A Survey of Corporate Governance

Theory of the firm: Managerial behavior, agency costs and ownership structure

1976 • 62,465 citations

The Nature of the Firm

1937 • 23,029 citations

An Economic Theory of Democracy.

1958 • 19,036 citations

Separation of Ownership and Control

1983 • 18,225 citations

Corporate financing and investment decisions when firms have information that investors do not have

1984 • 18,167 citations

Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers

1986 • 17,982 citations

The Economic Institutions of Capitalism

1987 • 15,724 citations

The Cost of Capital, Corporation Finance and the Theory of Investment

1958 • 15,488 citations

Determinants of corporate borrowing

1977 • 13,054 citations

The Problem of Social Cost

2016 • 11,428 citations

The Economic Institutions of Capitalism

1986 • 11,014 citations

Agency Problems and the Theory of the Firm

1980 • 10,487 citations

The Problem of Social Cost

1960 • 10,187 citations

The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration

1986 • 9,393 citations

The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems

1993 • 8,534 citations

Moral Hazard and Observability

1979 • 8,356 citations

Large Shareholders and Corporate Control

1986 • 8,353 citations

Financial Intermediation and Delegated Monitoring

1984 • 8,226 citations

The Modern Corporation and Private Property

1933 • 7,939 citations

Management ownership and market valuation

1988 • 7,109 citations

What Do We Know about Capital Structure? Some Evidence from International Data

1995 • 6,521 citations

The Structure of Corporate Ownership: Causes and Consequences

1985 • 6,489 citations

Environmental Impacts of a North American Free Trade Agreement

1991 • 6,371 citations

Noise Trader Risk in Financial Markets

1990 • 6,029 citations

The Determinants of Capital Structure Choice

1988 • 5,494 citations

Property Rights and the Nature of the Firm

1990 • 5,440 citations

Performance Pay and Top-Management Incentives

1990 • 4,798 citations

Agency Problems and Residual Claims

1983 • 4,691 citations

Performance pay and top-management incentives

1990 • 4,638 citations

Additional evidence on equity ownership and corporate value

1990 • 4,523 citations

Outside directors and CEO turnover

1988 • 4,411 citations

The market for corporate control

1983 • 4,278 citations

Economic Backwardness in Historical Perspective.

1963 • 4,241 citations

The Economic Theory of Agency: The Principal's Problem.

1973 • 4,084 citations

Uncertainty, Evolution, and Economic Theory

1950 • 4,028 citations

The Hubris Hypothesis of Corporate Takeovers

1986 • 3,809 citations

Managerial discretion and optimal financing policies

1990 • 3,683 citations

Insiders and Outsiders: The Choice between Informed and Arm's‐Length Debt

1992 • 3,659 citations

The Long‐Run Performance of initial Public Offerings

1991 • 3,447 citations

Corruption

1993 • 3,377 citations

The Adjustment of Stock Prices to New Information

1969 • 3,289 citations

The Adjustment of Stock Prices to New Information

2003 • 3,268 citations

Politicians and Firms

1994 • 3,199 citations

Takeover Bids, The Free-Rider Problem, and the Theory of the Corporation

1980 • 3,168 citations

Firms, Contracts, and Financial Structure

1995 • 3,152 citations

Firms, Contracts, and Financial Structure

1995 • 3,147 citations

Two Agency-Cost Explanations of Dividends

1984 • 3,128 citations

Optimal contracts and competitive markets with costly state verification

1979 • 3,041 citations

On financial contracting

1979 • 3,013 citations

Liquidation Values and Debt Capacity: A Market Equilibrium Approach

1992 • 2,708 citations

Managerial control of voting rights

1988 • 2,602 citations

Debt with Potential Repudiation: Theoretical and Empirical Analysis

1981 • 2,523 citations

Corporate Structure, Liquidity, and Investment: Evidence from Japanese Industrial Groups

