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One Share-One Vote: New Empirical Evidence

  • Eklund , Johan

    (Jönköping International Business School and Ratio Institute)

  • Poulsen, Thomas

    (Copenhagen Business School)

Shares with more voting rights than cash flow rights provide their owners with a disproportional influence that is often found to destroy the value of outside equity. This is taken as evidence of discretionary use of power. However, concentration of power does not necessarily result from control enhancing mechanisms; it could also be that some shareholders retain a large block in a one share-one vote structure. In this paper, we develop a methodology to disentangle disproportionality, which allows us to test the effect of deviations from one share-one vote more precisely. Our empirical findings add to the existing literature.

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Paper provided by Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies in its series Working Paper Series in Economics and Institutions of Innovation with number 238.

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Length: 28 pages
Date of creation: 26 Oct 2010
Date of revision:
Handle: RePEc:hhs:cesisp:0238
Contact details of provider: Postal: CESIS - Centre of Excellence for Science and Innovation Studies, Royal Institute of Technology, SE-100 44 Stockholm, Sweden
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