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Ownership and Control: A Spanish Survey

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  • Rafel Crespi-Cladera

    (Universitat Aut noma de Barcelona (UAB) and Universitat Illes Balears (UIB), Spain)

  • Miguel A. Garcia-Cestona

    (Universitat Autonoma de Barcelona (UAB), Spain)

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    Abstract

    The paper analyses the ownership structure of a large sample of Spanish listed companies. The results are analysed in terms of governance implications under the agency theory context. The results show a picture with concentrated ownership where stock markets are relatively low important. Direct ownership and voting blocks, which account for indirect ownership through third companies, are larger for non-financial firms followed by families or individuals and financial firms other than banks. Nevertheless, the use of intermediate companies (pyramiding), is not frequent according to our data. Banks seem not to play the important role they did in the past and the recent privatisation reduced to a minimum level, state shareholdings on listed companies.

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    File URL: http://www.feem.it/userfiles/attach/Publication/NDL1999/NDL1999-023.pdf
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    Bibliographic Info

    Paper provided by Fondazione Eni Enrico Mattei in its series Working Papers with number 1999.23.

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    Date of creation: Feb 1999
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    Handle: RePEc:fem:femwpa:1999.23

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    Keywords: Ownership; Control; Spain;

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    1. Rafael La Porta & Florencio Lopez-De-Silanes & Andrei Shleifer, 1999. "Corporate Ownership Around the World," Journal of Finance, American Finance Association, vol. 54(2), pages 471-517, 04.
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    Cited by:
    1. Köhler, Matthias, 2008. "Blockholdings and Corporate Governance in the EU Banking Sector," ZEW Discussion Papers 08-110, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
    2. Becht, Marco & Roell, Ailsa, 1999. "Blockholdings in Europe:: An international comparison1," European Economic Review, Elsevier, vol. 43(4-6), pages 1049-1056, April.

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