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The purpose of this paper is to provide empirical evidence on the informational role played by ownership concentration.

The authors use bivariate vector autoregressive models to document the informational role of ownership concentration.

The findings suggest that the returns of firms with concentrated ownership structure lead the returns of firms with dispersed ownership structure in Morocco during the period between 2004 and 2014. The authors argue that this lead-lag relationship arises because a better information environment in firms with concentrated ownership structure enables quick incorporation of relevant information. The results are robust under different information regimes.

The authors believe that this paper is one of the first evidence on the informational role of ownership concentration in Morocco.

The purpose of this paper is to analyse the current status of ownership of patient information from a Lockean perspective and then present Datenherrschaft (German for “mastery over information”) as a new model for patient ownership of patient information.

This paper is theoretical in approach. It is based on arguments derived from Locke’s Two Treatises of Government. Legal examples of the current situation are derived from Finnish, UK and Swedish legislation.

Current legislation concerning patient information is not clearly formulated and so recognising a new right on the part of the patient, Datenherrschaft, would be an ethically justifiable way of remedying the issue.

The legal analysis was limited to Finland, the UK and Sweden, and so other legislation should be looked at in future research. Datenherrschaft is used as an example of an ethically justified way of regulating patient information ownership and should be analysed further.

Patient information ownership is an issue that is not unambiguously solved in many countries, nor has it, in our view, been ethically justified. The potential solution presented in this paper is clear and has strong ethical justifications.

The question over who “owns” and controls consumer data on the internet is emerging as an important issue as individuals increasingly share more of their personal information with marketers in return for services and benefits. This paper aims to examine how compensating consumers for their personal information affects their expectations for data ownership and privacy control.

The authors conduct two online scenario-based experiments with a sample of adult consumers. The results were analyzed using multivariate and univariate analysis of variance.

The findings show that receiving compensation, especially when it is a monetary reward, reduces consumer expectations for privacy protection. These effects depend on whether the information provided to marketers is perceived to be sensitive in nature.

While a number of privacy studies have investigated the effects of compensation on encouraging self-disclosure on the internet, there is a lack of research that examines the effect of compensation on privacy expectations. To the authors' knowledge, this is the first paper to test empirically the construct of information ownership in the context of privacy exchanges.

The purpose of this paper is to investigate the relationship among ownership structure, information disclosure and benefits of control under Lab‐experimental frame, based on the ownership structure in China's stock market.

Theoretical Shapley value of shareholders was used as the representative of control right, and benefits of control in different experimental treatments were studied.

Experimental results show: first, more counterbalance of shareholders' control rights, less benefits of their control right. Accordingly, more chance to form core alliance for the major shareholder with small shareholders, less chance for them to get control right; second, the effect of information on benefits of control are mainly reflected in forming and maintaining the alliance; third, Shapley value of the major shareholder and the information determine the alliance type; fourth, control premium may be the cost of keeping the major shareholder's benefits safe and fifth, imperfect information is not always bad, concealing information partly can improve the distribution efficiency of a corporation.

The paper provides experimental analysis of the behavioral logic behind the benefits of control, which would help to explain the relationship among ownership structure, information disclosure and benefits of control.

The purpose of this paper is to examine the effect of voluntary disclosure, ownership structure attributes and timely disclosure on cost of equity capital in the emerging Egyptian capital market.

A content analysis of annual reports is used to measure the extent of voluntary disclosure. Earnings announcement lag (EAL) is used to measure the quality of voluntary disclosure (i.e. timely disclosure). Finally, the Capital Asset Pricing Model (CAPM) framework is used to estimate cost of equity capital.

The authors find a negative relationship between the level of voluntary disclosure and cost of equity capital. More specifically, the authors document that this association is strongly significant under high ownership dispersion, low government ownership and shorter EAL. Finally, EAL is positively associated with cost of equity capital.

The authors use the CAPM framework as a proxy for the cost of equity since forecasted earnings per share are not communicated by financial analysts in the Egyptian Stock Exchange.

The findings demonstrate for managers that the increased levels of voluntary and timely disclosure reduce the cost of external finance and improve the marketability of firms’ equities, which may directly impact growth opportunities especially when information is communicated to investors in a timely fashion. For regulators, it provides evidence that high government ownership reduces the value relevance of voluntary disclosure among investors, while free float as a proxy for high ownership dispersion improves it.

The findings show that corporate disclosure policy depends more on the managers’ incentives to provide informative annual reports than on standards and regulations. The study also represents a first attempt that demonstrates how ownership structure and timely disclosure influence the relationship between disclosure and cost of equity capital.

Corporate governance across small and medium enterprises (SMEs) is undergoing unremitting changes, primarily due to the listing of SMEs on SME exchanges. The changing aspects of governance may influence the financial performance of SMEs. This paper examines how corporate governance influences the financial performance of listed SMEs in the context of developing economies like India. Ownership concentration (promoters' holding) and information disclosures measure corporate governance in this examination.

The sample for this study includes 88 listed SMEs from the Bombay Stock Exchange (BSE) SME platform in India. The data are collected for the period between 2018 and 2020. The study employs panel data analysis. The fixed effects model, coupled with the computation of cluster robust standard errors, is used to test the relationship between variables.

The results demonstrate that ownership concentration is not significantly related to financial performance. Further, information disclosures are inversely significant for financial performance. The results show that agency problems and information asymmetry plague the sampled firms. Further, the results of the study are indicative of inefficiencies in the governance structures of SMEs. Thus, it is evident that listed SMEs fail to reap the benefits of corporate governance.

