Researchers have always questioned the rationale for stock splits. Some have attributed the existence of stock split to a manager’s desire of increasing the liquidity of the stock. Others have argued that the split is a mechanism by which managers can signal to the market the expectations...

The leveraging of control is the possibility for the controlling shareholder to lower his direct participation in capital through a convergence of financial and economic interest with other shareholders in the firm. In this paper, the setting of a coalition contract is done by awarding stocks to...

We contrast the features of the German corporate governance system with those of other systems and discuss the recent regulatory initiatives.For example, the rules on insider trading and anti-trust have been strengthened.The Restructuring Act has been revised to prevent minority shareholders...

The paper examines the payout policy of UK firms listed on the London Stock Exchange during the 1990s.We complement the existing payout literature studies by analyzing jointly the trends in dividends and share repurchases.Unlike in the US, we find that, in the UK, firms do not demonstrate a...

The relationship between ownership structure and corporate performance might be remarkably strong and in formative within transition economies. In this research, we explore this relationship, referring to the example of the Republic of Serbia. For that purpose, appropriate linear models have...

Ownership structure is one of the key determinants constituting internal corporate governance, which is especially crucial in emerging markets. This study explores the effects of insider shareholding, an obvious characteristic of ownership structure, on corporate governance. The empirical...

In this study, we examine the impact of concentrated ownership on cash valuation and the level of cash holdings in firms the emerging nations of China and India. Agency theories suggest that firms with high levels of concentrated ownership are subject to greater extraction of private benefits...

This paper explores private placement pricing sold to insiders by considering changes in the control power of the largest shareholders in private placement. We use the Banzhaf power index to reflect the largest shareholder’s relative power of influence. The results indicate that, if...

This paper examines how family and non-family ownership affects the performance of Swiss listed firms from 2003 to 2010. We distinguish between these two types of controlling shareholders since they have different objectives. We hypothesise that only family shareholders have a real incentive to...

Este trabajo analiza, en primer lugar, la relación entre la presencia de capital extranjero en la propiedad de las empresas y la propensión a innovar y, en segundo lugar, la influencia del grado de concentración de dicha propiedad en el nivel de innovación. Para ello se realiza un estudio...