Using a 2004 Chinese securities regulation that requires equity offering proposals to obtain the separate approval of voting minority shareholders, we examine whether giving minority shareholders increased control over corporate decisions helps reduce value-decreasing corporate decisions for...

We present empirical evidence that firms inflate earnings around seasoned equity offerings in the presence of large outsider blockholdings, but not in their absence. The finding is robust to several alternative explanations, including differences in firm characteristics, growth, performance, CEO...

We investigate 218 Related Party Transactions (RPTs) in Israel, an economy characterized by a high percentage of closely held firms, and identify a non-linear inverted U connection between the value effect of RPT and the level of firm ownership concentration. This non-linear connection is...

This paper analyzes the interaction between shareholder structures and the quality of the corporate governance structure in France using the value creation criterion. Using shareholder structures allows to analyze the performance of French firms and to measure an underperformance of “hard...

This paper analyzes the interaction between shareholder structures and the quality of the corporate governance structure in France using the value creation criterion. Using shareholder structures allows analyzing the performance of French firms and to measure an underperformance of “hard...

Diffuse share ownership is not as pronounced in the U.S. as many would assume. This has led to a body of research examining large shareholders, or blockholders. Issues addressed include whether firms with a blockholder perform better or worse than widely-held firms; whether firms with a...

This study investigates the relevance among corporate governance mechanism, institutional ownership and share repurchase decisions. Examining 220 exchange-listed companies in Taiwan during 2004 to 2006, the main findings are as follows. First, corporate governance mechanisms affect share...

This paper examines the effect of ownership structure of a controlling shareholder on the financial constraints of non-financial firms in 22 economies for the 1982-2009 period. We find that the overinvestment propensity of a controlling shareholder becomes less severe with an increase in...

We investigate changes to the ownership and control of East Asia's largest companies in 1996 and 2008. Newly compiled data for 1,386 publicly traded companies at the end of 2008 is supplemented with existing data on 1,606 publicly traded companies at the end of 1996. Two main findings stand out....

This study examines the effect of different dimensions of ownership structure in corporate performance. The data that is used in this study includes 29 non-financial firms listed on the Qatar Exchange during the period of 2006-2011. The different dimensions of ownership structures that are...