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increasing value for shareholders. Expanding the company's value will ultimately increase the shareholders' wealth. Therefore, it … is natural for shareholders to seek to improve their performance and increase the company's value. If CG mechanisms … improve the efficiency of companies. This article investigated the connection between the power of major shareholders and the …
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Direct experience of a peer's punishment might make non-punished peers reassess the probability and consequences of facing punishment and hence induce a change in their behavior. We test this mechanism in a setting, China, in which we observe the reactions to the same peer's punishment by listed...
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