The structure of corporate ownership in privatized utilities
AbstractShareholder dispersion may be valuable because a credible commitment by shareholders not to interfere allows managers to benefit from their initiatives. A tougher regulatory regime for investors decreases the value of the commitment not to interfere implicit in a more dispersed ownership structure. Deregulation, captured through increasing monitoring costs, also has the effect of causing higher shareholder concentration. Political objectives may yield higher (through collusion between managers and politicians) or lower (through collusion between politicians and blockholders) dispersion than the benchmark case where the government maximizes shareholder proceeds. (Copyright: Fundación SEPI)
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Bibliographic InfoArticle provided by Fundación SEPI in its journal Investigaciones Económicas.
Volume (Year): 28 (2004)
Issue (Month): 2 (May)
Contact details of provider:
Postal: Investigaciones Economicas Fundación SEPI Quintana, 2 (planta 3) 28008 Madrid Spain
Web page: http://www.fundacionsepi.es/
Other versions of this item:
- Trillas, Francesco, 2002. "The Structure of Corporate ownership in Privatized Utilities," CEPR Discussion Papers 3563, C.E.P.R. Discussion Papers.
- G39 - Financial Economics - - Corporate Finance and Governance - - - Other
- L33 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Comparison of Public and Private Enterprise and Nonprofit Institutions; Privatization; Contracting Out
- L97 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Utilities: General
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