Protecting Minority Shareholders: Listed versus Unlisted Firms
研究了上市公司与非上市公司在保护少数股东方面的差异，发现上市公司在公司治理的多个方面（如控制结构、信息披露、董事会架构和董事薪酬）与非上市公司不同，且业绩更好。
Listed firms have an incentive to render themselves attractive to investors at large. This paper examines whether listed and unlisted firms differ in their care for minority shareholders and finds supporting evidence. We examine control structure, disclosure, board architecture and processes, and director compensation. The corporate governance package in listed firms differs from that in unlisted firms in terms of levels and mix of the different provisions. The data also suggest that listed firms perform better.