We investigate whether excess control rights of ultimate owners in pyramids affect banks' adjustment to their target …

to the excess control of the ultimate controlling shareholder. This result supports the entrenchment effect and suggests … structures and excess control, our results provide valuable insights to mitigate extreme agency problems. Originality/value - The …

shareholder holds significant excess control rights are less likely to engage in M&A activity. This last finding raises the issue …

shareholder holds significant excess control rights are less likely to engage in M&A activity. This last finding raises the issue …