This paper estimates the agency costs of controlling minority shareholders (CMSs), who
have control of a firm's votes, while owning only a minority of the cash flow rights. Analyzing …

This article focuses on the widely held views that antitakeover charter and bylaw provisions
(ATPs) increase agency costs, thereby reducing firm value, but that firms going public …

In 1994, IBM made a $3.3 billion hostile takeover bid for Lotus.! De-spite a determination to
remain independent, management of Lotus capitulated within a week of IBM's bid. 2 At …

This paper analyses changes in capitalization and control of dual class firms before and
after IPO. The results indicate that the combination of a large controlling shareholder with …

Do families keep control of their firms because they, operating in an environment with weak
protection of minority shareholders, fear being exploited by management after the IPO? Or is …

Although initial public offerings (IPOs) recently have attracted public and academic attention,
the special case of firms founded by families or single entrepreneurs has not been …

ABSTRACT Brennan and Franks (1997) and Stoughton and Zechner (1998) provide
contrasting arguments for why monitoring considerations create incentives for managers to …

I investigate what leads controlling families of publicly traded firms to sell their remaining
ownership stake. The sale of a controlling stake is best explained in the context of theories of …

This chapter documents the evolution of ownership and control of firms around the world
over a hundred year period from the beginning of the 20th century to today. It records the …

Purpose The purpose of this paper is to explain whether the level of managerial quality and
growth opportunities influences the operating and return performance between single and …