2005
DOI: 10.1016/j.jfineco.2004.05.003
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Postprivatization corporate governance: The role of ownership structure and investor protection

Abstract: Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in… Show more

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Cited by 325 publications
(192 citation statements)
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“…Investors can hold ownership stake that is large enough to enable them to control the firm (i.e., concentrated ownership) so that they can effectively monitor managers to reduce the risk of being expropriated by them. Consistent with this argument, ownership concentration is found to be higher in French-civil-law countries where investors are poorly protected than in common-law-counties (La Porta et al 1998, andBoubakri et al 2005). Later, Burkart et al (2003), present theoretical evidence supporting this negative relationship between the quality of investor protection and ownership concentration.…”
Section: Related Literature and Hypotheses Developmentmentioning
confidence: 79%
“…Investors can hold ownership stake that is large enough to enable them to control the firm (i.e., concentrated ownership) so that they can effectively monitor managers to reduce the risk of being expropriated by them. Consistent with this argument, ownership concentration is found to be higher in French-civil-law countries where investors are poorly protected than in common-law-counties (La Porta et al 1998, andBoubakri et al 2005). Later, Burkart et al (2003), present theoretical evidence supporting this negative relationship between the quality of investor protection and ownership concentration.…”
Section: Related Literature and Hypotheses Developmentmentioning
confidence: 79%
“…They mentioned that ownership concentration can be an effective governance mechanism against managerial manipulation. Boubraki et al (2005) report that capital concentration has a positive influence on information quality because the increase in the participation of the controlling shareholder allows to less incentives to wealth expropriation by manager. Beneish (1997) managerial manipulations are likely to be developed in firms with diluted capital.…”
Section: Capital Concentrationmentioning
confidence: 99%
“…The results of the empirical studies conducted in the last two decades on capital concentration show the positive influence of the presence of controlling shareholders on firm performance (Schleifer & Vishny, 1986;Bethel & Liebeskind, 1993;Agrawal & Knoeber, 1996;La Porta & Vishny, 1997;Kaserer & Moldenhauer, 2005;Boubakri et al, 2005). According to Demsetz (1983), Demsetz and Lehn (1985) , Demsetz and Villalonga (2001), maximizing firm value is not conditioned by capital concentration, but by its environment and its market characteristics.…”
Section: The Impact Of Ownership Structure On Value Creationmentioning
confidence: 99%