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Power of Ultimate Controlling Owners: A Survey of Canadian Landscape

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  • Yoser Gadhoum

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    Abstract

    This study highlights the ownership structure of 1120 Canadian listed firms. The chains of ownership and control are traced back to the ultimate controlling owners, and related to some corporate features. Families are the most prevalent type of controlling shareholder. Pyramids, multiple classes of shares and cross-holdings are used to gain control, and hence, a significant separation of ownership and control is achieved. The study also provides some evidence that the role of the second ultimate owners, which is to weaken the channels that lead to expropriation, is not effective in Canada. The findings are compared to those of previous empirical ownership studies on the US, Western Europe and East Asia. Copyright Springer 2006

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    File URL: http://hdl.handle.net/10.1007/s10997-006-0004-0
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    Bibliographic Info

    Article provided by Springer in its journal Journal of Management & Governance.

    Volume (Year): 10 (2006)
    Issue (Month): 2 (05)
    Pages: 179-204

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    Handle: RePEc:kap:jmgtgv:v:10:y:2006:i:2:p:179-204

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    Web page: http://www.springerlink.com/link.asp?id=102940

    Related research

    Keywords: ownership structure; shareholder protection; voting rights; G32;

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    References

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    1. Marco Becht & J. Bradford DeLong, 2005. "Why Has There Been So Little Block Holding in America?," NBER Chapters, in: A History of Corporate Governance around the World: Family Business Groups to Professional Managers, pages 613-666 National Bureau of Economic Research, Inc.
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    10. Randall Morck & Michael Percy & Gloria Tian & Bernard Yeung, 2005. "The Rise and Fall of the Widely Held Firm: A History of Corporate Ownership in Canada," NBER Chapters, in: A History of Corporate Governance around the World: Family Business Groups to Professional Managers, pages 65-148 National Bureau of Economic Research, Inc.
    11. Abe de Jongand & Rezaul Kabir & Teye Marra & Ailsa Roell, 1999. "Ownership and Control in the Netherlands," Working Papers 1999.22, Fondazione Eni Enrico Mattei.
    12. Antoin Murphy, 2005. "Corporate Ownership in France: The Importance of History," NBER Chapters, in: A History of Corporate Governance around the World: Family Business Groups to Professional Managers, pages 185-222 National Bureau of Economic Research, Inc.
    13. Marco Becht & Ekkehart Boehmer, 2001. "Ownership and voting power in Germany," ULB Institutional Repository 2013/13334, ULB -- Universite Libre de Bruxelles.
    14. Caroline Fohlin, 2005. "The History of Corporate Ownership and Control in Germany," NBER Chapters, in: A History of Corporate Governance around the World: Family Business Groups to Professional Managers, pages 223-282 National Bureau of Economic Research, Inc.
    15. Claessens, Stijn & Djankov, Simeon & Lang, Larry H. P., 2000. "The separation of ownership and control in East Asian Corporations," Journal of Financial Economics, Elsevier, vol. 58(1-2), pages 81-112.
    16. Tarun Khanna & Krishna Palepu, 2005. "The Evolution of Concentrated Ownership in India: Broad Patterns and a History of the Indian Software Industry," NBER Chapters, in: A History of Corporate Governance around the World: Family Business Groups to Professional Managers, pages 283-324 National Bureau of Economic Research, Inc.
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    Cited by:
    1. Teodora Paligorova & Zhaoxia Xu, 2009. "Complex Ownership and Capital Structure," Working Papers 09-12, Bank of Canada.
    2. Paul André & Walid Ben-Amar & Samir Saadi, 2014. "Family firms and high technology Mergers & Acquisitions," Journal of Management and Governance, Springer, vol. 18(1), pages 129-158, February.
    3. Kryzanowski, Lawrence & Zhang, Ying, 2013. "Financial restatements and Sarbanes–Oxley: Impact on Canadian firm governance and management turnover," Journal of Corporate Finance, Elsevier, vol. 21(C), pages 87-105.
    4. Marguerite Schneider & Lori Ryan, 2011. "A review of hedge funds and their investor activism: do they help or hurt other equity investors?," Journal of Management and Governance, Springer, vol. 15(3), pages 349-374, August.

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