channels through which controlling shareholders expropriate minority shareholders by adopting a policy of excess leverage. We … found that firms with more excess control rights also have more excess leverage and the controlling shareholders of these … performance in firms with more excess control rights after the reform, confirming a reduction in the controlling shareholder …

and their controlling shareholders use the resources for tunneling rather than investing in positive NPV projects. We also … party transactions are more positive after NTS reform. This confirms that tunneling by the controlling shareholders actually … reduced. We argue that in emerging markets where legal protection for creditors and shareholders is weak, controlling …

high cash holding are tunnelled by controlling families other than be invested or paid to shareholders. In addition, the … because the second large shareholders actually collude with controlling family and controlling families increase their … between controlling and minority shareholders helps to alleviate the issue …

This paper investigates pay dispersion and its effects on firm performance in China's listed firms. Due to weak … performance. Using data from 2002 to 2007, we find that pay dispersion is related to tournament incentives and agency factors …. Importantly, we find evidence that pay dispersion is positively related to firm performance which is consistent with our primary …

This paper investigates the impact of ownership and ownership concentration on the performance of China's listed firms … in determining firm performance and that it has approximately positive linear relations with firm value. The tradable … ownership concentration has a more significant and positive influence on firm performance than total ownership concentration …

concentration on the performance of listed Chinese firms. We find that independent directors enhance firm performance effectively …

performance. In addition, tournament incentives are weaker where firms are controlled by the government and where the CEO is …

This paper investigates the impact of ownership and ownership concentration on the performance of China's listed firms … concentration is approximately associated with higher firm performance. Ownership concentration is more powerful than any category … of ownership in determining firm performance. Firm performance is better when the state is the largest of the top …

, we find that (iv) efficiency increases when a majority owner must deal with minority shareholders and that (v) domestic … majority owners improve efficiency more than foreign majority owners when no minority shareholders are present, but (vi) the … opposite is true when minority shareholders hold a substantial fraction of the firmś equity. In the analysis, we distinguish …