Pyramidal structure, firm capital structure exploitation and ultimate owners' dominance
In this paper we investigate how pyramid structure, separating cash flow rights and control rights, allows ultimate owners to control the company's resources for the creation of private benefits and to avoid punishment for such conduct. Empirical tests are conducted using three-stage least sq...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
| Published: |
Elsevier
2010
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| Online Access: | http://psasir.upm.edu.my/id/eprint/16401/ http://psasir.upm.edu.my/id/eprint/16401/ http://psasir.upm.edu.my/id/eprint/16401/1/Pyramidal%20structure.pdf |