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Cited by 382

The DOI matches its Crossref record; 53 of the 53 references it cites were found in a registry or an index.

Exit as Governance: An Empirical Analysis

Open access
BHARATH, SREEDHAR T., JAYARAMAN, SUDARSHAN, NAGAR, VENKY·2013·The Journal of Finance
DOI 10.1111/jofi.12073
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Abstract

Recent theory posits a new governance channel available to blockholders: threat of exit. Threat of exit, as opposed to actual exit, is difficult to measure directly. However, a crucial property is that it is weaker when stock liquidity is lower and vice versa. We use natural experiments of financial crises and decimalization as exogenous shocks to stock liquidity. Firms with larger blockholdings experience greater declines (increases) in firm value during the crises (decimalization), particularly if the manager's wealth is sensitive to the stock price and thus to exit threats. Additional tests suggest exit threats are distinct from blockholder intervention.

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Metadata

Authors
BHARATH, S. T., JAYARAMAN, S., & NAGAR, V.
Venue
The Journal of Finance
Publisher
Wiley
Published
2013-11-12
Volume
68
Issue
6
Pages
2515-2547
ISSN
  • 0022-1082 (ISSN-L)
  • 1540-6261
DOI
10.1111/jofi.12073
OpenAlex
W2316509495
Cited by
382
References
53
FWCI
88.53
Type
journal article
Language
en
Open access
green

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CoChat. (2026). Citation check: Exit as Governance: An Empirical Analysis. https://app.cochat.ai/papers/10.1111/jofi.12073
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BHARATH, S. T., JAYARAMAN, S., & NAGAR, V. (2013). Exit as Governance: An Empirical Analysis. The Journal of Finance. https://doi.org/10.1111/jofi.12073

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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.