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Research Question/Issue: This paper addresses the effect of having multiple large shareholders on shareholder … protection. More specifically, we examine to what extent this effect depends on whether such large shareholders are beneficiary … find that having several large shareholders leads to overall higher shareholder protection (i.e. adoption of more formal …
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This paper shows that agency problems result from controlling-minority shareholder conflicts have a nonlinear causal relation with firm cash holding, and this relation hinges critically on the strength of investor protection. Using a direct measure of controlling shareholder's entrenchment...
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