This study combines insights from the socioemotional wealth perspective and institutional and resource-based theories to examine the earning quality of family and nonfamily firms operating in countries characterized by different levels of institutional development. Results based on a...

This paper proposes that a firm's choice of organizational form is a trade-off between the fit with its investment opportunity set, and its attempt to exploit periods of favourable market valuations for a given organizational form. To test this prediction, we identify 272 firms that go public in...

We study the equity valuation effects of the conversion to income trust; a form of corporate restructuring that has recently become very popular in Canada. We document positive abnormal returns at the announcement of the conversion and we study the characteristics of the converting companies to...

This paper investigates the effect of corporate governance reforms on the balance between ownership and control in a country characterized by poor investor protection. We use the example of Italy, where major reforms were passed in 1998 to protect minority shareholders from the risks of...

The rise of modern corporations has been accompanied by an expansion of salaried executives who have replaced owner-managers. With this expansion, the new class of managers/executives came to regard themselves as stewards of large and complex corporations, and not principally or exclusively as...