Private benefits of control: An international comparison

• 成果类型: Article
• 署名作者: Dyck, A; Zingales, L
• 署名单位: Harvard University; University of Chicago
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/j.1540-6261.2004.00642.x
• 发表日期: 2004
• 页码: 537-600
• 关键词: CORPORATE GOVERNANCE; OWNERSHIP; MARKETS

摘要

We estimate private benefits of control in 39 countries using 393 controlling blocks sales. On average the value of control is 14 percent, but in some countries can be as low as -4 percent, in others as high a +65 percent. As predicted by theory, higher private benefits of control are associated with less developed capital markets, more concentrated ownership, and more privately negotiated privatizations. We also analyze what institutions are most important in curbing private benefits. We find evidence for both legal and extra-legal mechanisms. In a multivariate analysis, however, media pressure and tax enforcement seem to be the dominating factors.