Corporate Ownership and Control: A New Look at the Evidence of Berle and Means
The empirical findings of the classic study of the separation of ownership and control by A. A. Berle and G. C. Means (still authorita tive after more than fifty years) are reappraised. A probabilistic vo ting model is used to define rigorously minority ownership control an d a rule for determining control type. For the sixteen companies whic h Berle and Means classified as management controlled, the rule varie s with shareholding concentration and differs substantially from that used by them. A direct application leaves the control classification s unchanged but the possibility of controlling coalitions of large sh areholders is demonstrated. The separation thesis is shown not to be well supported by the data. Copyright 1987 by Royal Economic Society.
If 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.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 39 (1987)
Issue (Month): 3 (September)
|Contact details of provider:|| Postal: Oxford University Press, Great Clarendon Street, Oxford OX2 6DP, UK|
Fax: 01865 267 985
Web page: http://oep.oupjournals.org/
|Order Information:||Web: http://www.oup.co.uk/journals|