channels through which controlling shareholders expropriate minority shareholders by adopting a policy of excess leverage. We … found that firms with more excess control rights also have more excess leverage and the controlling shareholders of these …'s tunneling behavior. We argue that in emerging markets when legal protection for both creditors and shareholders is weak …

and their controlling shareholders use the resources for tunneling rather than investing in positive NPV projects. We also … party transactions are more positive after NTS reform. This confirms that tunneling by the controlling shareholders actually … reduced. We argue that in emerging markets where legal protection for creditors and shareholders is weak, controlling …

that shareholders of SOEs receive gains by transferring the control rights to private parties …

voting minority shareholders, we examine whether giving minority shareholders increased control over corporate decisions … fund ownership. There is also weak evidence that minority shareholders are more likely to veto value-decreasing equity … that in weak investor protection countries, the effect of granting minority shareholders increased control over corporate …

corporate control market from 2001 to 2008. We use related party transactions amount to capture control shareholders’ tunneling …

between corporate controlling shareholders and minority shareholders during China’s split-share structure reform, wherein … shareholders. Our initial analysis provides evidence that profit-promised firm-years are, on average, associated with income … ownership. Further analysis documents that the exit threat of institutional shareholders can discipline earnings management …