The DOI matches its Crossref record; 7 of the 7 references it cites were found in a registry or an index.
Equity Ownership and Firm Value in Emerging Markets
Open accessAbstract
This paper investigates whether management ownership structures and large non-management blockholders are related to firm value across a broad sample of firms from emerging markets. I find that firm values are lower when control and cash flow rights of a firm's management group are separated, which indicates that the private benefits of control are reflected in the price paid by non-controlling shareholders. My results also suggest that large non-management blockholders can reduce these private benefits. The separation of management group ownership and control has a significantly more negative relation to value in countries with low shareholder protection, whereas large non-management blockholders have a significantly more positive relation. These results imply that private control benefits are discounted even more by minority shareholders where external shareholder protections are weak and that large non-management blockholders can act as a partial substitute for these missing institutional governance mechanisms.
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Cites
La Porta, R., Lopez‐de‐Silanes, F., Shleifer, A., & Vishny, R. W. (1998) · Journal of Political Economy · doi:10.1086/250042 · Cited by 18,025
A Survey of Corporate Governance
Shleifer, A., & Vishny, R. W. (1997) · The Journal of Finance · doi:10.1111/j.1540-6261.1997.tb04820.x · Cited by 16,243
Legal Determinants of External Finance
LA PORTA, R., LOPEZ‐DE‐SILANES, F., SHLEIFER, A., & VISHNY, R. W. (1997) · The Journal of Finance · doi:10.1111/j.1540-6261.1997.tb02727.x · Cited by 9,783
Investor protection and corporate governance
La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. (2000) · Journal of Financial Economics · doi:10.1016/s0304-405x(00)00065-9 · Cited by 6,848
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
Managerial control of voting rights
Stulz, R. (1988) · Journal of Financial Economics · doi:10.1016/0304-405x(88)90039-6 · Cited by 2,429
The 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
The colors of investors’ money: The role of institutional investors around the world
Ferreira, M. A., & Matos, P. (2008) · Journal of Financial Economics · doi:10.1016/j.jfineco.2007.07.003 · Cited by 1,975
Lang, M. H., Lins, K. V., & Miller, D. P. (2003) · Journal of Accounting Research · doi:10.1111/1475-679x.00106 · Cited by 1,120
Self-citationTransparency, Liquidity, and Valuation: International Evidence on When Transparency Matters Most
LANG, M., LINS, K. V., & MAFFETT, M. (2012) · Journal of Accounting Research · doi:10.1111/j.1475-679x.2012.00442.x · Cited by 821
Self-citationInternational Evidence on Cash Holdings and Expected Managerial Agency Problems
Kalcheva, I., & Lins, K. V. (2007) · Review of Financial Studies · doi:10.1093/rfs/hhm023 · Cited by 820
Self-citationDominant shareholders, corporate boards, and corporate value: A cross-country analysis
Dahya, J., Dimitrov, O., & McConnell, J. J. (2008) · Journal of Financial Economics · doi:10.1016/j.jfineco.2006.10.005 · Cited by 659
Metadata
- Authors
- Lins, K. V.
- Venue
- The Journal of Financial and Quantitative Analysis
- Publisher
- JSTOR
- Published
- 2003-03
- Volume
- 38
- Issue
- 1
- Pages
- 159
- ISSN
- 0022-1090 (ISSN-L)
- OpenAlex
- W3125701181
- Cited by
- 1,178
- References
- 7
- FWCI
- 152.93
- Type
- journal article
- Language
- en
- Open access
- green
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Data sources
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.
