This paper analyses the effect of family ownership and the characteristics of the board of directors on the risk assumed by Spanish non-financial companies. The sample consists of 176 Spanish non-financial companies listed on Spanish stock exchanges during the period 2012-2015. The results show...

The phenomenon of family governance in Chinese family businesses may not only signal a high second-party agency cost that infringes on the interests of small and medium shareholders, but it may also signal this as a stable governance structure. Based on the theory of signal transmission, this...

Sustainable product innovation is a key issue facing agri-food companies to maintain and increase their competitiveness. Based on a sample of 320 international agri-food companies for the period 2002–2017, this paper analyzes the role that ownership structure and capital structure play with...

In this study, we employ a new dataset on bank ownership and reassess the links between domestic and foreign ownership and lending during the 1996 - 2018 period. Additionally, we distinguish between privately-owned and state-controlled banks and find that the lending activities of foreign...

Empirical evidence suggests that international ownership of local firms supports firm performance and growth through various channels such as financing, technology transfer, and improved access to international markets. This is particularly true for small and medium-sized enterprises (SMEs) that...

The objective of this paper is to empirically examine the relationship between the firms’ ownership and control structure, in particular the presence of foreign capital, and their internationalization levels, measured in terms of intensity and diversification. The international performance of...

We map companies belonging to the semiconductor value chain at the world level and investigate the turnover of the companies by jurisdiction of their ultimate owner. Total turnover for the top-10 companies, with respect to revenue, among the manufacturers of semiconductors amounts to 266 Billion...

Purpose: This study examined whether nonprofit hospitals reflect social roles as well as values and satisfy their financial responsibilities compared with for-profit hospitals. Design/methodology/approach: Using panel data from the Hospital Financial and Utilization Information Data System in...

This study explores the effect of corporate governance on financial innovation and the effect of financial innovation on performance in Taiwan's banking industry from 2011 to 2019. The results find that the banks have higher shareholding of institutional investors, ratio of independent...

In this paper, we proposed a model of how corporate acquisition influences industrial performance by exploring industry-level and firm-level ownership characteristics in emerging markets. Based on a database of 1,934 acquisitions of listed firms in China, we examined the relationship between...

The Reserve Bank of India has put 11 public sector banks under prompt corrective action and is planning to put three more where public sector banks constitute 68.9% of the total asset of the Indian banking industry based on 2018 figures; this raises a genuine concern for the financial health of...

This paper documents recent structural changes in China's corporate landscape, based on company level data, providing a complementary perspective to that of official Chinese statistics. We classify China's largest companies by revenue since 2004 (based on Fortune Global 500 rankings), and...

Family-owned companies occupy a large proportion of enterprises all over the world. It is meaningful for people to understand how family ownership may affect firms’ financing strategies. This paper tends to summarize the results of previous studies. However, different scholars reach different...

In this paper we disentangle the sources of public sector inefficiency using 1982-1995 panel data on manufacturing firms in Indonesia. We consider two leading hypotheses: (1) public sector enterprises are inefficient due to monitoring problems and (2) public sector enterprises are inefficient...

I examine the relationship between managerial ownership and operational performance for firms acquired in a buyout. I show that high post-buyout CEO ownership stakes are associated with improved firm profitability. This result is economically stronger for changes in ownership stakes, and is...

This paper investigates the macroeconomic and asset pricing consequences of the upward trend in financial market participation observed in the U.S. since the late 1980s. In a limited participation two-agent Real Business Cycle model where stockholders feature external habit preferences, higher...

We examine the effects of passive forward ownership on the sustainability of upstream collusion. We consider a homogeneous Cournot duopoly with competing vertical chains. In one chain, the upstream firm has non-controlling partial ownership over its downstream exclusive client. We find that...

This study examines the effect of shareholder taxes on bank risk-taking. Economic theory predicts that personal tax rates affect individual risk-taking through risk-sharing with the government via full loss offsets. Exploiting the passive activity loss limitations and detailed ownership data for...

Higher land-use intensity can be achieved by subdividing the land or by subdividing the structure built on it. The former avoids co-ownership but is subject to topographical constraints, whereas the latter (e.g. apartment units) uses each unit of land more efficiently but entails management of...

We investigate the effects of blockholder exit threats, which increase with stock liquidity, on corporate cash holdings and the value of cash to shareholders. Exploiting decimalization as an exogenous shock to stock liquidity to identify the effects of blockholder exit threats, we find robust...

In recent years, international capital flows of all types have increased dramatically and most governments have been actively encouraging inflows of direct investment. However, concerns remain that reliance on foreign multinationals may be a risky development strategy as foreign firms are likely...

