Ownership structure and minority expropriation in Lebanon

Nehme Azoury and Elie Bouri ()

International Journal of Business and Globalisation, 2016, vol. 17, issue 2, 149-173

Abstract: This paper examines minority expropriation issues in the dominant presence of family ownership using longitudinal (hand-collected) data on 270 Lebanese non-financial firms between 2009 and 2012. The analysis reveals that family-related CEOs and the disparity between cash-flow rights and voting rights facilitate expropriation. However, the presence of private equity and banking firms reduces private benefit extraction. By explicitly focusing on the ownership-expropriation nexus and by promoting the development and implementation of a tailored governance code that considers Lebanese specificities, this paper makes a contribution to the growing literature on the role of corporate governance in emerging markets.

Keywords: ownership structure; institutional investors; minority expropriation; family firms; socio-emotional wealth; Lebanon; family businesses; entrepreneurship; cash flow rights; voting rights; private benefit extraction; corporate governance; emerging markets. (search for similar items in EconPapers)
Date: 2016
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.inderscience.com/link.php?id=78396 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ids:ijbglo:v:17:y:2016:i:2:p:149-173

Access Statistics for this article

More articles in International Journal of Business and Globalisation from Inderscience Enterprises Ltd
Bibliographic data for series maintained by Sarah Parker ().