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An Empirical Comparison of the Performance of Classical Power Indices

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  • Dennis Leech

Abstract

This paper assesses the indices against a set of reasonable criteria in terms of shareholder voting power and the control of the corporation in a large cross section of British companies. Each company is a separate voting body and there is much variation in the distribution of voting shares among them. Moreover reasonable criteria exist against which to judge the indices. New algorithms for the Shapley-Shubik and Banzhaf indices are applied to detailed data on beneficial ownership of 444 large UK companies without majority control.

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Bibliographic Info

Article provided by Political Studies Association in its journal Political Studies.

Volume (Year): 50 (2002)
Issue (Month): 1 (03)
Pages: 1-22

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Handle: RePEc:bla:polstu:v:50:y:2002:i:1:p:1-22

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References

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  1. Rafael La Porta & Florencio Lopez-De-Silanes & Andrei Shleifer, 1999. "Corporate Ownership Around the World," Journal of Finance, American Finance Association, vol. 54(2), pages 471-517, 04.
  2. Leech, Dennis, 1985. "The relationshiop between Shareholding Concentration and Shareholder Voting Power in British Companies : A study of the Application of Power Indices for Simple Games," The Warwick Economics Research Paper Series (TWERPS) 267, University of Warwick, Department of Economics.
  3. Philip Straffin, 1977. "Homogeneity, independence, and power indices," Public Choice, Springer, vol. 30(1), pages 107-118, June.
  4. Roth, Alvin E., 1977. "Utility functions for simple games," Journal of Economic Theory, Elsevier, vol. 16(2), pages 481-489, December.
  5. Pohjola, Matti, 1988. " Concentration of Shareholder Voting Power in Finnish Industrial Companies," Scandinavian Journal of Economics, Wiley Blackwell, vol. 90(2), pages 245-53.
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Cited by:
  1. Dennis Leech, 2001. "Shareholder Voting Power and Corporate Governance: A Study of Large British Companies," Nordic Journal of Political Economy, Nordic Journal of Political Economy, vol. 27, pages 33-54.
  2. Edwards, Jeremy S S & Weichenrieder, Alfons J, 2009. "Control Rights, Pyramids, and the Measurement of Ownership Concentration," MPRA Paper 13830, University Library of Munich, Germany.
  3. Dennis Leech & Robert Leech, 2006. "Voting power and voting blocs," Public Choice, Springer, vol. 127(3), pages 285-303, June.
  4. Jeremy Edwards & Alfons Weichenrieder, 2004. "How Weak is the Weakest-Link Principle?On the Measurement of Firm Owners’Control Rights," CESifo Working Paper Series 1255, CESifo Group Munich.
  5. Leech, Dennis, 2002. "Computation of Power Indices," The Warwick Economics Research Paper Series (TWERPS) 644, University of Warwick, Department of Economics.
  6. Leech, Dennis, 2010. "Power Indices in Large Voting Bodies," The Warwick Economics Research Paper Series (TWERPS) 942, University of Warwick, Department of Economics.
  7. Mueller, Elisabeth, 2005. "Benefits of Control, capital structure and company growth," ZEW Discussion Papers 05-55 [rev.], ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
  8. Madeleine Hosli & Rebecca Moody & Bryan O’Donovan & Serguei Kaniovski & Anna Little, 2011. "Squaring the circle? Collective and distributive effects of United Nations Security Council reform," The Review of International Organizations, Springer, vol. 6(2), pages 163-187, July.
  9. Chris Geller & Jamie Mustard & Ranya Shahwan, 2007. "Focused Power: Experimental Manifestation of the Shapley-Shubik Power Index," Economics Series 2007_13, Deakin University, Faculty of Business and Law, School of Accounting, Economics and Finance.
  10. Leech, Dennis, 2002. "Power Indices As An Aid To Institutional Design : The Generalised Apportionment Problem," The Warwick Economics Research Paper Series (TWERPS) 648, University of Warwick, Department of Economics.
  11. Fabrice Barthélémy & Mathieu Martin, 2006. "Analyse spatiale du pouvoir de vote : application au cas de l'intercommunalité dans le département du Val d'Oise," THEMA Working Papers 2006-17, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise.
  12. Algaba, E. & Bilbao, J.M. & Fernandez, J.R., 2007. "The distribution of power in the European Constitution," European Journal of Operational Research, Elsevier, vol. 176(3), pages 1752-1766, February.
  13. Crama, Yves & Leruth, Luc, 2007. "Control and voting power in corporate networks: Concepts and computational aspects," European Journal of Operational Research, Elsevier, vol. 178(3), pages 879-893, May.
  14. Balsmeier, Benjamin & Bermig, Andreas & Dilger, Alexander, 2013. "Corporate governance and employee power in the boardroom: An applied game theoretic analysis," Journal of Economic Behavior & Organization, Elsevier, vol. 91(C), pages 51-74.
  15. Leech, D., 2001. "Fair Reweighting of the Votes in the EU Council of Ministers and the Choice of Majority Requirement for Qualified Majority Voting during Successive Enlargements," The Warwick Economics Research Paper Series (TWERPS) 587, University of Warwick, Department of Economics.
  16. Chris GELLER & Jamie MUSTARD & Ranya SHAHWAN, 2004. "Standard Voting Power Indices Work: An Experimental Investigation of Pure Voting Power," Economics Series 2004_23, Deakin University, Faculty of Business and Law, School of Accounting, Economics and Finance.

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