Research Question/Issue: We study the relationship between family blockholding of voting rights and the relative size of international acquisitions, and the moderating effect of two types of financial blockholders (pressure-resistant and pressure-sensitive blockholders).Research...

Research aim: This study aims to examine the impact of ownership structure (ownership concentration and identities) on the financial and market performance of Indian listed firms, post the US financial crisis 2008.Design/Methodology/Approach: This study is based on a six-year financial dataset...

Foreign-owned establishments in the United States pay higher wages, on average, than domestically-owned establishments. Much of the difference is related to industry composition, but there are also differences within industries within states, 5-7 percent in manufacturing and 9-10 percent in...

This paper examines the recent upsurge in foreign acquisitions of U.S. firms, specifically focusing on acquisitions made by firms located in emerging markets. Neoclassical theory predicts that, on net, capital should flow from countries that are capital-abundant to countries that are...

Using global cross-firm ownership data, we find that both stock returns and cash-flow news of ownership-linked firms predict focal firm’s returns for all four types of ownership structures: subsidiary−parent, parent−subsidiary, subsidiary−subsidiary, and parent−parent. These results...

This paper studies the impact of corporate governance mechanisms on managerial compensation horizon under common ownership. We find that the predominant governance approach under common ownership is the threat of exit, which inadvertently exacerbates managerial myopia. Hence, common owners tend...

We present a new dataset that tracks changes in legal ownership regimes in the petroleum sector between 1867 and 2008 for a panel of countries. We document that foreign ownership has been taken over by partnerships as the leading ownership regime, while domestic ownership is on the rise again in...

This paper aims to ascertain how company-specific factors influence the corporate ownership concentration of Portuguese firms. The paper employs several different regression techniques: Generalized Linear Model, Ordered Logit, 2 Stage Least Squares, Ordinary Least Squares, Truncated and...

We are concerned with the design of a constitution for a firm -- an ex ante contract which assigns residual rights of control (and possibly residual income rights) without reference to the issue to be decided. We focus attention on two polar constitutions: nonprofit cooperatives and outside...

We study when firms choose to install boards and their roles in a historical setting where neither boards nor their duties are mandated by law. Boards arise in firms with large, heterogenous shareholder bases. We propose that an important role of boards is to mediate between heterogenous...

There is a general perception that corporate performance in emerging markets is inclined towards few key powerful stakeholder groups ignoring issues of corporate governance. Big players like insurance companies, financial institutions, and corporate bodies etc. which have substantial shares in...

On 24 January 2019, a revised Singapore Code on Take-overs and Mergers (the Take-overs Code) was promulgated by the Monetary Authority of Singapore (MAS) on the advice of the Securities Industry Council (the SIC).The revisions are to ensure that takeover practices targeting at companies with the...

Using the Business Longitudinal Database compiled by the Australian Bureau of Statistics, we examine the level and determinants of agency costs in small and medium-sized enterprises (SMEs), with a particular focus on the impact of family ownership and the variation in agency costs associated...

There is continuing uncertainty about whether family firms have lower agency costs. This paper proposes that a combination of family ownership and altruism affects agency costs in family firms. To begin with, family ownership can reduce agency costs through better aligning the interests of...

The 2008 global financial crisis showed that despite the corporate governance scholars and regulatory efforts of the past 30 years, shareholders‘ investments remain at risk due to poor or dishonest decisions made by some distinct groups of corporate stockholders. Using structural equation...

Like many professional sports leagues worldwide, the National Basketball Association is organized as a cooperative of team owners. We argue that league ownership structures must balance two types of transaction costs: the costs of contracting with stakeholders of the league, importantly players,...

A capital influx into local housing markets would be expected to increase house prices, but the spillover effect onto rental prices is theoretically ambiguous. I estimate both price impacts in U.S. residential housing markets using data from a boom in real estate purchases by buyers from China,...

In recent years, debates over the social purpose of corporations have taken center stage amidst rising concern about externalities (such as those associated with climate change and harmful speech) generated by firms. A key motivation is the claim that government regulation and liability regimes...

Most Brazilian public corporations have controlling majority shareholders. Meanwhile, the Brazilian tax code regarding payout income treats differently different kinds of shareholders depending upon their legal nature. Therefore, depending upon the controlling shareholder’s identity, the...

I introduce a new database for research on institutional and individual blockholders in US-listed firms. Analyzing the contents of all SEC Form 13D and 13G filings downloaded from EDGAR, I find that individual blockholdership of listed companies is in decline over the last 15 years. Holders of...