We assemble a new data on dual-class firms in Latin America and analyze the relationship between the largest shareholder characteristics and its decision to leverage voting rights. First, we describe who are the largest shareholders in Latin American firms. Second, we find that both the type and...

In this paper, we analyze how the diversification pattern of business groups is affected by the structure of the families behind them. To address this question, we construct a data set of family relationships among board members of firms that integrate into family business groups (FBG) that...

We ask whether and when shareholder-oriented foreign owners are likely to change corporate governance logics in a stakeholder-oriented setting by introducing shareholder-oriented governance practices. We focus on board monitoring and claim that because the bundle of practices used in a...

This paper examines the governance of Spanish banks around two main issues. First, does poor economic performance activate governance interventions that favor the removal of executive directors and the merger of non-performing banks? And second, does the relationship between governance...

This paper investigates whether voting coalitions are formed by shareholders in order to discipline incumbent management. Shapley values capturing the relative power of shareholder coalitions by category of owner, outperform models with percentage ownership stakes and models measuring the...