shareholders for executive compensation. Shareholders want to see a direct alignment between shareholder wealth maximization and … executive reward. Indeed, shareholders now have a “say on pay” (advisory, and mandatory in the UK) and will vote against … properly and regulators have seen fit to enable shareholders to have this say. There is even regulatory movement afoot in …

coalition effects of top three large shareholders are found to reduce the dependence on internal cash flow for investment …

ownership and management are separated. But when substantial shareholders manage the company, the probability of expropriation … of minority shareholders gives rise to Type II conflicts. Hence in countries where share ownership is highly concentrated … companies in the selected sectors were found to have single largest shareholders owning no less than 10% of the total shares …

Purpose – This study explores the probability of expropriation of minority shareholders by controlling shareholders in …–2010. Design/methodology/approach – We use a direct method to gauge controlling shareholders’ tunneling and expropriation of … minority shareholders, and we present a simple model to link corporate governance and the degree of entrenchment by the largest …

invest in the firm targeted by the activism. We also find that when managers disclose an optimistic earnings guidance …