We present a model of the effects of having multiple large shareholders on the valuation of firms. Using a sample of Finnish listed firms over the period from 1993 to 2000, we show, consistent with the model, that a more equal distribution of the votes among large blockholders has a positive...

This paper investigates the effects of having multiple large shareholders on the valuation of firms. Using data on Finnish listed firms, we show, consistent with our model, that a more equal distribution of votes among large blockholders has a positive effect on firm value. This result is...