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Shareholders' control in complex corporate structures

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  • Marc Levy

Abstract

In this global world, many firms present a complex shareholding structure with indirect participation, such that it may become difficult to assess a firm’s controllers. Furthermore, if there are numerous dominant shareholders, the control can be shared between them. Determining who has the most influence is often a difficult task. To measure this influence, game theory allows the modeling of voting games and the computing of the Banzhaf index. This thesis develops models to measure the Banzhaf indices in any ownership structure (pyramidal ownership structures and cross-ownership structures). The models are then applied to real cases studies such Colruyt, Elia, Lafarge and Allianz.

Suggested Citation

  • Marc Levy, 2012. "Shareholders' control in complex corporate structures," ULB Institutional Repository 2013/209768, ULB -- Universite Libre de Bruxelles.
    • Handle: RePEc:ulb:ulbeco:2013/209768
    Note: Degree: Doctorat en Sciences économiques et de gestion
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