We allow the preference of a political majority to determine boththe corporate governance structure and the division of profits betweenhuman and financial capital. In a democratic society where financialwealth is concentrated, a political majority may prefer to restraingovernance by dispersed...

The legal environment is one important determinant of corporate governance. However, within legal families, also cultural differences can explain the level of corporate governance to some extent. We analyze this relationship for the case of Switzerland. Swiss firms are mainly located in two...

This study investigates the relationship between diverse ownership structures and the quality of governance in firms within the context of Sub-Saharan Africa (SSA) as a follow-up to the work of Munisi (2020). The study sources annual report data on 104 firms from 2007 through 2019 from African...

High ownership concentration makes controlling blockholders powerful enough to use private benefits of control and able to shape the corporate governance system to favor their own interests. This work aims to examine whether the nature of the ultimate firm owner affects the quality of corporate...

Scholars and antitrust enforcers have raised concerns about anticompetitive effects that may arise when institutional investors hold substantial stakes in competing firms. Their concern rests on empirical evidence that such common concentrated ownership is associated with higher prices and lower...

Institutions often own equity in multiple firms that compete in the same product market. These institutional ``common owners" may induce or mandate anti-competitive pricing behavior among the product market rivals. This paper evaluates prior evidence of such behavior between competing airlines....

This study examines the associations of corporate governance with firm risk-taking and performance in a typical frontier equity market characterized by high ownership concentration and weak investor protection rights. Using an extensive dataset of 502 Vietnamese publicly listed firms over the...

Common ownership exists when investors concurrently hold partial and significant shares in related firms. In this paper, I compile, document, and taxonomize 30 separate cases of intervention to demonstrate how common owners influence firm behavior. Although previous literature has identified a...

This study investigates the valuation effect of concentrated ownership in a typical frontier market. Using an extensive sample of Vietnamese publicly listed firms, we find that the valuation effect is inconclusive before combined equity holdings reach a certain threshold beyond which market...