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

Sanggeum Woo, Junyoup Lee and Eunsuh Lee

Asia-Pacific Journal of Accounting & Economics, 2022, vol. 29, issue 2, 287-303

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.

Date: 2022
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DOI: 10.1080/16081625.2020.1726192

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Asia-Pacific Journal of Accounting & Economics is currently edited by Yin-Wong Cheung, Hong Hwang, Jeong-Bon Kim, Shu-Hsing Li and Suresh Radhakrishnan

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