The DOI matches its Crossref record; 5 of the 5 references it cites were found in a registry or an index.
A Theory of Pyramidal Ownership and Family Business Groups
Abstract
We provide a new rationale for pyramidal ownership in family business groups. A pyramid allows a family to access all retained earnings of a firm it already controls to set up a new firm, and to share the new firm's nondiverted payoff with shareholders of the original firm. Our model is consistent with recent evidence of a small separation between ownership and control in some pyramids, and can differentiate between pyramids and dual‐class shares, even when either method can achieve the same deviation from one share–one vote. Other predictions of the model are consistent with both systematic and anecdotal evidence.
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Cites
Corporate financing and investment decisions when firms have information that investors do not have
Myers, S. C., & Majluf, N. S. (1984) · Journal of Financial Economics · doi:10.1016/0304-405x(84)90023-0 · Cited by 18,957
The separation of ownership and control in East Asian Corporations
Claessens, S., Djankov, S., & Lang, L. H. P. (2000) · Journal of Financial Economics · doi:10.1016/s0304-405x(00)00067-2 · Cited by 5,754
The great reversals: the politics of financial development in the twentieth century
Rajan, R. G., & Zingales, L. (2003) · Journal of Financial Economics · doi:10.1016/s0304-405x(03)00125-9 · Cited by 3,327
Investor protection and equity markets
Shleifer, A., & Wolfenzon, D. (2002) · Journal of Financial Economics · doi:10.1016/s0304-405x(02)00149-6 · Cited by 1,077
Self-citationThe Value of the Voting Right: A Study of the Milan Stock Exchange Experience
Zingales, L. (1994) · Review of Financial Studies · doi:10.1093/rfs/7.1.125 · Cited by 970
Cited by
Corporate immunity to the COVID-19 pandemic
Ding, W., Levine, R., Lin, C., & Xie, W. (2021) · Journal of Financial Economics · doi:10.1016/j.jfineco.2021.03.005 · Cited by 1,484
The Network of Global Corporate Control
Vitali, S., Glattfelder, J. B., & Battiston, S. (2011) · PLoS ONE · doi:10.1371/journal.pone.0025995 · Cited by 827
Masulis, R. W., Pham, P. K., & Zein, J. (2011) · Review of Financial Studies · doi:10.1093/rfs/hhr052 · Cited by 523
Corporate Governance and Tobin's Q as a Measure of Organizational Performance
Singh, S., Tabassum, N., Darwish, T. K., & Batsakis, G. (2018) · British Journal of Management · doi:10.1111/1467-8551.12237 · Cited by 308
Capital structure in an emerging stock market: The case of India
Chakraborty, I. (2010) · Research in International Business and Finance · doi:10.1016/j.ribaf.2010.02.001 · Cited by 294
Metadata
- Authors
- ALMEIDA, H. V., & WOLFENZON, D.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2006-12
- Volume
- 61
- Issue
- 6
- Pages
- 2637-2680
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W3022067204
- Cited by
- 833
- References
- 5
- FWCI
- 57.65
- Type
- journal article
- Language
- en
- Open access
- closed
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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