Owners may not be exclusively driven by shareholder value maximization, but can be influenced by normative beliefs (biases) stemming from the institutional context they originate from.
Kavadis, N. and Castañer, X. (2014), "Ownership Effects on Unrelated Diversification: An Institutions’ Perspective", Finance and Strategy (Advances in Strategic Management, Vol. 31), Emerald Group Publishing Limited, pp. 253-288. https://doi.org/10.1108/S0742-332220140000031007Download as .RIS
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