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The role of managerial ownership in dividend tunneling: Evidence from China
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The role of managerial ownership in dividend tunneling: Evidence from China (2022)The role of managerial ownership in divid…Politically connected CEOs, corporate governance, and Post-IPO performance of China's newly partially privatized firms☆ (2007)Politically connected CEOs, c…Law, finance, and economic growth in China (2005)Law, finance, and economic gr…Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature (2001)Information asymmetry, corpor…Earnings Management to Exceed Thresholds (1999)Earnings Management to Exceed…Agency Problems and Dividend Policies Around the World (1998)Agency Problems and Dividend …A Survey of Corporate Governance (1997)A Survey of Corporate Governa…Agency costs of free cash flow, corporate finance, and takeovers (1996)Agency costs of free cash flo…The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems (1993)The Modern Industrial Revolut…A Modest Proposal for Improved Corporate Governance (1992)A Modest Proposal for Improve…Managerial discretion and optimal financing policies (1990)Managerial discretion and opt…Management ownership and market valuation (1988)Management ownership and mark…Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers (1986)Agency Costs of Free Cash Flo…Dividend Policy under Asymmetric Information (1985)Dividend Policy under Asymmet…Two Agency-Cost Explanations of Dividends (1984)Two Agency-Cost Explanations …Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Theory of the firm: Manageria…Risk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…Ownership with a green twist: the role of top managers in driving environmental innovation (2025)Ownership with a green twist:…Agency Problems and the Theory of the Firm (1980)Separation of Ownership and Control (1983)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Behavior of Stock-Market Prices (1965)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)The Cross-Section of Expected Stock Returns (1992)Common risk factors in the returns on stocks and bonds (1993)On Persistence in Mutual Fund Performance (1997)Corporate financing and investment decisions when firms have information that investors do not have (1984)Firms, Contracts, and Financial Structure (1995)GROWTH, BETA AND AGENCY COSTS AS DETERMINANTS OF DIVIDEND PAYOUT RATIOS (1982)Corporate performance and managerial remuneration (1985)What Do We Know about Capital Structure? Some Evidence from International Data (1995)The Nature of the Firm (1937)The Pricing of Options and Corporate Liabilities (1973)Performance Pay and Top-Management Incentives (1990)Higher market valuation of companies with a small board of directors (1996)Corporate governance, chief executive officer compensation, and firm performance (1999)Legal Determinants of External Finance (1997)Law and Finance (1998)Corporate Ownership Around the World (1999)Capitalism with Chinese Characteristics (2008)Growing Like China (2011)The Fundamental Institutions of China's Reforms and Development (2011)The Market for "Lemons": Quality Uncertainty and the Market Mechanism (1970)The economic implications of corporate financial reporting (2005)Revisiting the relation between environmental performance and environmental disclosure: An empirical analysis (2007)Voluntary Nonfinancial Disclosure and the Cost of Equity Capital: The Initiation of Corporate Social Responsibility Reporting (2010)Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints? (1997)Investor protection and corporate governance (2000)
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References

  • 1976Theory of the firm: Managerial behavior, agency costs and ownership structure71,441 cited
  • 1986Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers17,216 cited
  • 1997A Survey of Corporate Governance16,237 cited
  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 1996Agency costs of free cash flow, corporate finance, and takeovers9,308 cited
  • 1993The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems8,544 cited
  • 2001Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature7,391 cited
  • 1988Management ownership and market valuation6,910 cited
  • 2005Law, finance, and economic growth in China4,481 cited
  • 1990Managerial discretion and optimal financing policies3,679 cited
  • 1985Dividend Policy under Asymmetric Information3,459 cited
  • 1998Agency Problems and Dividend Policies Around the World3,179 cited
  • 1984Two Agency-Cost Explanations of Dividends3,109 cited
  • 1992A Modest Proposal for Improved Corporate Governance2,776 cited
  • 1999Earnings Management to Exceed Thresholds2,764 cited

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  • 2007Politically connected CEOs, corporate governance, and Post-IPO performance of China's newly partially privatized firms☆2,736 cited
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    • 2025Ownership with a green twist: the role of top managers in driving environmental innovation21 cited