that DVC has a positive effect on firm value for founder controlled firms. This result implies that investors believe that … rights (hereafter 'DVC') in the listed firms is quite prevalent. DVC could be introduced due to the ultimate controlling … shareholders' opportunistic incentives, as well as by their incentives to improve firm efficiency. This study uses 229 listed firms …

firms' agency costs or benefit firms by providing an internal capital market, especially in transition economies … characterized by weak investor protection and difficult external capital acquisition. A hand-collected dataset of Chinese firms … ownership and control of listed firms moderate this benefit, which is more pronounced when the financial market is less liquid …

large firms. In this paper, we analyze shareholders as agents that can both harm and benefit companies. We examine the …

value. Although those directors can help company establish relationship with the government, firms might sacrifice due to …

We study the relation between state ownership and cash holdings in China's share-issue privatized firms from 1993 to … cash reserves of the average firm is valued at RMB 0.94 by the market. The marginal value of cash in firms with zero state … ownership is RMB 0.33 – RMB 0.47 higher than in firms with majority state ownership. The SBC effect exacerbates agency problems …

helps reduce value-decreasing corporate decisions for firms domiciled in weak investor protection countries. We find that … the regulation deters management from submitting value-decreasing equity offering proposals in firms with higher mutual … offering proposals in firms with higher mutual fund ownership in the post-regulation period. Overall, our evidence suggests …