During the 1992 U.S. presidential campaign and immediately after, the pharmaceutical industry was subjected to regulatory threats. It was charged with high drug costs, high advertising expense, and insufficient expenditure on research and development to develop better drugs. We examine whether...

We investigate whether the newly introduced outside director system affected firm ownership structure in South Korea, where the governance system changed significantly after the 1997 financial crisis. Using a unique dataset, we conduct panel data analyses for publicly traded Korean non-financial...