characteristic for emerging markets, including Poland, where large shareholders have the power to monitor managers and can act as a …

shareholders and management. Existing literature is mainly concerned with the impact of managerial ownership on firm performance …. Little evidence is provided on the impact of general ownership concentration, including multiple large shareholders, on firm … largest three shareholders own more than 60% ownership of company. Industrial companies hold direct controls of European non …

. Moreover, a number of surveys present the assessment of payout policy, especially dividend policy, from decision …

is critically affected by Twin Agency Problems: firstly, the controlling shareholders can use their power for their own … at the expense of all shareholders. When these agency problems worsen, diffuse ownership is inefficient and ownership … investigation in China. On the basis of the data from 1481 Chinese companies listed in Shanghai, Shenzhen or New York, it is found …