Corporate governance is usually viewed in the context of strengthening shareholder rights and enhancing shareholders’ welfare. However, the impact of corporate governance on bondholders is much less understood. We explore how corporate governance influences the cost of debt financing. Using...

Dividend policy is one of the most intriguing topics in financial research. Even now, economists provide considerable attention and thought to solving the dividend puzzle, resulting a large number of conflicting hypotheses, theories and explanations. This paper aims to determine the dividend...

The object of this contribution is to address the question of the ownership of the firm. Both law and economics shape representations of the world: law focuses on rules and justice; economics focuses on efficiency and allocation. They describe common situations and "objects'' such as firms and...

In the theoretical framework of corporate governance this article studies the efficiency of the control exerted by the ownership structure and the board of directors on managers. The confrontation of entrenchment theory and agency theory allows to determine the necessary conditions of the...

This paper aims to examine the effect of many ownership features on firm's disclosure quality using the theoretical framework of the agency theory, which states that investors information demand increases with agency costs of the firm. Public ownership increases agency costs and therefore should...

This study investigates the role of ownership and control structure of firms when determining their cash holdings and focuses mainly on the association between excess control rights and cash holdings. Using a sample of Taiwanese publicly listed companies from 1997 to 2009, this study shows that...