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Shareholding cascades: the separation of ownership and control in Belgium

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  • Ariane Chapelle
  • Marco Becht
  • Luc Renneboog

Abstract

This paper analyses the control of Belgian listed companies. The analysis reveals that control of listed companies in Belgium is highly concentrated. Business groups, holding companies, and voting pacts, play an important role in bringing about this concentration. The main characteristics of the Belgian corporate ownership and equity market can be summarised as follows : (i) few - merely 140 - Belgian companies are listed on the Brussels stock exchange, (ii) there is a high degree of ownership concentration with an average largest direct shareholding of 45%, (iii)holding companies and families, and to a lesser extent industrial companies, are the main investor categories whose share stakes are concentrated into powerful control blocks through business group structures and voting pacts, (iv) control is levered by pyramidal and complex ownership structures and (v) there is a market for share stakes.

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Bibliographic Info

Paper provided by ULB -- Universite Libre de Bruxelles in its series ULB Institutional Repository with number 2013/9947.

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Date of creation: 2001
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Handle: RePEc:ulb:ulbeco:2013/9947

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Cited by:
  1. Ariane Chapelle, 2004. "Separation between ownership and control: where do we stand?," ULB Institutional Repository 2013/9941, ULB -- Universite Libre de Bruxelles.
  2. Randall Morck & Michael Percy & Gloria Tian & Bernard Yeung, 2004. "The Rise and Fall of the Widely Held Firm - A History of Corporate Ownership in Canada," NBER Working Papers 10635, National Bureau of Economic Research, Inc.
  3. Beuselinck Ch. & Deloof M., 2006. "Business groups, taxes and accruals management," Working Papers 2006015, University of Antwerp, Faculty of Applied Economics.
  4. Becht, Marco, 1999. "European corporate governance: Trading off liquidity against control," European Economic Review, Elsevier, vol. 43(4-6), pages 1071-1083, April.
  5. Becht, Marco & Roell, Ailsa, 1999. "Blockholdings in Europe:: An international comparison1," European Economic Review, Elsevier, vol. 43(4-6), pages 1049-1056, April.
  6. Crama, Y. & Leruth, L. & Renneboog, L.D.R. & Urbain, J-P., 1999. "Corporate Governance Structures, Control and Performance in European Markets: A Tale of Two Systems," Discussion Paper 1999-97, Tilburg University, Center for Economic Research.
  7. 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.
  8. Dewaelheyns, Nico & Van Hulle, Cynthia, 2004. "The impact of business groups on bankruptcy prediction modeling," Open Access publications from Katholieke Universiteit Leuven urn:hdl:123456789/224113, Katholieke Universiteit Leuven.
  9. Buysschaert, An & Deloof, Marc & Jegers, Marc, 2004. "Equity sales in Belgian corporate groups: expropriation of minority shareholders? A clinical study," Journal of Corporate Finance, Elsevier, vol. 10(1), pages 81-103, January.
  10. Rommens A. & Cuyvers L. & Deloof M., 2007. "Interlocking Directorates and Business Groups: Belgian Evidence," Working Papers 2007023, University of Antwerp, Faculty of Applied Economics.
  11. Ariane Chapelle, 2004. "Block investments and the race for corporate control in Belgium," ULB Institutional Repository 2013/9943, ULB -- Universite Libre de Bruxelles.
  12. Crespi, R. & Renneboog, L.D.R., 2000. "United we stand: Corporate Monitoring by Shareholder Coalitions in the UK," Discussion Paper 2000-18, Tilburg University, Center for Economic Research.

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