عنوان فایل ترجمه فارسی: استفاده از کارت امتیازی متوازن در ارزیابی
عملکرد اشاعه مدیریت زنجیره تامین الکترونیک: دیدگاه چند مرحله ای.
عنوان نسخه انگلیسی: Audit pricing and nature of controlling shareholders: Evidence from France
مرتبط با رشته : حسابداری
تعداد صفحات مقاله فارسی: ۲۸ صفحه
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قسمتی از متن انگلیسی:
Holderness (2009) finds that controlling
shareholders are present in most listed firms all over the world.
Controlling shareholders can be defined as those that have the
possibility to select the board of directors (or its majority) or exert
pressure on them and influence the future of the firm (Berle and Means,
1932). While concentrated ownership is considered as a substitute for
weak investor protection regulation (Shleifer and Vishny, 1997, p. 753),
it raises a new concern: minority investor expropriation (La Porta et
al., 1998, p. 1151, 2000, p. 4). In weak investor protection countries,
controlling shareholders and minority shareholders both have the right
to the same dividend per share (Denis and McConnell, 2003). However, the
former have private benefits of control and can increase their wealth
in consuming additional perquisites to the detriment of outsider
shareholders. Consequently, when controlling shareholders have effective
control of the firm via a high percentage of ownership, they have
incentives to expropriate wealth from minority shareholders (Shleifer
and Vishny, 1997), which leads to a higher agency conflict between
controlling and minority shareholders, also called type II agency costs.
Hence investor protection turns out to be crucial because, in many
countries, expropriation of minority shareholders and creditors by the
controlling shareholders is extensive (La Porta et al., 2000, p. 4).).
