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The relationshiop between Shareholding Concentration and Shareholder Voting Power in British Companies : A study of the Application of Power Indices for Simple Games

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  • Leech, Dennis

Abstract

The relationship between shareholding concentration and shareholder voting power and the question of corporate control has long been recognised as being of central importance in the economies of the firm and has given rise to a large literature. Despite this, however, and the fact that quite sharp differences in perspective exist in this literature, relatively little work has been done on actually attempting to measure, in a theoretically rigorous way, the quantitative significance of empirically observed differences in concentration on the distribution of power.

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Bibliographic Info

Paper provided by University of Warwick, Department of Economics in its series The Warwick Economics Research Paper Series (TWERPS) with number 267.

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Length: 47 pages
Date of creation: 1985
Date of revision:
Handle: RePEc:wrk:warwec:267

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Cited by:
  1. Gary Gorton & Frank Schmid, 2002. "Class struggle inside the firm: a study of German codetermination," Working Papers 2000-025, Federal Reserve Bank of St. Louis.
  2. Dennis Leech, 2001. "Shareholder Voting Power and Corporate Governance: A Study of Large British Companies," Nordic Journal of Political Economy, Nordic Journal of Political Economy, vol. 27, pages 33-54.
  3. Nicodano, Giovanna & Sembenelli, Alessandro, 2004. "Private benefits, block transaction premiums and ownership structure," International Review of Financial Analysis, Elsevier, vol. 13(2), pages 227-244.
  4. Guemmegne, Juliette & Pongou, Roland, 2013. "A Policy-Based Rationalization of Collective Rules: Dimensionality, Specialized Houses, and Decentralized Authority," MPRA Paper 46019, University Library of Munich, Germany.
  5. André Casajus & Helfried Labrenz & Tobias Hiller, 2009. "Majority shareholder protection by variable qualified majority rules," European Journal of Law and Economics, Springer, vol. 28(1), pages 9-18, August.
  6. Dennis Leech & Miguel Manjón, 2002. "Corporate Governance in Spain (with an Application of the Power Indices Approach)," European Journal of Law and Economics, Springer, vol. 13(2), pages 157-173, March.
  7. 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.
  8. Edwards, Jeremy S.S. & Weichenrieder, Alfons J., 2009. "Control rights, pyramids, and the measurement of ownership concentration," Journal of Economic Behavior & Organization, Elsevier, vol. 72(1), pages 489-508, October.
  9. Dennis Leech, 2002. "An Empirical Comparison of the Performance of Classical Power Indices," Political Studies, Political Studies Association, vol. 50(1), pages 1-22, 03.
  10. Muravyev, Alexander, 2004. "The puzzle of dual class stock in Russia: Explaining the price differential between common and preferred shares," MPRA Paper 27726, University Library of Munich, Germany.
  11. Leech, Dennis, 2002. "Computation of Power Indices," The Warwick Economics Research Paper Series (TWERPS) 644, University of Warwick, Department of Economics.
  12. Leech, D., 2000. "Computing Classical Power Indices For Large Finite Voting Games," The Warwick Economics Research Paper Series (TWERPS) 579, University of Warwick, Department of Economics.
  13. Casajus, André & Labrenz, Helfried, 2014. "A property rights based consolidation approach," Working Papers 126, University of Leipzig, Faculty of Economics and Management Science.
  14. Berezinets, Irina & Ilina, Yulia & Muravyev, Alexander, 2011. "CEO and Board Characteristics as Determinants of Private Benefits of Control: Evidence from the Russian Stock Exchange," IZA Discussion Papers 6256, Institute for the Study of Labor (IZA).
  15. Jeremy Edwards & Alfons Weichenrieder, 2004. "How Weak is the Weakest-Link Principle?On the Measurement of Firm Owners’Control Rights," CESifo Working Paper Series 1255, CESifo Group Munich.
  16. Crama, Yves & Leruth, Luc, 2007. "Control and voting power in corporate networks: Concepts and computational aspects," European Journal of Operational Research, Elsevier, vol. 178(3), pages 879-893, May.

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