Using a data set for 162 largest Hungarian firms during the period of 1994-1999 this paper explores the determinants of equity shares held by both foreign investors and by Hungarian corporations. We find evidence of a post-privatisation evolution towards more homogeneous equity structures, where...

Combining the agency perspective, resource-based view and upper echelon research, this paper examines factors affecting the implementation of equity based incentive schemes in initial public offerings (IPOs). In line with agency research, the probability of equity-based incentives is negatively...

Building on the ‘law and economics’ literature, this paper analyses corporategovernance implications of debt financing in an environment where a dominant owner isable to extract ex ante ‘private benefits of control’. Ownership concentration may result inlower efficiency, measured as a...