We use a novel dataset to follow the evolution of family ownership, firm value, and firm policies for up to 25 years post IPO. Firm value, measured by Tobin’s Q, increases as family ownership decreases over time. Firms with higher family ownership invest less in R&D and have greater R&D...

Japanese corporate governance reform is implemented by an introduction of corporate governance code and stewardship code, in which stewardship activities by institutional investors play an important role in terms of reduction of agency cost. In this report, stewardship activities are focused...

Vertrauen hat Konjunktur. Seit etlichen Jahren ist es en vogue, Vertrauen einzufordern. Politiker fordern das Vertrauen der Wähler und konstatieren konsterniert,dass sie das Vertrauen der Wähler verloren haben (Der Spiegel Nr. 26;2004: 24, Müntefering: Uns ist das Vertrauen der Menschen...

Transition economies like Russia lack properly functioning financial markets and institutions, which results in severe agency and information problems. Business groups in such markets have the potential to offer benefits to member firms, but they also may destroy value. Using a unique database...

Prior research in economics, finance and management has sought to describe the predominance of business groups in the global economy since the late 1980. Yet, theory still falls short of explaining the role of business groups as a substitute for external markets, particularly as their influence...