1991 • 2,492 citations

Efficient Capital Markets, Inefficient Firms: A Model of Myopic Corporate Behavior

1989 • 2,486 citations

Tobin's q, Corporate Diversification, and Firm Performance

1994 • 2,481 citations

Mergers and the Market for Corporate Control

1965 • 2,330 citations

The Structure of Ownership and the Theory of the Firm

1983 • 2,328 citations

The Modern Corporation and Private Property

1933 • 2,218 citations

Corporate Finance and Corporate Governance

1988 • 2,178 citations

An Incomplete Contracts Approach to Financial Contracting

1992 • 2,160 citations

Management entrenchment

1989 • 2,153 citations

Corporate culture and economic theory

1990 • 2,152 citations

Do Managerial Objectives Drive Bad Acquisitions?

1990 • 1,912 citations

Incentive-Compatible Debt Contracts: The One-Period Problem

1985 • 1,888 citations

Corporate performance and managerial remuneration

1985 • 1,819 citations

Eclipse of the Public Corporation

1999 • 1,771 citations

Debt Maturity Structure and Liquidity Risk

1991 • 1,735 citations

The Proper Scope of Government: Theory and an Application to Prisons

1997 • 1,709 citations

Stock prices and top management changes

1988 • 1,665 citations

Manias, Panics and Crashes

1978 • 1,664 citations

Takeover Threats and Managerial Myopia

1988 • 1,659 citations

A Theory of Predation Based on Agency Problems in Financial Contracting

1990 • 1,629 citations

Reputation Acquisition in Debt Markets

1989 • 1,628 citations

Directors: Myth and Reality

1971 • 1,628 citations

Large Shareholders, Monitoring, and the Value of the Firm

1997 • 1,584 citations

The ownership of enterprise

1996 • 1,506 citations

The Financial and Operating Performance of Newly Privatized Firms: An International Empirical Analysis

1994 • 1,430 citations

A Theory of Debt Based on the Inalienability of Human Capital

1994 • 1,424 citations

Optimal Debt Structure and the Number of Creditors

1996 • 1,421 citations

Predicting takeover targets

1986 • 1,399 citations

One share-one vote and the market for corporate control

1988 • 1,377 citations

The theory of contracts

1987 • 1,374 citations

The effects of management buyouts on operating performance and value

1989 • 1,349 citations

Takeovers: Their Causes and Consequences

1988 • 1,346 citations

The Economic Structure of Corporate Law.

1993 • 1,308 citations

Executive compensation, management turnover, and firm performance

1985 • 1,299 citations

Capital Structure and the Informational Role of Debt

1990 • 1,296 citations

Initial public offerings: International insights

1994 • 1,290 citations

Leverage, investment, and firm growth

1996 • 1,289 citations

INITIAL PUBLIC OFFERINGS

1988 • 1,285 citations

The role of majority shareholders in publicly held corporations

1988 • 1,271 citations

Principals and Agents: The Structure of Business

1990 • 1,261 citations

The role of banks in reducing the costs of financial distress in Japan

1990 • 1,216 citations

Private benefits from control of public corporations

1989 • 1,210 citations

A Theory of Privatisation

1996 • 1,183 citations

The Economic Theory of ‘Managerial’ Capitalism

1964 • 1,167 citations

Capital disadvantage: America's failing capital investment system.

1992 • 1,144 citations

Corporate focus and stock returns

1995 • 1,132 citations

Troubled debt restructurings

1990 • 1,127 citations

Bankruptcy, boards, banks, and blockholders

1990 • 1,108 citations

Credit and Efficiency in Centralized and Decentralized Economies

1995 • 1,101 citations

A test of the free cash flow hypothesis

1991 • 1,091 citations

Proxy contests and the efficiency of shareholder oversight

1988 • 1,074 citations

Default and Renegotiation: A Dynamic Model of Debt

1998 • 1,067 citations

Corporate Financial Structure and Managerial Incentives

1982 • 1,063 citations

Good Timing: CEO Stock Option Awards and Company News Announcements

1997 • 1,048 citations

The Economics of Discretionary Behavior: Managerial Objectives in a Theory of the Firm

1965 • 1,042 citations

Investment–Cash Flow Sensitivities: Constrained versus Unconstrained Firms

2004 • 1,036 citations

The hidden costs of stock market liquidity

1993 • 1,027 citations

The Value of the Voting Right: A Study of the Milan Stock Exchange Experience

1994 • 1,027 citations

The Economic Theory of `Managerial' Capitalism.

