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This paper analyzes the impact of blockownership dispersion on firm value. Blockholdings by multiple blockholders is a widespread phenomenon in the U.S. market. It is not clear, however, whether dispersion among blockholder is preferable to having a more concentrated ownership structure. To test...
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the relationship between the distribution of ownership among large shareholders and firm value has been non-conclusive and … contradictory. We focus on the interaction between a controlling block of shareholders and a non-controlling block that can monitor … additional blockholders that can monitor the largest controlling block of shareholders. The first concerns the incentives of the …
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have a separation of ownership and control. We do not focus exclusively on the listed Aktiengesellschaft (AG) but include …
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role of boards is to mediate between heterogenous shareholders with divergent interests. Voting restrictions are common and …
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shareholders' dual role in lowering the costs of managerial agency problems but raising the agency costs of expropriation. …
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