Ownership structure, sharing of control and legal framework. International evidence
AbstractWe analyze the relation between capital structure, ownership structure, and corporate value for a sample of 1,216 firms from 15 European countries. Our results stress two different conflicts of interest and show the differential role played by the mechanisms of corporate control depending on the legal and institutional environment. In common law countries, as a consequence of the relationships between managers and shareholders, capital structure and managerial ownership are the most effective mechanisms of control. In civil law countries, however, as a consequence of the conflicts between majority and minority shareholders, the ownership concentration and the sharing of control within the firm become crucial. In this scenario, the second reference shareholder plays a critical role in contesting the control of the dominant largest shareholder in order to reduce the extraction of private benefits and improve the firm?s performance
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by Interuniversity Research Master and Doctorate Program (with a quality mention of ANECA) on "Business Economics", Universities of Valladolid, Burgos, Salamanca and León (Spain). Until 2008, Interuniversity Doctorate Program (with a quality mention of ANECA) “New trends in Business Administration”, Universities of Valladolid, Burgos, and Salamanca (Spain). Master en Investigación y Programa de Doctorado Interuniversitarios (con mención de calidad de la ANECA) en "Economía de la Empresa", Universidades de Valladolid, Burgos, Salamanca y León (España). Hasta 2008, Programa de Doctorado Interuniversitario (con mención de calidad de la ANECA) “Nuevas Tendencias en Dirección de Empresas”, Universidades de Valladolid, Burgos y Salamanca (España). in its series Working Papers "New Trends on Business Administration". Documentos de Trabajo "Nuevas Tendencias en Dirección de Empresas". with number 2007-01.
Length: 26 pages
Date of creation: Jun 2007
Date of revision:
Contact details of provider:
Postal: Avda. Valle Esgueva, 6, 47011 Valladolid
Phone: +34 983 420000 ext. 4392
Fax: +34 983 423899
Web page: http://www3.uva.es/empresa/
More information through EDIRC
Postal: Av. Valle de Esgueva, 6. E-47011-Valladolid (Spain)
Other versions of this item:
- Ãscar López-de-Foronda & Félix J. López-Iturriaga & Marcos Santamaría-Mariscal, 2007. "Ownership Structure, Sharing of Control and Legal Framework: international evidence," Corporate Governance: An International Review, Wiley Blackwell, vol. 15(6), pages 1130-1143, November.
- NEP-ALL-2007-07-07 (All new papers)
- NEP-BEC-2007-07-07 (Business Economics)
- NEP-EEC-2007-07-07 (European Economics)
- NEP-LAW-2007-07-07 (Law & Economics)
- NEP-REG-2007-07-07 (Regulation)
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Terhi Chakhovich, 2010. "The role of outcome focus within subject positions tied to shareholder value," Qualitative Research in Accounting & Management, Emerald Group Publishing, vol. 7(4), pages 450-475, November.
- Sacristán-Navarro, María & Gómez-Ansón, Silvia & Cabeza-García, Laura, 2011. "Large shareholders' combinations in family firms: Prevalence and performance effects," Journal of Family Business Strategy, Elsevier, vol. 2(2), pages 101-112, June.
- Greg Tower & Kelly Anh Vu & Glennda Scully, 2011. "Corporate communication for Vietnamese listed firms," Asian Review of Accounting, Emerald Group Publishing, vol. 19(2), pages 125-146, September.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Fortuna-Lindo, Jose M.).
If references are entirely missing, you can add them using this form.