1964 • 1,016 citations

On corporate governance

1983 • 993 citations

Anatomy of Financial Distress: An Examination of Junk-Bond Issuers

1994 • 980 citations

Appointments of outsiders to Japanese boards: Determinants and implications for managers

1994 • 976 citations

On the Costs of a Bank‐Centered Financial System: Evidence from the Changing Main Bank Relations in Japan

1998 • 963 citations

Firm performance, corporate governance, and top executive turnover in Japan

1995 • 961 citations

Board composition, ownership structure, and hostile takeovers

1993 • 961 citations

The prudential regulation of banks

1996 • 957 citations

Toward an Economic Model of the Japanese Firm

1990 • 949 citations

Liquidity versus Control: The Institutional Investor as Corporate Monitor

1991 • 942 citations

Top Executive Rewards and Firm Performance: A Comparison of Japan and the United States

1994 • 928 citations

The theory of the firm

1987 • 900 citations

Equity ownership concentration and firm value

1989 • 899 citations

The Economics of Information and Uncertainty

1982 • 874 citations

Corporate capital expenditure decisions and the market value of the firm

1985 • 874 citations

The Optimal Structure of Incentives and Authority within an Organization

1976 • 873 citations

A Theory of Debt and Equity: Diversity of Securities and Manager-Shareholder Congruence

1994 • 847 citations

Poison or placebo? Evidence on the deterrence and wealth effects of modern antitakeover measures

1995 • 820 citations

The Success of Acquisitions: Evidence from Divestitures

1992 • 763 citations

Bankruptcy resolution

1990 • 740 citations

Breach of Trust in Hostile Takeovers

1988 • 728 citations

The Economies of Scale

1958 • 699 citations

Managerial ownership of voting rights

1985 • 695 citations

Internal versus External Capital Markets

1994 • 683 citations

Corporate governance

1988 • 683 citations

Strong Managers, Weak Owners

1994 • 679 citations

A Theory of Workouts and the Effects of Reorganization Law*

1991 • 668 citations

Asymmetric Information, Corporate Finance, and Investment

1990 • 657 citations

Corporate takeovers: causes and consequences

1989 • 654 citations

Banks, Finance and Investment in Germany

1994 • 632 citations

The Great Crash*

1979 • 623 citations

What Determines the Value of Corporate Votes?

1995 • 622 citations

Corporate Performance, Corporate Takeovers, and Management Turnover

1991 • 621 citations

A Constant Recontracting Model of Sovereign Debt

1989 • 621 citations

The Economic Structure of Corporate Law.

1993 • 620 citations

Privatization, Information and Incentives

1987 • 603 citations

The Economics of Discretionary Behavior: Managerial Objectives in a Theory of the Firm.

1965 • 596 citations

Equilibrium Short Horizons of Investors and Firms

1990 • 554 citations

Business Behavior, Value and Growth.

