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Corporate governance and game theoretic analyses of shareholder power: the case of Spain

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  • Dennis Leech
  • Miguel Manjon

Abstract

The definition and implementation of control is at the heart of the corporate governance debate. The paper approaches the issue by using power indices derived from the theory of cooperative games. An application to Spanish listed firms shows that incentives for large shareholders to form controlling blocs are high. In the Spanish system of corporate governance ownership concentration is therefore the main mechanism to mitigate agency problems between shareholders and managers. Moreover, these results suggest that the Shapley-Shubik index is not an appropriate measure of shareholder power.

Suggested Citation

  • Dennis Leech & Miguel Manjon, 2003. "Corporate governance and game theoretic analyses of shareholder power: the case of Spain," Applied Economics, Taylor & Francis Journals, vol. 35(7), pages 847-858.
  • Handle: RePEc:taf:applec:v:35:y:2003:i:7:p:847-858
    DOI: 10.1080/0003684022000026593
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    Cited by:

    1. Minguez-Vera, Antonio & Martin-Ugedo, Juan Francisco, 2007. "Does ownership structure affect value? A panel data analysis for the Spanish market," International Review of Financial Analysis, Elsevier, vol. 16(1), pages 81-98.
    2. 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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