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Do controlling shareholders' expropriation incentives imply a link between corporate governance and firm value? Theory and evidence
We develop and test a model that investigates how controlling shareholders' expropriation incentives affect firm values during crisis and subsequent recovery periods. Consistent with the prediction of our model, we find ...
Employee treatment and firm leverage : a test of the stakeholder theory of capital structure
We investigate the stakeholder theory of capital structure from the perspective of a firm’s relations with its employees. We find that firms that treat their employees fairly (as measured by high employee‐friendly ratings) ...