We define control-ownership wedge as the ratio of voting rights to cash flow rights for the ultimate shareholder and use it as our firm-level agency cost proxy 控股股东对企业的控制水平
Jiang, L., Kim, J.-B., & Pang, L. (2011). Control-ownership wedge and investment sensitivity to stock price. Journal of Banking & Finance, 35(11), 2856–2867. doi:10.1016/j.jbankfin.2011.03.017