Private Benefits of Control: An International Comparison
利用39个国家的393笔控制权交易数据，估算控制权的私人收益平均为14%，并发现其与资本市场发展、所有权集中度及私有化方式相关，媒体压力和税收执法是抑制私人收益的关键因素。
ABSTRACT We estimate private benefits of control in 39 countries using 393 controlling blocks sales. On average the value of control is 14 percent, but in some countries can be as low as −4 percent, in others as high a +65 percent. As predicted by theory, higher private benefits of control are associated with less developed capital markets, more concentrated ownership, and more privately negotiated privatizations. We also analyze what institutions are most important in curbing private benefits. We find evidence for both legal and extra‐legal mechanisms. In a multivariate analysis, however, media pressure and tax enforcement seem to be the dominating factors.