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Large Shareholders and Corporate Control [PDF]
Journal of Political Economy, 1986 In a corporation with many small owners, it may not pay any one of them to monitor the performance of the management. We explore a model in which the presence of a large minority shareholder provides a partial solution to this free-rider problem. The model sheds light on the following questions: Under what circumstances will we observe a tender offer ...
Shleifer, Andrei, Vishny, Robert W.
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, 2021
As demonstrated by one of the authors elsewhere, UK-style shareholder stewardship is a ‘global legal misfit’ because it was designed for a jurisdiction with dispersed shareholding where institutional investors collectively control a majority of the ...
Ernest Lim, Dan W. Puchniak
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As demonstrated by one of the authors elsewhere, UK-style shareholder stewardship is a ‘global legal misfit’ because it was designed for a jurisdiction with dispersed shareholding where institutional investors collectively control a majority of the ...
Ernest Lim, Dan W. Puchniak
semanticscholar +1 more source
The (Geo)Politics of Controlling Shareholders
SSRN Electronic Journal, 2023Abstract In this Article, I extend the analysis of controlling shareholders typically reflected in corporate governance scholarship—which is fundamentally framed in terms of shareholder wealth creation and diversion at the behest of the controller—to the increasing (geo)political significance of firms with controlling shareholders.
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Controlling Shareholder’s Share Pledging and Firm’s Auditor Choice
Emerging markets finance & trade, 2019This study investigates auditor choice in firms whose shares are pledged by their controlling shareholders as collateral for margin loans to financial institutions.
Jingjing Xu, Yan Zhang, Yizhe Xie
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Controlling Non-Controlling Shareholders: The Case of Effective Control
SSRN Electronic Journal, 2023Abstract One of the most important developments underlying capital markets in recent years is the increase in the influence of activist minority shareholders. In a company without a controlling shareholder, dominant and activist shareholders, who hold only a low proportion of the company’s shares, can influence and even tip the scales in
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Contesting corporate control: shareholder voting
International Journal of Corporate Governance, 2013In this study we examine the outcome of shareholder proposals and focus on the factors leading to a majority vote. Our findings include: 1) the issues of a proposal play a significant role in determining whether or not the proposal achieves majority shareholder support; 2) ownership structure plays a significant role in the occurrence of a majority ...
Maggie Foley +3 more
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Applied Economics Letters, 2022
Listed companies with a higher separation of two rights have less risk of control transfer of the ultimate controlling shareholder. The ultimate controlling shareholder’s equity pledge ratio plays a remarkable mediating role in this process. At different
Liang Wang, W. Cao
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Listed companies with a higher separation of two rights have less risk of control transfer of the ultimate controlling shareholder. The ultimate controlling shareholder’s equity pledge ratio plays a remarkable mediating role in this process. At different
Liang Wang, W. Cao
semanticscholar +1 more source
Controlling shareholders and their duties
2021We focus on the rules governing the duties of controlling shareholders to minority shareholders in three jurisdictions, the US, Germany and Italy. We argue that despite differences in the specific laws and enforcement mechanisms used to address the duties of controlling shareholders, functionally the principles and conceptual goals across these ...
Balp, Gaia, Ventoruzzo, Marco
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Multiple large shareholders and controlling shareholders’ related-party M&As
Applied Economics Letters, 2021This paper examines the impact of a common ownership structure – multiple large shareholders (MLS) – on controlling shareholders’ related-party mergers and acquisitions (M&As).
Yanyan Shen, Xiaotong Yang, Bing Zhu
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Controlling Shareholders' Value and Corporate Tax Avoidance*
Asia-Pacific Journal of Financial Studies, 2022AbstractThis paper investigates whether and how controlling shareholders' value (i.e., the concentration of controlling shareholders' wealth within a business group) affects corporate tax planning using Korean chaebols. We find that firms with high controlling shareholders' value engage in a lower level of tax avoidance than other affiliates in the ...
Hyungjin Cho +3 more
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