Ownership structure is one of the key determinants constituting internal corporate governance, which is especially crucial in emerging markets. This study explores the effects of insider shareholding, an obvious characteristic of ownership structure, on corporate governance. The empirical...

In recent years, there has been an increasing interest in assessing the effectiveness of corporate governance in China. This paper examines the impact of internal governance mechanisms such as ownership structure and board characteristics and debt financing on agency costs making use of a large...

The aim of this paper is to examine the effect of 2005-ownership reform and state ownership on the linkages between corporate governance mechanisms and agency costs for Chinese listed firms. Based on a large panel of Chinese listed firms, we find that following the reform managerial ownership,...

Agency theory - as applied to debates in corporate governance - rests on a myth of separated ownership and control. The true separation, however, is between ownership and ownership: ownership of shares by shareholders and ownership of assets by the corporation. Shareholders are not principals;...

Many scholars have been quick to criticize the merits of CEO duality, a situation where a company's Chief Executive Officer is also the Chairman of the Board, by claiming that CEO duality undermines the board's ability to effectively monitor and constrain self-interested CEOs. These criticisms...

This paper investigates whether CEO pay disparity reflects efficient contracting or CEO entrenchment by exploiting an exogenous event which mandated option expensing, namely, the introduction of FAS 123R. Using a difference-in-difference approach, we find supportive evidence for the entrenchment...

Does government control reduce firm value? A strong government control helps the government to extract social or political benefits from a state-controlled firm, thus decreases its value; but it also makes it more effective for the government to monitor the firm management, thus increases its...