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Organizational transparency and power in firm ownership networks

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  • Grosman, Anna
  • Leiponen, Aija

Abstract

When public institutions do not support information disclosure and contract enforcement, controlling owners may compensate by setting up ownership networks that facilitate the exchange of resources and alignment of interests. We examine how firms’ controlling owners draw power from ownership networks to provide access to resources for or to expropriate resources from their firms. Horizontal power originates from network centrality and is associated with resource access whereas vertical power originates from principal-principal agency conflicts and is associated with exploitation of minority shareholders. We highlight the impact of horizontal and vertical power through their interaction effects with transparency and disclosure (TD) practices on fixed investments and performance in Russian firms. We find that TD and horizontal power or connectedness are substitutes, while whereas TD and vertical power are complements in their effects on fixed investment and firm performance. Without a strong commitment to TD, powerful owners may thus deprive the firm of productive investments.

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  • Grosman, Anna & Leiponen, Aija, 2018. "Organizational transparency and power in firm ownership networks," Journal of Comparative Economics, Elsevier, vol. 46(4), pages 1158-1177.
    • Handle: RePEc:eee:jcecon:v:46:y:2018:i:4:p:1158-1177
    DOI: 10.1016/j.jce.2018.07.001
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    More about this item

    Keywords

    Corporate governance; Ownership structure and networks; Sources of power; Transparency and disclosure; Russia;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • P31 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - Socialist Enterprises and Their Transitions
    • L14 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Transactional Relationships; Contracts and Reputation
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance

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