Private Benefits of Control, Growth Opportunities and Investor Protection
We develop a model to illustrate that controlling shareholders choose the level of investor protection that maximizes their own interests. Controlling shareholders in companies with complicated control structures can easily extract private benefits and are thus reluctant to enhance investor protecti...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
Elsevier
2009-06-01
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| Series: | China Journal of Accounting Research |
| Subjects: | |
| Online Access: | http://www.sciencedirect.com/science/article/pii/S1755309113600118 |