In this paper we investigate how pyramid structure, separating cash flow rights and control rights, allows ultimate owners to control the company's resources for the creation of private benefits and to avoid punishment for such conduct. Empirical tests are conducted using three-stage least...

Purpose – This paper aims to test the significance of unobservable firm-specific effects on a capital structure model. Design/methodology/approach – The paper employs the restricted least squares method to test the significance of unobservable firm-specific effects in a fixed effects model...

Purpose – This paper aims to test the significance of unobservable firm-specific effects on a capital structure model. Design/methodology/approach – The paper employs the restricted least squares method to test the significance of unobservable firm-specific effects in a fixed effects model...

This study investigates the key determinants of corporate performance in Malaysia. Using panel data (2002-2007) of 361 companies listed in Malaysia, the study finds dividend per share, use of debt, number of board members, and last year’s performance to be the most significant determinants of...

Purpose: The purpose of this paper is to examine the impact of board busyness on firm efficiency in the context of directors’ experience, specifically on directors’ experience that moderates the impact of board busyness on firm efficiency. Directors’ experience is examined by exploring...