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Lee, Jun-Youp
School of Business Administration
Research Interests
  • Corporate finance

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Private benefits of control: evidence from a new measure of the value of shareholder voting rights

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Title
Private benefits of control: evidence from a new measure of the value of shareholder voting rights
Author
Woo, SanggeumLee, Jun-YoupLee, Eunsuh
Issue Date
2020-02
Publisher
ROUTLEDGE JOURNALS
Citation
ASIA-PACIFIC JOURNAL OF ACCOUNTING & ECONOMICS
Abstract
Prior studies indicate that controlling shareholders’ private benefits are linked to the value of voting rights. We estimate this value in terms of two events known to increase the private benefits of control enjoyed by controlling shareholders: the period prior to annual shareholder meetings and after the announcements of share repurchase and disposal. We find a statistically significant increase in the value of voting rights of 1% prior to annual shareholder meetings and of approximately 0.4% after announcements of share repurchase and disposal. Our study provides insights into how the private benefits of control can be identified by examining specific corporate events.
URI
https://scholarworks.unist.ac.kr/handle/201301/31236
URL
https://www.tandfonline.com/doi/full/10.1080/16081625.2020.1726192
DOI
10.1080/16081625.2020.1726192
ISSN
1608-1625
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