Masulis, Wang, and Xie found that the greater the divergence between insider voting rights and cash flow rights, the more likely shareholder wealth will increase.

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Masulis, Wang, and Xie found that the greater the divergence between insider voting rights and cash flow rights, the more likely it is that shareholder wealth will decrease, as this divergence can lead to conflicts of interest and decisions that may not benefit all shareholders equally.

Masulis, Wang, and Xie Found That the Greater the Divergence