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Ownership Concentration and Share Valuation

  • Jeremy S. S. Edwards
  • Alfons J. Weichenrieder

Concentrated ownership of large listed companies is widespread throughout the world, and Germany is typical in this respect. This paper proposes a method of distinguishing empirically between the beneficial and harmful effects of ownership concentration, and applies it to German data. The results show that, for most types of largest shareholder, the beneficial effects on minority shareholders of increased ownership (greater monitoring of management, and reduced incentives to exploit minority shareholders due to greater cash-flow rights) are at least as large as, and sometimes significantly larger than, the harmful effect (greater private benefits of control due to greater control rights). Copyright Verein für Socialpolitik and Blackwell Publishing Ltd. 2004.

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Article provided by Verein für Socialpolitik in its journal German Economic Review.

Volume (Year): 5 (2004)
Issue (Month): 2 (05)
Pages: 143-171

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Handle: RePEc:bla:germec:v:5:y:2004:i:2:p:143-171
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  1. repec:cup:cbooks:9780521566087 is not listed on IDEAS
  2. Tim Jenkinson & Alexander Ljungqvist, 1999. "The Role of Hostile Stakes in German Corporate Governance," OFRC Working Papers Series 1999fe02, Oxford Financial Research Centre.
  3. Larry H. P. Lang & Mara Faccio & Leslie Young, 2001. "Dividends and Expropriation," American Economic Review, American Economic Association, vol. 91(1), pages 54-78, March.
  4. Faccio, Mara & Lang, Larry H. P., 2002. "The ultimate ownership of Western European corporations," Journal of Financial Economics, Elsevier, vol. 65(3), pages 365-395, September.
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