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Ownership structure and board composition in a high ownership concentration context

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  • Acero Fraile, Isabel
  • Alcalde Fradejas, Nuria

Abstract

Few articles have addressed the relation between the ownership structure and the composition of the boards. The results of the analysis performed on a sample of Spanish listed companies for the period 2004–2011, show that in markets where corporate ownership is highly concentrated, it is necessary to devote special attention to blockholders and to differentiate the figure of the independent directors from the group of outsiders. The results confirm a negative and decreasing relation between blockholders and the percentage of independents while insiders’ ownership is only significant if one looks at the percentage of outsiders as a whole, in which case it shows a U-shaped quadratic relation.

Suggested Citation

  • Acero Fraile, Isabel & Alcalde Fradejas, Nuria, 2014. "Ownership structure and board composition in a high ownership concentration context," European Management Journal, Elsevier, vol. 32(4), pages 646-657.
  • Handle: RePEc:eee:eurman:v:32:y:2014:i:4:p:646-657
    DOI: 10.1016/j.emj.2013.10.003
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    Cited by:

    1. Ana Isabel Martins Ribeiro & António Cerqueira & Elísio Brandão, 2015. "The Determinants of Effective Tax Rates: Firms’ Characteristics and Corporate Governance," FEP Working Papers 567, Universidade do Porto, Faculdade de Economia do Porto.

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