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Ownership Structure and Power: Evidence from US Corporations

In: International Corporate Governance

Author

Listed:
  • Nilanjan Basu
  • Imants Paeglis
  • Mohammad Rahnamaei

Abstract

We examine the influence of ownership structure on a blockholder’s power in a firm. We first describe the presence and ownership stakes of blockholders in a comprehensive sample of US firms. We develop a measure of the influence of the ownership structure on a blockholder’s power and show that an average blockholder loses 12% of her potential power due to the presence and size of the ownership stakes of other blockholders. Further, the influence of ownership structure varies systematically with a blockholder’s rank and identity, with the second and nonfamily manager blockholders experiencing the largest loss of power.

Suggested Citation

  • Nilanjan Basu & Imants Paeglis & Mohammad Rahnamaei, 2015. "Ownership Structure and Power: Evidence from US Corporations," Advances in Financial Economics, in: International Corporate Governance, volume 18, pages 1-45, Emerald Group Publishing Limited.
    • Handle: RePEc:eme:afeczz:s1569-373220150000018001
    DOI: 10.1108/S1569-373220150000018001
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    More about this item

    Keywords

    Blockholders; ownership structure; power; shapley value; G32; G34;
    All these keywords.

    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

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