The current literature on firm ownership around the world shows that concentrated ownership with only one or a few controlling owners is common, especially in many European and Asian countries. The dispersed ownership has proven to be uncommon and even countries with supposed dispersed ownership...

We analyze the longitudinal changes in the performance of firms with different ownership types using the China enterprises database for the period 2000 to 2009. The results reveal an upward trend in the relative performance of private firms in China. These firms have caught up with foreign...

Exit theory predicts a governance role of outside blockholders' exit threats; but this role could be ineffective if managers' potential private benefits exceed their loss in stock-price declines caused by outside blockholders' exit. We test this prediction using the Split-Share Structure Reform...

This paper investigates how family ownership, control and management affect firm investment performance. We use the identity of the CEO and the COB to establish under what management the firm is: founder, descendent or external management. The analysis shows that founder management has no effect...

This article examines how heterogeneous features among business groups influence the corporate diversification – firm performance relationship. The study classifies heterogeneity along three dimensions: group size, group diversity, and share ownership. Using a sample of firms from India, the...

This study provides new evidence on the relation between institutional ownership and the equity incentives provided to CEOs by their portfolio holdings of stock and stock options. We show that when firms' CEOs have abnormally high equity incentives, higher institutional ownership is associated...

The zombie firm literature has typically used datasets that under-represent small firms or includes only listed firms. Past studies for Canada fall into the latter, where they show Canada has the highest zombie share in the world. This paper presents new evidence on the zombie firm phenomenon...

We contribute to the nascent literature on the heterogeneity of multinational enterprises (MNEs) and the relevance of firm characteristics for analyzing the determinants of outward foreign direct investment (FDI). The focus is on the role of firm-level heterogeneity when MNEs decide on the share...

We contribute to the nascent literature on the heterogeneity of multinational enterprises (MNEs) and the relevance of firm characteristics for analyzing the determinants of outward foreign direct investment (FDI). The focus is on the role of firm-level heterogeneity when MNEs decide on the share...

This paper asks whether synergies or managerial discipline operates in different ways across small versus large plants to affect the likelihood of mergers. Our findings indicate that those characteristics which provide the type of synergies upon which ownership changes rely are important factors...