1960 • 546 citations

Keeping Good Company: A Study of Corporate Governance in Five Countries

1996 • 532 citations

Value Maximization and the Acquisition Process

1988 • 514 citations

The Disciplinary Role of Takeovers

1988 • 510 citations

Hostile Takeovers in the 1980s: The Return to Corporate Specialization

1990 • 509 citations

Antitakeover charter amendments and stockholder wealth

1983 • 494 citations

Institutional investment patterns and corporate financial behavior in the United States and Japan

1990 • 491 citations

Arm's Length Relationships

1995 • 473 citations

The Evolution of Buyout Pricing and Financial Structure in the 1980s

1993 • 469 citations

Short-Term versus Long-Term Interests: Capital Structure with Multiple Investors

1994 • 459 citations

Foreign Competition, Market Power, and Wage Inequality

1995 • 445 citations

Going Private: Minority Freezeouts and Stockholder Wealth

1984 • 444 citations

Shark repellents and stock prices

1987 • 442 citations

Financial Innovation and Risk Sharing.

1995 • 438 citations

The governance structure of the Japanese financial keiretsu

1994 • 437 citations

Economic Backwardness in Historical Perspective

1963 • 433 citations

An analysis of the stock price reaction to sudden executive deaths

1985 • 432 citations

Public Pension Fund Activism in Corporate Governance Reconsidered

1993 • 425 citations

Shareholder Passivity Reexamined

1990 • 418 citations

Chapter 2 The theory of the firm

1989 • 416 citations

Poison pill securities

1988 • 403 citations

The effect of poison pill securities on shareholder wealth

1988 • 390 citations

“Active Investors, LBOs, and the Privatization of Bankruptcy*”

1989 • 379 citations

The market value of control in publicly-traded corporations

1983 • 379 citations

The governance of exchanges: members' cooperatives versus outside ownership

1996 • 374 citations

The Costs and Benefits of Privatization: An Incomplete Contracts Approach

1996 • 371 citations

Incentives, Risk, and Information: Notes Towards a Theory of Hierarchy

1975 • 365 citations

Risk Aversion, Performance Pay, and the Principal-Agent Problem

1994 • 365 citations

Financial Systems, Corporate Finance and Economic Development

1990 • 362 citations

The Genius of American Corporate Law

1994 • 362 citations

Top Executives, Turnover, and Firm Performance in Germany

1994 • 357 citations

Agency Theory, Managerial Welfare, and Takeover Bid Resistance

1984 • 347 citations

Merger decisions and executive stock ownership in acquiring firms

1985 • 325 citations

Ownership of the firm

1990 • 322 citations

Voting in Corporate Law

1983 • 321 citations

Incentives, Risk , and Information: Notes Towards a Theory of Hierarchy

1975 • 315 citations

The Size and Incidence of the Losses from Noise Trading

1989 • 311 citations

Economic Rationales for the Scope of Privatization

2019 • 309 citations

Hail Britannia?: Institutional Investor Behavior under Limited Regulation

1994 • 307 citations

Golden parachutes, executive decision-making, and shareholder wealth

1985 • 305 citations

The Hidden Virtues of Chapter 11: An Overview of the Law and Economics of Financially Distressed Firms

1997 • 299 citations

Characteristics of Targets of Hostile and Friendly Takeovers

1988 • 299 citations

A Test of the Free Cash Flow Hypothesis: The Case of Bidder Returns

1991 • 295 citations

Some Differences in Corporate Structure in Germany, Japan, and the United States

1993 • 287 citations

The staying power of leveraged buyouts

1991 • 281 citations

A CEO Survey of U.S. Companies' Time Horizons and Hurdle Rates

1995 • 279 citations

Capital Markets and Corporate Control: A Study of France, Germany and the UK

1990 • 278 citations

The political economy of public sector reform and privatization

1991 • 269 citations

Privatization: The Lessons of Experience

1992 • 261 citations

Event risk, covenants, and bondholder returns in leveraged buyouts

1990 • 260 citations

Privatization in the United States

1997 • 248 citations

I Keeping Good Company

1994 • 247 citations

Dual-class recapitalizations as antitakeover mechanisms

1988 • 245 citations

A New Approach to Corporate Reorganizations

1988 • 241 citations

Active investors and management turnover following unsuccessful control contests

1996 • 206 citations

The Choice Between Public and Private Debt: An Analysis of Post-Deregulation Corporate Financing in Japan

1993 • 199 citations

The self-serving management hypothesis

1985 • 191 citations

Economic Evaluation of Voting Power of Common Stock

1983 • 187 citations

The staying power of the public corporation.

