shareholders? Or are dividends a substitute for legal protection? In the pre-1977 low-legal protection Brazilian market, growing … investors, dividend payouts do not generally increase, mature firms do not pay higher dividends, but growing firms cut them down …

This study addresses the debate over the relation between institutional ownership and dividend payout through the lens … conditioning on firms' financial performance, they will use dividend payout to mitigate the firms' agency problems. We find the … ownership and dividend payout ratio; (2) the positive relation is more salient when the firm has high agency costs; and (3) the …

model with strategic interaction between managers and outside shareholders, we hypothesize that, while an increase in the …

This is the first comprehensive study of the distribution of voting rights to shareholders. Only those owning stock on …

of associations have no major impact on shareholders' engagements. Corporate performance and other governance mechanisms … debate of shareholder empowerment. The agenda and hence the role of shareholders should be restructured. The AGM should be …

We consider the allocation of corporate control in a company with two large and a continuum of small shareholders …. Control is determined in a shareholders' meeting, where the large shareholders submit competing proposals in order to attract … the vote of small shareholders. The presence of multiple shareholders reduces private benefits through competition for …

I investigate whether implementation of the mandatory bid rule – the rule that grants all shareholders the right to …

information among dispersed shareholders. We identify the two basic means to achieve this goal. First, the outsider must …

This paper reviews the theoretical and empirical literature on the role of blockholders (large shareholders) in …