Dividends and Expropriation

2001 ◽  
Vol 91 (1) ◽  
pp. 54-78 ◽  
Author(s):  
Mara Faccio ◽  
Larry H. P Lang ◽  
Leslie Young
Keyword(s):  
East Asia ◽  
Western Europe ◽  
Agency Problem ◽  
Controlling Shareholders ◽  
Predominant Form ◽  
Large Shareholders ◽  
Crony Capitalism ◽  
Top Manager

Whereas most U.S. corporations are widely held, the predominant form of ownership in East Asia is control by a family, which often supplies a top manager. These features of “crony capitalism” are actually more pronounced in Western Europe. In both regions, the salient agency problem is expropriation of outside shareholders by controlling shareholders. Dividends provide evidence on this. Group-affiliated corporations in Europe pay higher dividends than in Asia, dampening insider expropriation. Dividend rates are higher in Europe, but lower in Asia, when there are multiple large shareholders, suggesting that they dampen expropriation in Europe, but exacerbate it in Asia. (JEL G34, G35)

scholarly journals Regional, sex, and age differences in diagnostic testing among participants in the NAVIGATE-ESUS trial

2019 ◽  
pp. 174749301988452 ◽  
Author(s):  
Antonio Arauz ◽  
Fabiola Serrano ◽  
Lesly A Pearce ◽  
Scott E Kasner ◽  
Sebastian F Ameriso ◽  
...  
Keyword(s):  
Latin America ◽  
North America ◽  
East Asia ◽  
Eastern Europe ◽  
Diagnostic Test ◽  
Western Europe ◽  
Diagnostic Testing ◽  
Multivariable Logistic Regression Model ◽  
Mr Angiogram ◽  
Sex And Age Differences

Background and aim The diagnosis of embolic stroke of undetermined source (ESUS) is based on excluding other more likely stroke etiologies, and therefore diagnostic testing plays an especially crucial role. Our objective was to compare the diagnostic testing by region, sex, and age among the participants of NAVIGATE-ESUS trial. Methods Participants were grouped according to five global regions (North America, Latin America, Western Europe, Eastern Europe and East Asia), age (<60, 60–74, and >75 years), and sex. Frequencies of each diagnostic test within areas of echocardiography, cardiac rhythm monitoring, and arterial imaging were described and compared across groups. A multivariable logistic regression model for each diagnostic test was fit to assess the independent influence of each of region, age, and sex and likelihood of testing. Results We included 6985 patients in the analysis (918 from North America; 746 from Latin America; 2853 from Western Europe; 1118 from Eastern Europe; 1350 from East Asia). Average age (highest in Western Europe (69 years), lowest in Eastern Europe (65 years)), % females (highest in Latin America (44%) and lowest in East Asia (31%)), and use of each diagnostic test varied significantly across regions. Region, but not sex, was independently associated with use of each diagnostic test examined. Transesophageal echocardiography and either CT or MR angiogram were more often used in younger patients. Conclusion Diagnostic testing differed by region, and less frequently by age, but not by sex. Our findings reflect the existing variations in global practice in diagnostic testing in ESUS patients.

scholarly journals Dynamics of Academic Mobility: Hegemonic Internationalisation or Fluid Globalisation

2015 ◽  
Vol 23 (S1) ◽  
pp. S55-S69 ◽  
Author(s):  
Peter Scott
Keyword(s):  
Social Movements ◽  
North America ◽  
East Asia ◽  
Western Europe ◽  
Academic Staff ◽  
Academic Mobility ◽  
The Core

Two broad frameworks are used to describe and analyse the mobility of academic staff. The first, and dominant, framework focuses on flows from the ‘periphery’ to the ‘core’, although that ‘core’ is also evolving (and is no longer dominated by North America and Western Europe but is increasingly likely to embrace dynamic East Asia systems). This first approach is labelled ‘hegemonic internationalisation’. The second framework focuses instead on issues of development, the emergence of global communities and social movements. This is labelled ‘fluid globalisation’. The article argues that the latter may be more useful for understanding trends in academic mobility.

scholarly journals Introduction to Special Issue: Japan as Studied in Japan's Neighbors and Japan Itself

2010 ◽  
Vol 11 (3) ◽  
pp. 271-273
Author(s):  
TAKASHI INOGUCHI
Keyword(s):  
United States ◽  
Soviet Union ◽  
East Asia ◽  
Regional Integration ◽  
Western Europe ◽  
East Asian ◽  
The United States ◽  
Special Issue ◽  
Total Trade ◽  
The Soviet Union

This special issue highlights one of the important subjects of this journal, Japanese politics and international relations, as studied in Japan's neighbors, Korea and China, and Japan itself. The aim is to elucidate the angles taken by these three countries when examining Japan. Before going into the similar and different angles taken, it may be helpful to note two noteworthy features of their interactions and transactions. They are, first, the steady integration of these economies and societies; second, the tenacity of ill-feelings held toward Japan. First, if the lifting in 1991 of the embargo imposed on China for its Tiananmen massacre of 1989 is a key benchmark for the steady and swift regional integration in East Asia since, it did not take a dozen years before the intra-regional trade ratio over total trade went beyond 50%. As compared to parallell figures for Europe at various time points, say 1962 when the Rome Treaty was signed and 1990 when the Maastricht Treaty was signed, the number of years necessary for intraregional trade over total trade to exceed 50% are a dozen years for East Asia versus thirty odd years for Western Europe. It has a lot to do with the pattern of inclusion in East Asian regional integration. It includes China and the United States. In Europe regional integration was meant to enable Western Europe to stand alone. Bothvis-à-visthe United States andvis-à-visthe Soviet Union, Western Europe wanted to band together and bind together those with shared values. East Asian regional integration differs from this European model. The East Asian model is first to strengthen themselves, while seeking opportunities regionally and globally to attain, as a result of their self-strengthening strategy, high regional strength and high regional integration.

scholarly journals Does Ownership Concentration Affect Profitability and Dividend Policy? Evidence from Listed Banks in Jordan

2021 ◽  
Vol 18 ◽  
pp. 1019-1027
Author(s):  
Ahmad Dahiyat ◽  
Esra Al-Nsour
Keyword(s):  
Dividend Policy ◽  
Investment Decisions ◽  
Ownership Concentration ◽  
Agency Conflicts ◽  
Return On Equity ◽  
Controlling Shareholders ◽  
Large Shareholders ◽  
Simple Regression

This paper examines how the ownership concentration affects banks’ profitability and dividend policy in Jordan. All banks listed on the Amman Exchange were selected (16 banks) over the period 2010 to 2019. Ownership concentration was defined as the percentage of ownership that equals or exceeds 5%, while profitability was defined by return on equity; dividend policy was defined by the pay-out ratio. Simple regression was utilized to examine the effect; the result revealed that ownership concentration has a positive significant impact on profitability, which means that banks with higher ownership concentration have better profitability, this result justified by the view of the power that controlling shareholders can greatly use to require management to make decisions that improve the performance. The finding showed a negative significant impact on dividend policy, which indicates that the existence of large shareholders can reduce agency conflicts; and maximize the wealth of the company. It is recommended that related parties especially investors should take the concentration of ownership as an important factor to take their investment decisions, whether related to purchasing banks’ shares for various purposes, or expectations of potential dividends.

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