Aggarwal, Reena; Erel, Isil; Williamson, Rohan; Stulz, … - 2007
benefit from governance
improvements and do so partly at the expense of controlling shareholders.
(JEL G32, 34, 38 …’s governance is chosen by those who control the firm to maximize their welfare. Most foreign
firms have a controlling shareholder … (La Porta, Lopez-de-Silanes, and Shleifer, 1999), therefore we focus
on the decisions of controlling shareholders for …