Research Question/Issue: This is a study of the relationship between business group ownership and constituent firms' adoption of Anglo-American shareholder value governance in African firms at the undertaking of an initial public offering (IPO).Research Findings/Insights: We find business group...

This paper builds a dataset on bank ownership that covers more than 6,500 banks in 181 countries over 1995-2020. Until 2010, there was a reduction in state-ownership of banks and an increase foreign ownership. However, the Global Financial Crisis interrupted or reversed these trends. At the...

This paper investigates the impact of state ownership on exposure of Chinese firms to economic policy uncertainty (EPU). We present strong and robust evidence that firm-level economic policy uncertainty exposure is positively related to proportion of state ownership. Furthermore, we identify...

We explore how the type of owner affects private enterprise investment decisions in Europe. In contrast to the literature, we analyze firms with concentrated (more than 95%) ownership stakes to reduce the potential that agency problems contaminate our results. We consider four types of...

Independent director system is viewed as a mechanism to prevent large shareholders’ rent-seeking in companies. However, little attention has been drawn on the possibility that board structure itself may be manipulated by large shareholders for private interests. Using the percentage of...

As of June 1, 2023, 24 banks are operating in Azerbaijan, 2 state and 22 commercial banks. Concentration in the banking system is high. One factor determining the increase of concentration on the financial market as a whole and the decrease of competitiveness in the banking market is the...

The state council initiated the Regulations on the Administration of Foreign Banks (Reg AFB) in 2015, which significantly lifted the barriers of foreign banks’ operation in RMB business. Employing two-way fixed effect model, we find Reg AFB led to significant decrease in firms’ cost...