We use Granger-tests to examine the causal relationship between blockholder ownership and value of the largest EU and US companies. Previous studies on US data have found no systematic effect, but we propose that these results may not carry over to continental Europe, where ownership concentration is higher, the level of investor protection is lower, and influential blockholders may have other ...

This study examines how ownership structure and conflicts of interest among shareholders under a poor corporate governance system affected firm performance before the crisis. Using 5,829 Korean firms subject to outside auditing during 19931997, the paper finds that firms with low ownership concentration show low firm profitability, controlling for firm and industry characteristics. Controlling ...

This study examines the relationship between ownership structure and enterprise performance from the perspective of enterprise life cycle, by adding the variables of the enterprise life cycle stages into the model, to explain the inconsistence with the previous study results on this issue. Using a unique 2002 2007 panel data of the listed Chinese companies, this study finds that ownership conce...

This study investigates the moderating effect of firm size in the relationship between corporate governance (board size, board independence and ownership concentration) and banks’ risk-taking (insolvency risk and credit risk). Secondary data (annual reports) was collected from a sample of 21 Malaysian commercial banks covering the 2005–2014 accounting period. An empirical model using pooled ord...

In this paper we investigate the relationship between family ownership structure and corporate value across a sample of 1314 firm-year observations of China’s family publicly listed companies (PLCs), from 2004 to 2008. We find a significant inverse-U-shaped relationship between the controlling family’s ultimate cash-flow rights and corporate value; as measured by Tobin’s Q. That is, as family-o...

Institutional context influences corporate financing behavior of firms and emerging economies provide an interesting scenario to investigate this phenomenon. Therefore, in this study, we focus on the capital structure decision of Chinese listed firms which continues to have government as a significant shareholder. We choose the sample period after the Split-Share Reform so that we can distingui...

Across the social sciences, agency theory has become one of the basic frameworks through which to analyze the organizational problem of aligning interests between owners (principals) and those who carry out the work of the corporation (agents). Less often analyzed within this framework is the problem of multiple principals with different incentives and agendas. In today’s global economy, this i...

Based on panel data from 1995-1997, the research focuses on the impact of ownership structure on the performance of Russian non-financial privatized companies that constitute the group of blue chips of the country’s stock market. Several performance indicators are used: Tobin’s Q, labour productivity and profitability. In particular, the paper analyzes the relationship between company performan...