Concentrated Corporate Ownership
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Concentrated Corporate Ownership
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Author : Randall K. Morck
language : en
Publisher: University of Chicago Press
Release Date : 2007-12-01
Concentrated Corporate Ownership written by Randall K. Morck and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-12-01 with Business & Economics categories.
Standard economic models assume that many small investors own firms. This is so in most large U.S. firms, but wealthy individuals or families generally hold controlling blocks in smaller U.S. firms and in all firms in most other countries. Given this, the lack of theoretical and empirical work on tightly held firms is surprising. What corporate governance problems arise in tightly held firms? How do these differ from corporate governance problems in widely held firms? How do control blocks arise and how are they maintained? How does concentrated ownership affect economic growth? How should we regulate tightly held firms? Drawing together leading scholars from law, economics, and finance, this volume examines the economic and legal issues of concentrated ownership and their impact on a shifting global economy.
Origin And Concentration
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Author : Jan Hanousek
language : cs
Publisher:
Release Date : 2005
Origin And Concentration written by Jan Hanousek and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with categories.
The Complex Relationship Of Concentrated Ownership Structures And Corporate Governance
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Author : Vasiliki Stergiou
language : en
Publisher:
Release Date : 2011
The Complex Relationship Of Concentrated Ownership Structures And Corporate Governance written by Vasiliki Stergiou and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.
Concentrated ownership is perceived as an inefficient form of ownership because it allegedly increases the risk of minority expropriation, which is further exacerbated by the disproportionality of control and cash-flow rights of the controller. This thesis challenges the perception of concentration as a per se inefficient ownership structure. It argues that the 'inefficiency bias' is based on the oversimplified, incorrect assumption that concentration is characterised by the presence of one controlling shareholder and therefore disregards the variety of the forms of concentration. To substantiate this argument, this thesis categorises the forms of concentration based on the identity and number of the controllers and examines their impact on corporate governance. It is shown, that the distinct characteristics of the varieties of shareholders' profiles have an ambivalent impact on corporate governance: Families are strongly committed investors but also prone to extract private benefits of control; the state is inefficient in monitoring but can also be a driver of good corporate governance practices; multiple large shareholders improve internal contestability of control but shareholders' agreements can also be used for minority expropriation. In this context, the effectiveness of the legal framework to mitigate the arising corporate governance problems becomes the key factor which differentiates efficient from inefficient corporate ownership structures. The different corporate governance problems of concentration imply that adapted legal solutions and adequately flexible rules are the prerequisites of effective investor protection. Given the varieties of concentration, legal effectiveness and strong investor protection can therefore only be defined by reference to a given ownership structure. This thesis presents concrete examples of investor protection mechanisms which are adapted to the distinct characteristics of the varieties of concentration: In the case of family and state ownership, effective minority protection takes the form of special minority rights of board-representation; within multiple large blockholdings, shareholders' agreements limit the abuse of the governance rights of majority shareholders. Ultimately, the thesis deals with the implications of this complex interaction between ownership structures and corporate governance which compromise the reliability of indices as a metric of the quality of corporate governance, to the extent that the applied methodology fails to encompass the differences in shareholders' profiles and that a functional approach to the substantive legal analysis preceding the compilation of an index is not adopted.
Origin And Concentration
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Author : Jan Hanousek
language : en
Publisher:
Release Date : 2005
Origin And Concentration written by Jan Hanousek and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Economics categories.
Ownership Structure Corporate Governance And Corporate Performance
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Author : Xiaonian Xu
language : en
Publisher: World Bank Publications
Release Date : 1997
Ownership Structure Corporate Governance And Corporate Performance written by Xiaonian Xu and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with Corporate governance categories.
Corporate Ownership And Concentration
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Author : Alejandra Medina
language : en
Publisher:
Release Date : 2022
Corporate Ownership And Concentration written by Alejandra Medina and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with categories.
This working paper documents the trends in the ownership structures of listed companies around the world and the rise in ownership concentration. It identifies three major trends in corporate ownership: the dominance of company group structures, in particular in a number of emerging markets; the growth of state ownership through various state controlled investors; and the re concentration of ownership in the hands of large institutional investors, in particular investors that follow passive index investment strategies. The paper also discusses the implications for corporate governance of corporate ownership by private companies, states and institutional investors in global public equity markets.
Liquidity Ownership Concentration Corporate Governance And Firm Value
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Author : Panu Prommin
language : en
Publisher:
Release Date : 2016
Liquidity Ownership Concentration Corporate Governance And Firm Value written by Panu Prommin and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
We examine the interactions among ownership structure, liquidity, and corporate governance in an important emerging market. The results suggest that firms with more concentrated ownership experience significantly lower stock liquidity. Large shareholders are assumed to possess private information, leading to information asymmetry and thus a higher adverse selection cost. As a result, higher ownership concentration is associated with less liquidity. Nevertheless, there is no evidence that corporate governance plays a significant role in the relationship between ownership and liquidity in Thailand.
Toward Relative Corporate Governance Regimes
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Author : Leon Yehuda Anidjar
language : en
Publisher:
Release Date : 2019
Toward Relative Corporate Governance Regimes written by Leon Yehuda Anidjar and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
This article aims to challenge the clear distinction between the diffuse ownership structure--which exists in England and the United States--and the concentrated ownership structure which exists in the rest of the world. A study of the economic and legal reality of Anglo-American law and Continental law shows that the traditional ownership structures in both legal systems have significantly weakened. I discuss the normative implications of the decreasing concentrated ownership structure and argue that the current corporate governance rules are outdated because the distinction between diffuse and concentrated ownership structures is no longer valid. In particular, I propose that the rules of corporate governance in markets with concentrated ownership structure should be redesigned to represent the new balance of power between the controlling shareholder and the minority shareholders through an innovative model that I call the Relative Corporate Governance Regime. This model suggests rearticulating corporate law and governance in a manner that considers the ratio of holdings between the controlling shareholder and the minority shareholders; the size and scope of the company's activity; the activity that the company is engaged in; and its consequences for the market's overall financial stability. For many years, lawmakers, courts and jurists have been debating how to protect the rights of minority shareholders in transactions involving controlling shareholders. In this paper, I show how the Relative Corporate Governance Regime model contributes to the choice between protecting the rights of minority shareholders through a property or liability rule.
Measuring Corporate Governance Quality In Concentrated Ownership Firms
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Author : Oded Cohen
language : en
Publisher:
Release Date : 2020
Measuring Corporate Governance Quality In Concentrated Ownership Firms written by Oded Cohen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with categories.
A History Of Corporate Governance Around The World
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Author : Randall K. Morck
language : en
Publisher: University of Chicago Press
Release Date : 2007-11-01
A History Of Corporate Governance Around The World written by Randall K. Morck and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-11-01 with Business & Economics categories.
For many Americans, capitalism is a dynamic engine of prosperity that rewards the bold, the daring, and the hardworking. But to many outside the United States, capitalism seems like an initiative that serves only to concentrate power and wealth in the hands of a few hereditary oligarchies. As A History of Corporate Governance around the World shows, neither conception is wrong. In this volume, some of the brightest minds in the field of economics present new empirical research that suggests that each side of the debate has something to offer the other. Free enterprise and well-developed financial systems are proven to produce growth in those countries that have them. But research also suggests that in some other capitalist countries, arrangements truly do concentrate corporate ownership in the hands of a few wealthy families. A History of Corporate Governance around the World provides historical studies of the patterns of corporate governance in several countries-including the large industrial economies of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States; larger developing economies like China and India; and alternative models like those of the Netherlands and Sweden.