The study's findings should enlighten SME owners and managers on the benefits of corporate governance for SMEs. This is a pressing need at current times as the listing of SMEs is shifting the landscape of SME governance. Today, all firms, including SMEs, are expected to adopt and maintain near internationally benchmarked corporate governance standards. Secondly, the study's implications on how the ownership and information disclosures can be used to influence the financial outcomes of SMEs will benefit the overall business ecosystem. The policyholders and academics can use this study to boost the regulations and research in line with each other.

Reforming monitoring mechanisms of firm activities and restructuring disclosure practices are essential for SMEs to produce better financial outcomes. The true benefits of corporate governance cannot be realized without attention to financial performance. The study is relevant to practitioners, lawmakers and academics to advance corporate governance for SMEs.

This paper aims to examine the moderating effect of ownership concentration on the relationship between corporate social responsibility performance (CSRP) and information asymmetry using a sample of Chinese firms.

The authors use a sample of 208 listed firms from nine different sectors in China over the period of 2008–2018. They use the generalized method of moment approach to examine the dynamic relationship between CSRP, information asymmetry and ownership concentration. CSRP index is constructed using environmental performance, social performance and corporate governance performance measures.

The results indicate that CSRP positively affects the information asymmetry. Moreover, by taking ownership concentration as a moderating variable, the results indicate that ownership concentration negatively moderates the association between CSRP and information asymmetry.

The findings of the study advance the understanding of CSR practices in China. The findings have important implications for the regulators and managers in China for adopting socially responsible activities for the improvement of firm performance and protecting shareholder rights.

The study extends the existing research on the association between CSRP and information asymmetry by including the ownership concentration as a moderating variable. The research showed that CSR plays an important role in reducing the informational gap between managers and outside stakeholders. However, the relationship between CSR and information asymmetry is not studied yet with the moderating role of ownership concentration.

We argue that uninformed subscribers to an initial public offering (IPO) of common stocks are exposed to greater ex ante risk of trading against informed traders in the secondary market because the advent of public trading conveys hitherto private information and thereby mitigates adverse selection. The going‐public firm underprices the new issue to compensate uninformed subscribers for this added secondary market adverse selection risk. We test this market liquidity‐based explanation by investigating the ex‐post consequences of ownership structure choice on the initial pricing and the secondary market liquidity of a sample of initial public offerings on the New York Stock Exchange (NYSE). Consistent with our argument, we find that initial underpricing varies directly with the ex post trading costs in the secondary market. Further, initial underpricing is related positively to the concentration of institutional shareholdings and negatively to the proportional equity ownership retained by the founding shareholders. Finally, the secondary market illiquidity of new issues is positively related to institutional ownership concentration and negatively to ownership retention and underwriter reputation. Thus, the evidence based on our NYSE sample supports the view that the entrepreneurs' choice of ownership structure affects both the initial pricing and the subsequent market liquidity of new issues.

This study aims to examine the interplay between ownership structure (organisational form) and management control system (MCS) design as governance structures within Australian primary health-care organisations (PHOs), seeking support for the suggestion that professional services will be most efficiently and effectively provided in organisations that have internal governance that is matched to their ownership form.

The analysis is based on a series of in-depth investigations into the MCS choices made by seven Australian PHOs. Arguing that the degree of information impactedness is inversely related to the level of general practitioner (GP) ownership, organisations where more than 50 per cent of the GPs working within the practice are owners are classified as “high ownership” (“low information impactedness”). The adoption by high-performing organisations of their predicted MCS archetype according to Speklé’s development is then interpreted as representing empirical support.

The findings provide uniform support for the importance of the match between ownership structure and internal governance mechanisms. As predicted, the two high-performing, high member-owned organisations reported MCS resembling exploratory archetypes, the three high-performing, low member-owned organisations reported MCS consistent with a boundary archetype and the two low-performing organisations reported little emphasis on any control.

This study provides evidence of the importance of the appropriate match between ownership structure and internal governance mechanisms for PHOs.

This study has potential to assist managers, owners and advisors to optimise MCS design in professional services organisations where there is heterogeneous ownership by professionals.

This study is one of the few attempts to provide empirical support for the assertion of the importance of a match between ownership structure and MCS design. It also represents one of the few attempts to provide empirical support for Speklé’s (2001) control archetypes, here the boundary and exploratory archetypes, archetypes that are applicable within important sectors of the economy, notably the professional services sector.

The purpose of this paper is to investigate the impact of market and organizational determinants on the voluntary disclosure level of Egyptian companies.

Uses a disclosure index of voluntary disclosure that is based upon the following information categories: strategic information; financial information; non‐financial information; and future prospect information to rate the level of disclosure. Multivariate analysis, voluntary disclosure determinants: earnings quality; ownership structure; competition intensity; information asymmetry, and possible relationships with disclosure level provide the basis for discussion.

It is found that the level of voluntary disclosure in the emerging market of Egypt ranges from low to moderate level. There is no significant relationship between a company's voluntary disclosure level and earnings quality and competition intensity, while this relationship is significant for information asymmetry and ownership structure.

The results are constrained by the proxies that represent non‐financial factors of the market.

This paper extends prior studies on voluntary disclosure in Egypt by looking at a comprehensive set of market and organizational factors that might affect the disclosure level, based on a structured disclosure index of strategic, financial and non‐financial, and future prospect information. The findings would help boards of directors to explain the adoption of certain disclosure strategies, and understand the corporate disclosure behavior.