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In emerging markets, the deviation between the ultimate controlling shareholders' voting rights and their cash flow rights (hereafter “DVC”) in the listed firms is quite prevalent. DVC could be introduced due to the ultimate controlling shareholders' opportunistic incentives, as well as by...
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different types of individual owners, i.e. owner-managers and non-manager individual shareholders, on the performance of high … performance. However, whereas owner-managers engender low horizontal agency costs, non-manager individual shareholders generate …-tech entrepreneurial firms show that the number of owner-managers has a positive effect on firm performance, whereas the effect of the …
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