Complex Ownership Structures and Corporate Valuations
نویسندگان
چکیده
منابع مشابه
Complex Ownership Structures and Corporate Valuations
The bulk of corporate governance theory examines the agency problems that arise from two extreme ownership structures: 100 percent small shareholders or one large, controlling owner combined with small shareholders. In this paper, we question the empirical validity of this dichotomy. In fact, one-third of publicly listed firms in Europe have multiple large owners, and the market value of firms ...
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This paper investigates the relation between the ownership structure and the performance of corporations if ownership is made multi-dimensional and also is treated as an endogenous variable. To our knowledge, no prior study has treated the corporate control problem this way. We find no statistically significant relation between ownership structure and firm performance. This finding is consisten...
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We document a significant decrease in the ownership structure of a large number of companies in the UK over the last decade. We find that the increase in firm's size and risk and the decrease in performance explain a large proportion of this change. We also find that the dilution of ownership through new issues rather than sales of stakes to be the main reason for the decrease in management own...
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Corporate Governance deals with the issue, how suppliers of finance to corporations assure themselves of getting a return on their investment. Several Studies have examined the relationship between managerial ownership and firm performance. Using different samples most of the studies provide general support for the argument that increase in managerial ownership increases firm performance. Howev...
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The nonlinear relationship between corporate value (Tobin's Q) and managerial ownership is well documented. This has commonly been attributed to the onset of managerial entrenchment, which results in a decrease of corporate value for increasing levels of managerial holdings. We propose a more complex structure for the corporate value { managerial ownership function, which accounts for the e®ect...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2007
ISSN: 1556-5068
DOI: 10.2139/ssrn.1114765