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Propiedad y Control: Una Perspectiva Europea

Author

Listed:
  • Rafael Crepí

    (Universitat de les Illes Balears)

  • Miguel A. García-Cestona

    (Universitat Autónoma de Barcelona)

Abstract

This paper uses the ownership structure of firms as a key element to understand corporate governance problems. Countries in continental Europe are characterized by high levels of ownership concentration and significant voting blocks. United Kingdom and the US have a quite dispersed ownership. The different types of significant shareholders allow us to better understand the dominant governance model and point out solutions. We also describe the recent ownership evolution for Spanish listed firms and their characteristics. Finally, we consider executive compensation and executive turnover as control mechanisms that allow us the matching of shareholders´ interests and managers´ ones.

Suggested Citation

  • Rafael Crepí & Miguel A. García-Cestona, 2002. "Propiedad y Control: Una Perspectiva Europea," EKONOMIAZ. Revista vasca de Economía, Gobierno Vasco / Eusko Jaurlaritza / Basque Government, vol. 50(02), pages 110-137.
    • Handle: RePEc:ekz:ekonoz:2002205
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    More about this item

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation

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