Drawing on agency theory, this study explores how the geographical distribution of institutional shareholders affects corporate ESG rating disagreements. A higher geographical concentration of institutional shareholders is found to correlate with reduced ESG rating disagreements, as...

This document provides clarifications and guidance for researchers seeking to replicate the analyses in our paper. This is important as we identified some items in the published text and the code where additional clarity would be helpful. While none of these affect our substantive conclusions,...

This study aims to examine whether family firms differ from nonfamily firms in their propensity to save cash, particularly in response to new investment opportunities, and to assess how investors value the cash holdings of family versus nonfamily firms in light of potential agency concerns. The...

Does shareholder visibility affect firms' prosocial behavior? What implications for other shareholders? Exploiting quasi-experimental variation from media coverage around Annual General Meetings and major crises (COVID-19 pandemic and Russian invasion of Ukraine), we show that prominent...

Inspired by the limited research regarding the influence of CEO succession origin on corporate misconduct, this study draws on organizational identification theory and agency theory to examine this issue. Empirical analysis indicates that insider CEOs significantly constrain corporate misconduct...

This study examines the impact of Environmental, Social, and Governance Disclosure (ESGD) on a company's ownership structure in predominantly developed economies. It aims to assess whether ESGD influences the shares held by different investor types, with a focus on institutional investors. Using...

Purpose This study examines whether CEO power influences the book-based and market-based performance of Russian companies when it is restricted by the presence of essential shareholders, namely, state and influential businessmen. Design/methodology/approach Managerial power is divided into...

From where does management acquire its authority to act in the name of the corporation? The orthodoxy that shareholders alone authorise management is frequently criticised for treating the corporation as the property of shareholders, rather than as a distinct legal person in its own right...

We provide a theoretical micro foundation for how much pollution (negative externalities) a firm will internalize based on the ownership distribution of its shareholders. Small shareholders, compared to large ones, want the firm to spend more on avoiding pollution since they suffer less profit...

As corporate income tax rates have fallen across the world, other capital taxes become more important. This paper studies the choice between income taxation at the corporate and shareholder level. I develop a sufficient-statistics framework to determine optimal tax reforms. The main result is...

Regulatory information disclosure is an important measure to enhance government transparency and law enforcement credibility. Studies mainly focus on ex-post disclosure and affirm its positive effects. However, ex-ante disclosure of regulatory information, as a representative regulatory policy,...

The mandatory rotation of independent directors upon the expiration of their term is a key institutional design in China, aimed at safeguarding their independence and enhancing the effectiveness of their supervision. However, whether reappointing these directors after a "cooling-off period"...

This thesis represents a qualitative study analyzing a comprehensive interview dataset of long-standing target executives, investment bankers, and activist specialists to improve our understanding of the effects of hedge fund activism on target firms. Hedge funds possess a broad set of tools to...

This study investigates the effect of government pay policy for chief executive officer's (CEO's) compensation on corporate innovation (CI). Furthermore, it explores the role of the CEO's career horizon and shareholding in this nexus. Utilizing the difference-in-differences method to analyze...