ScholarWorks@경상국립대학교

초록

Prior studies indicate that controlling shareholders' private benefits are linked to the value of voting rights. We estimate this value in terms of two events known to increase the private benefits of control enjoyed by controlling shareholders: the period prior to annual shareholder meetings and after the announcements of share repurchase and disposal. We find a statistically significant increase in the value of voting rights of 1% prior to annual shareholder meetings and of approximately 0.4% after announcements of share repurchase and disposal. Our study provides insights into how the private benefits of control can be identified by examining specific corporate events.

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