, whose …

Exploiting two novel measures of innovation efficiency and takeover vulnerability, we explore the effect of the … takeover market on corporate innovation. Our results reveal that a more active takeover market stifles innovation considerably …, consistent with the notion that managers tend to be myopic when more exposed to hostile takeover threats, making investments that …

of state laws, we explore the takeover market’s effect on managerial ownership. The market for corporate control, often … known as the takeover market, is an important external governance mechanism, whereas managerial ownership is a vital … hypothesis. The disciplinary function of the takeover market reduces agency conflict to the point where managerial ownership is …