Shareholder say-on-pay votes allow institutional investors to influence the incentives of managers and, consequently, corporate behaviour. Surprisingly, the preferences of investors on executive compensation have been largely overlooked in the ongoing debates on sustainable corporate behaviour....

Share transfer restrictions are typical elements of governance in non-listed firms where members, given the locked nature of investments, are in strong dependence upon each others actions and contract for special share transfer clauses to ensure successful cooperation. First purchase rights,...

The limited liability company is not only a widespread business form for non-listed firms but also is used by listed companies. There were 20 publicly traded Delaware LLCs in September 2013. Given the policy of the Delaware legislators and courts to give a maximum effect to the principle of...

Despite the important role that institutions play in explaining economic growth, there exist few objective quantitative measures of institutional quality. We propose a new quantitative index that allows comparing the strength of property rights across the member states of the Council of Europe....

Private actors in “following” countries usually encounter problems with the enforcement of well-developed and effective “Western-style” contracting techniques. A common response is the structuring of commercial transactions according to foreign law. This pattern of development fully...

The rise of a small group of investment (asset) managers with an enormous potential to influence corporate decision-making has reinforced attention to shareholder stewardship as one of the pillars of corporate governance. But weak incentives to invest in shareholder oversight and limited...

The limited liability company is not only a widespread business form for non-listed firms but also is used by listed companies. There were twenty publicly traded Delaware LLCs in September 2013. Given the policy of the Delaware legislators and courts to give maximum effect to the principle of...

Debtholder stewardship refers to the involvement of corporate creditors in a firm’s governance framework with the aim of improving corporate decision-making. This article develops the theory of debtholder stewardship by identifying the mechanisms of debtholder influence, assessing their...