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One Share - One Vote: the Theory

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Author Info
Mike Burkart
Samuel Lee
Abstract

The theoretical literature on security-voting structure can be organized around three questions: What impact do nonvoting shares have on takeover outcomes? How does disproportional voting power affect the incentives of blockholders? What are the repercussions of mandating one share - one vote for firms' financing and ownership choices? Overall, the costs and benefits of separating cash flow and votes reflect the fundamental governance trade off between disempowering blockholders and empowering managers. It is therefore an open question whether mandating one share - one vote would improve the quality of corporate governance, notably in systems that so far relied on active owners. Copyright 2008, Oxford University Press.

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File URL: http://hdl.handle.net/10.1093/rof/rfm035
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Publisher Info
Article provided by Oxford University Press for European Finance Association in its journal Review of Finance.

Volume (Year): 12 (2008)
Issue (Month): 1 ()
Pages: 1-49
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Handle: RePEc:oup:revfin:v:12:y:2008:i:1:p:1-49

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  1. Ødegaard, Bernt Arne, 2009. "The diversification cost of large, concentrated equity stakes. How big is it? Is it justified?," UiS Working Papers in Economics and Finance 2009/22, University of Stavanger. [Downloadable!]
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  2. Muravyev, Alexander, 2009. "Investor protection and share prices: Evidence from statutory rules governing variations of shareholders’ class rights in Russia," MPRA Paper 13678, University Library of Munich, Germany. [Downloadable!]
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This page was last updated on 2009-12-4.

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