First, based on the agency theory perspective, Demsetz and Lehn (1985) argue that combining ownership and control can be advantageous because large shareholders can act to mitigate managerial entrenchment and expropriation.
First, based on the agency theory perspective,Demsetz and Lehn (1985) argue that combiningownership and control can be advantageous becauselarge shareholders can act to mitigate managerialentrenchment and expropriation.