1989 • 187 citations

Reversions of Excess Pension Assets after Takeovers

1990 • 180 citations

A new approach to corporate reorganizations

1996 • 179 citations

Standstill agreements, privately negotiated stock repurchases, and the market for corporate control

1983 • 179 citations

Barbarians at the gate: The fall of RJR Nabisco

1990 • 177 citations

The Development of the Business Corporation in England, 1800–1867

1936 • 174 citations

Greenmail, White Knights, and Shareholders' Interest

1986 • 171 citations

The Market Value of Differential Voting Rights in Closely Held Corporations

1984 • 166 citations

Ownership of equity in dual-class firms

1990 • 165 citations

The human costs of manufacturing reform

1989 • 164 citations

The Law and Large-Block Trades

1992 • 158 citations

Barbarians at the Gate: The Fall of RJR Nabisco

1989 • 137 citations

Corporate financial patterns in industrializing economies : a comparative international study

1995 • 136 citations

Privatization

1992 • 130 citations

Universal Banking and the Performance of German Firms

1996 • 129 citations

DEBT AND SENIORiTY: AN ANALYSIS OF THE ROLE OF HARD CLAIMS

1994 • 129 citations

Large Shareholders and Banks: Who monitors and how?

2002 • 124 citations

Privatizing Russia

1993 • 116 citations

The value of the corporate voting right

1988 • 116 citations

Strong Managers, Weak Owners: The Political Roots of American Corporate Finance

1995 • 112 citations

Subordination of American capital

1990 • 111 citations

Inside the Business Enterprise: Historical Perspectives on the Use of Information

1991 • 110 citations

The Development of the Business Corporation in England 1800-1867

1937 • 109 citations

The Corporation under Russian Law, 1800–1917

1991 • 108 citations

The Structure of the Corporation: A Legal Analysis

1977 • 94 citations

Do union wealth concessions explain takeover premiums?

1990 • 88 citations

Toward Undistorted Choice and Equal Treatment in Corporate Takeovers

1985 • 76 citations

THE USE OF INTEREST RATE SWAPS IN MANAGING CORPORATE LIABILITIES

1990 • 76 citations

Voting in Corporate Law Corporations and Private Property

1983 • 70 citations

3 CORPORATE GOVERNANCE IN RUSSIA An Initial Look

1996 • 66 citations

A New Approach to Corporate Reorganizations

2003 • 66 citations

On Corporate Governance in Italy: Issues, Facts and Agenda

1995 • 57 citations

Corporate Governance and Directors' Liabilities

1985 • 52 citations

The Costs and Benefits of Privatization

1990 • 46 citations

A Restatement of Corporate Freezeouts

1978 • 36 citations

Increases in Executive Pay Following Privatization

1998 • 35 citations

Cases, problems, and materials on bankruptcy

2007 • 30 citations

The Prudential Regulation of Banks

1996 • 28 citations

Unemployment, Money Wage Rates, and Inflation. George L. Perry

1967 • 27 citations

The Corporation under Russian Law, 1800-1917: A Study in Tsarist Economic Policy

1993 • 25 citations

Corporate Scope and Institutional Context: An Empirical Analysis of Diversified Indian Business Groups

1996 • 25 citations

Democracy and Finance

1941 • 22 citations

The Post-War Reorganization of the German Banking System

1949 • 17 citations

Why Do Companies Go Public? An Empirical Analysis

2002 • 13 citations

Determinants of Privatization Prices

1996 • 11 citations

The Optimality of Debt versus Outside Equity

1995 • 10 citations

Voucher Privatization, Corporate Control and the Cost of Capital: An Analysis of the Czech Privatization Programme

1995 • 9 citations