a r t i c l e i n f o Keywords: Corporate governance in emerging markets Foreign equity ownership Regulatory reform South Korea We investigate whether the introduction of a mandated independent director system affected firm ownership structure in South Korea, where the governance system changed significantly after the 1997 financial crisis. Results indicate that foreign investors place consider...

We compare the impact of mandatory against voluntary ownership transfer on stock price informativeness using the unique research setting provided by the Split Share Structure Reform in China. Ownership transfers from state to private entity are expected to improve corporate governance, which in turn reduce managerial incentives to withhold value-relevant information to outside investor. However...

We present a model in which wage-setting structures explain cross-country variation in corporate governance. The model predicts a nonmonotonic relationship between the level of centralization in wage-bargaining institutions and the levels of firm ownership concentration and investor protection legislation. Low and high degrees of centralization yield less concentrated ownership and more investo...

In the preceding paper Shivdasani (1993) estimates equations predicting the probability of a hostile takeover as a function of governance characteristics. He finds that additional outside directorships by board members decrease the probability of a takeover. Ownership by management and by affiliated blockholders also decreases the probability of a takeover, while ownership by unaffiliated block...

Using a panel of 21,582 Chinese firms over the period 2000-2005, we examine the relationship between the degree of foreign ownership and corporate performance in recipient firms. We find that foreign ownership is positively associated with firms’ return on assets, return on sales, labor productivity, and total factor productivity. Yet, the relationship exhibits an inverted U-shaped pattern: cor...

Demsetz and Lehn (1985), Morck, Shleifer, and Vishny (1988), and McConnell and Servaes (1990) report different empirical findings regarding ownership structure and corporate profitability. In this paper, we re-estimate the relation between management ownership and firm's value after controlling for the history of management ownership as well as inter-firm differences using panel data. Further, ...

This study examines how ownership concentration and corporate debt impact corporate divestitures in China. Corporate divestitures reduce the asset base of a company and the opportunity for expropriation by majority shareholders. In emerging economies, weak legal institutions, combined with equity ownership concentration and high corporate debt, allow majority shareholders to avoid such discipli...

This paper examines the relationship between ownership structures and IPO long-run performance of nonSOEs in China. Although non-SOEs underperform the market in general after IPO but the poor performance is mainly caused by the IPOs with ownership control wedge. Non-SOEs with one share one vote structure outperform those with control-ownership wedge by 30% for three years post-IPO performance i...

This study provides an empirical evidence on how Corporate Sustainability Performance (CSP), is reflected in the corporate value. Using a theoretical framework combining Legitimacy theory, Stakeholder theory and Agency theory, a set of hypotheses that relate the corporate value to CSP is examined. For a sample of Iranian firms, 28 components with four dimensions as Community, Environment, Emplo...