Publication:
Strong shareholders, weak outside investors

dc.affiliation.dptoUC3M. Departamento de Economía de la Empresaes
dc.contributor.authorGutiérrez, María
dc.contributor.authorSáez Lacave, María Isabel
dc.contributor.authorGutierrez Calderon, Maria Isabel
dc.contributor.funderMinisterio de Economía y Competitividad (España)es
dc.date.accessioned2022-07-15T10:13:30Z
dc.date.available2022-07-15T10:13:30Z
dc.date.issued2018-02-02
dc.description.abstractWe consider the corporate governance challenge of protecting outside investors in listed, controlled firms. We argue that outside investors in European listed firms with controlling shareholders are poorly protected compared to US investors because the distinct European approach to the protection of investors, based on empowering active shareholders rather than shielding passive investors, is not well suited for controlled, listed firms. This approach translates into a lack of definition and development of specific fiduciary duties of the controlling shareholders towards market investors. Moreover, European jurisdictions have developed strong voice rights for active shareholders, which tend to play in favour of controlling shareholders and organised minorities but are not effective for protecting passive investors and limit their exit options. This explains why shareholder protection in European jurisdictions can be considered high, while outside investors’ protection can be considered low at the same time, generating a ‘strong shareholders, weak outside investors’ problem.en
dc.description.sponsorshipMaría Gutiérrez acknowledges financial support from FEDER [UNC315-EE-3636], MINECO/FEDER [ECO2015-68715-R] and MINECO [ECO2012-36559]. Maribel Sáez Lacave acknowledges financial support from MINECO [DER 2014-55416-P].en
dc.identifier.bibliographicCitationGutiérrez, M., & Sáez Lacave, M. (2018). Strong shareholders, weak outside investors. Journal of Corporate Law Studies, 18 (2), pp. 277-309.es
dc.identifier.doihttps://doi.org/10.1080/14735970.2017.1423160
dc.identifier.issn1473-5970
dc.identifier.publicationfirstpage277es
dc.identifier.publicationissue2es
dc.identifier.publicationlastpage309es
dc.identifier.publicationtitleJournal of Corporate Law Studiesen
dc.identifier.publicationvolume18es
dc.identifier.urihttps://hdl.handle.net/10016/35477
dc.identifier.uxxiAR/0000021936
dc.language.isoengen
dc.publisherTaylor & Francisen
dc.relation.projectIDGobierno de España. ECO2015-68715-Res
dc.relation.projectIDGobierno de España. UNC315-EE-3636es
dc.relation.projectIDGobierno de España. ECO2012-36559es
dc.relation.projectIDGobierno de España. DER 2014-55416-Pes
dc.rights© The authorsen
dc.rightsAtribución-NoComercial 3.0 España*
dc.rights.accessRightsopen accesses
dc.rights.urihttp://creativecommons.org/licenses/by-nc/3.0/es/*
dc.subject.ecienciaEconomíaes
dc.subject.ecienciaEmpresaes
dc.subject.jelG32
dc.subject.jelG34
dc.subject.jelG35
dc.subject.jelK22.
dc.subject.otherCorporate governanceen
dc.subject.otherOwnership structureen
dc.subject.otherOwnership concentrationen
dc.subject.otherCorporation lawen
dc.subject.otherControlled companiesen
dc.subject.otherControlling shareholdersen
dc.subject.otherOutside investor protectionen
dc.subject.otherMinority Expropriationen
dc.titleStrong shareholders, weak outside investorsen
dc.typeresearch article*
dc.type.hasVersionAM*
dspace.entity.typePublication
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