Ownership concentration and corporate performance on the budapest stock exchange: Do too many cooks spoil the goulash?

Corporate Governance: An International Review

Volumn 13, Issue 2, 2005, Pages 254-264

  Earle, John S ^a   Kucsera, Csaba ^c   Telegdy, Álmos ^b,c  

^a WE Upjohn Institute for Employment Research   (United States)

^b CEU ^*

^c CEU Labor Project   (United Kingdom)

Author keywords

Blockholder; Concentration; Corporate governance; Emerging markets; Hungary; Ownership structure

Indexed keywords

EID: 15544391124     PISSN: 09648410     EISSN: None     Source Type: Journal    
DOI: 10.1111/j.1467-8683.2005.00420.x     Document Type: Article

References (37)

1. Barclay, M. J. and Holderness, C. G. (1989) Private Benefits from Control of Public Corporations, Journal of Financial Economics, 25(2), 371-395.
2. Becht, M. (1999) European Corporate Governance: Trading off Liquidity Against Control, European Economic Review, 43, 1071-1083.
3. Becht, M. and Röell, A. (1999) Blockholding in Europe: An International Comparison, European Economic Review, 43, 1049-1056.
4. Bennedsen, M. and Wolfenzon, D. (2000) The Balance of Power in Closely Held Corporations, Journal of Financial Economics, 58, 113-139.
5. Bloch, F. and Hege, U. (2001) Multiple Shareholders and Control Contests, Unpublished working paper, HEC School of Management.
6. Bolton, P. and von Thadden, E.-L. (1998) Blocks, Liquidity and Corporate Control, Journal of Finance, 53(1), 1-25.
7. Budapest Stock Exchange and Bank & Tözsde, Company Fact Book. Budapest: Budapest Stock Exchange and Bank & Tözsde, various issues 1996-2001.
8. Burkart, M., Gromb, D. and Panunzi, F. (1997) Large Shareholders, Monitoring, and the Value of the Firm, Quarterly Journal of Economics, CXII(3), 693-728.
9. Claessens, S. and Djankov, S. (1999) Ownership Concentration and Corporate Performance in the Czech Republic, Journal of Comparative Economics, 27(3), 498-513.
10. Claessens, S., Djankov, S., Fan, J. P. H. and Lang, L. H. P. (2002) Disentangling the Incentive and Entrenchment Effects of Large Shareholdings, Journal of Finance, 57(6), 2741-2771.
11. Demirag, I. and Serter, M. (2003) Ownership Patterns and Control in Turkish Listed Companies, Corporate Governance, 11(1), 40-51.
12. Demsetz, H. (1968) The Cost of Transacting, Quarterly Journal of Economics, LXXXII(1), 33-53.
13. Demsetz, H. (1983) The Structure of Ownership and the Theory of the Firm, Journal of Law and Economics, 26(2), 375-390.
14. Demsetz, H. and Lehn, K. (1985) The Structure of Corporate Ownership: Causes and Consequences, Journal of Political Economy, 93(6), 1155-1177.
15. Demsetz, H. and Villalonga, B. (2001) Ownership Structure and Corporate Performance, Journal of Corporate Finance, 7, 209-233.
16. Faccio, M. and Lang, L. H. P. (2002) The Ultimate Ownership of Western European Corporations, Journal of Financial Economics, 65, 365-395.
17. Faccio, M., Lang, L. H. P. and Young, L. (2001) Dividends and Expropriation, American Economic Review, 91(1), 54-78.
18. Gomes, A. and Novaes, W. (2001) Sharing of Control as a Corporate Governance Mechanism, unpublished working paper, University of Pennsylvania, Wharton School.
19. Gorton, G. and Schmid, F. A. (2000) Universal Banking and the Performance of German Firms, Journal of Financial Economics, 58, 29-80.
20. Gutierrez, M. and Tribo, J. A. (2002) Multiple Large Shareholders in Corporate Control: Evidence for Spain, unpublished working paper, Universidad Carlos III de Madrid.
21. Hanley, E., King, L. and Toth, I. J. (2002) The State, International Agencies, and Property Transformation in Postcommunist Hungary, American Journal of Sociology, 108(1), 129-167.
22. Holderness, C. G. (2003) A Survey of Blockholders and Corporate Control, FRBNY Economic Policy Review, 9(1), 51-64.
23. Holderness, C. G. and Sheehan, D. P. (1988) The Role of Majority Shareholders in Publicly Held Corporations: An Exploratory Analysis, Journal of Financial Economics, 20, 317-346.
24. Holmström, B. and Tirole, J. (1993) Market Liquidity and Performance Monitoring, Journal of Political Economy, 101(4), 678-709.
25. Hovey, M., Li, L. and Naughton, T. (2003) The Relationship between Valuation and Ownership of Listed Firms in China, Corporate Governance, 11(2), 112-122.
26. Kyle, A. S. and Vila, J.-L. (1991) Noise Trading and Takeovers, RAND Journal of Economics, 22(1), 54-71.
27. La Porta, R., Lopez-de-Silanes, F. and Shleifer, A. (1999) Corporate Ownership Around the World, Journal of Finance, 54(2), 471-517.
28. Leech, D. and Leahy, J. (1991) Ownership Structure, Control Type Classifications and the Performance of Large British Companies, The Economic Journal, 101, 1418-1437.
29. McConnell, J. J. and Servaes, H. (1990) Additional Evidence on Equity Ownership and Corporate Value, Journal of Financial Economics, 27, 595-612.
30. Morck, R., Shleifer, A. and Vishny, R. W. (1988) Management Ownership and Market Valuation: An Empirical Analysis, Journal of Financial Economics, 20(1/2), 293-315.
31. Pagano, M. and Roell, A. (1998) The Choice of Stock Ownership Structure: Agency Costs, Monitoring, and the Decision to Go Public, Quarterly Journal of Economics, CXIII(1), 693-728.
32. Prowse, S. D. (1992) The Structure of Corporate Ownership in Japan, Journal of Finance, 47(3), 1121-1140.
33. Shleifer, A. and Vishny, R. W. (1986) Large Shareholders and Corporate Control, Journal of Political Economy, 94(3), 461-488.
34. Shleifer, A. and Vishny, R. W. (1997) A Survey of Corporate Governance, Journal of Finance, 52, 737-783.
35. Telegdy, Á., Earle, J. S., Kaznovsky,V. and Kucsera, C. (2002), Corporate Control: A Study of Firms on the Bucharest Stock Exchange, Eastern European Economics, 40(3), 6-26.
36. Wruck, K. H. (1989) Equity Ownership Concentration and Firm Value: Evidence from Private Equity Financings, Journal of Financial Economics, 23, 3-28.
37. Zwiebel, J. (1995) Block Investment and Partial Benefits of Corporate Control, Review of Economic Studies, 62, 161-185.