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It is one of the well-known cornerstones of corporate governance that (minority) share-holders are subject to a risk of being expropriated by the controller of the firm, i.e. either entrenched management under a dispersed ownership structure or a controlling share-holder under concentrated...
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the period 2005-2018, the results show that the firm values increase more in the reform countries than non-reform … countries relative to pre-reform levels. This positive effect changes for firms with high and low levels of debt. Moreover, the … values after reforms increase more for firms located in civil countries and in countries with rule-based reform approaches …
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Direct experience of a peer's punishment might make non-punished peers reassess the probability and consequences of facing punishment and hence induce a change in their behavior. We test this mechanism in a setting, China, in which we observe the reactions to the same peer's punishment by listed...
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