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Publication Details
AFRICAN RESEARCH NEXUS
SHINING A SPOTLIGHT ON AFRICAN RESEARCH
business, management and accounting
Multiple agency perspective, family control, and private information abuse in an emerging economy
Asia Pacific Journal of Management, Volume 28, No. 1, Year 2011
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Description
Using a comprehensive sample of listed companies in Hong Kong this paper investigates how family control affects private information abuses and firm performance in emerging economies. We combine research on stock market microstructure with more recent studies of multiple agency perspectives and argue that family ownership and control over the board increases the risk of private information abuse. This, in turn, has a negative impact on stock market performance. Family control is associated with an incentive to distort information disclosure to minority shareholders and obtain private benefits of control. However, the multiple agency roles of controlling families may have different governance properties in terms of investors' perceptions of private information abuse. These findings contribute to our understanding of the conflicting evidence on the governance role of family control within a multiple agency perspective. © 2010 Springer Science+Business Media, LLC.
Authors & Co-Authors
Filatotchev, Igor
United Kingdom, London
Bayes Business School, City University of London
Austria, Vienna
Universität Wien
Zhang, Xiaoxiang
United Kingdom, Newcastle
Newcastle Business School
Piesse, Jenifer
United Kingdom, London
King's College London
South Africa, Stellenbosch
Stellenbosch University
Statistics
Citations: 83
Authors: 3
Affiliations: 5
Identifiers
Doi:
10.1007/s10490-010-9220-x
ISSN:
02174561
e-ISSN:
15729958
Research Areas
Health System And Policy