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Ownership concentration & firm performance: Evidence from an emerging market

Grosfeld, Irena - William Davidson Institute, University of Michigan - 2006

The initial view of the advantages of ownership concentration in joint stock companies was determined by the concern about the opportunistic managerial behavior. The growing importance of knowledge and human capital in the operation of firms shifts the focus of concern: excessive ownership...

Persistent link: https://www.econbiz.de/10005784634

Retained State Shareholding in Chinese PLCs: Does Government Ownership Reduce Corporate Value?

Tian, Lihui; Estrin, Saul - William Davidson Institute, University of Michigan - 2005

The role of government shareholding in corporate performance is central to an understanding of China’s newly privatized large firms. In this paper, we analyze shareholders as agents that can both harm and benefit companies. We examine the ownership structure of 826 listed corporations and find...

Persistent link: https://www.econbiz.de/10005784638

Government Shareholding and the Value of China's Modern Firms

Tian, Lihui - William Davidson Institute, University of Michigan - 2001

This paper documents the ultimate shareholding structures of 826 corporations listed on China's stock market and finds large equity holdings of the government. Using a panel data set, this paper further finds that corporate value decreases with an increased size of government shareholding when...

Persistent link: https://www.econbiz.de/10005784758

Corporate Governance, Managers’ Independence, Exporting And Performance Of Firms In Transition Economies

Filatotchev, Igor; Isachenkova, Natalia; Mickiewicz, Tomasz - William Davidson Institute, University of Michigan - 2005

examine interrelationships between corporate governance, managers’ independence from owners in terms of strategic decision …

Persistent link: https://www.econbiz.de/10005784774

DO INSIDER TRADING LAWS MATTER? SOME PRELIMINARY COMPARATIVE EVIDENCE

Beny, Laura Nyantung - William Davidson Institute, University of Michigan - 2005

Despite the longstanding insider trading debate, there is little empirical research on insider trading laws, especially in a comparative context. The article attempts to fill that gap. I find that countries with more prohibitive insider trading laws have more diffuse equity ownership, more...

Persistent link: https://www.econbiz.de/10005784800

Competition, Innovation and Growth in Transition: Exploring the Interactions between Policies

Aghion, Philippe; Carlin, Wendy; Schaffer, Mark - William Davidson Institute, University of Michigan - 2002

corporate governance and to harden enterprise budget constraints. How do these policies interact? Are they substitute policy … the additional prediction that competition and corporate governance are substitutable. But in a profit … market competition and governance and between competition and hard budget constraints (Aghion and Howitt 2002). We use the …

Persistent link: https://www.econbiz.de/10005207902

Ownership, Control and Corporate Performance After Large-Scale Privatization

Hanousek, Jan; Evžen Ko?enda; Svejnar, Jan - William Davidson Institute, University of Michigan - 2004

We analyze the effects of ownership type and concentration on performance of a population of firms in a model large-scale privatization economy (Czech Republic). Using specifications based on first-differences and unique instrumental variables, we find that few types of private ownership improve...

Persistent link: https://www.econbiz.de/10005652527

The Changing Corporate Governance Paradigm: Implications for Transition and Developing Countries

Berglof, Erik; Thadden, Ernst-Ludwig von - William Davidson Institute, University of Michigan - 1999

paradigm including other stakeholders and mechanisms of governance in order to better understand the problems facing these …

Persistent link: https://www.econbiz.de/10005677653