Publication:
Los retos del gobierno corporativo de las sociedades controladas

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dc.affiliation.dptoUC3M. Departamento de Economía de la Empresaes
dc.contributor.authorGutiérrez, María
dc.contributor.authorSáez Lacave, María Isabel
dc.date.accessioned2022-07-15T09:05:00Z
dc.date.available2022-07-15T09:05:00Z
dc.date.issued2017-03-01
dc.description.abstractEn el presente artículo se discuten los retos a los que se enfrenta el gobierno corporativo de las sociedades con socios de control o controladas que cotizan en Bolsa respecto a la protección de los inversores externos. En Europa continental, la mayoría de las sociedades cotizadas presentan una estructura de propiedad concentrada, y como se verá, este tipo de propiedad resulta problemático. Un análisis pormenorizado revela que el gobierno corporativo en estas sociedades choca con importantes problemas de diseño. Se supone que las jurisdicciones europeas atesoran un mayor historial y experiencia a la hora de tratar con estas sociedades, al menos en comparación con la experiencia estadounidense. Sin embargo, nuestro análisis muestra que el gobierno corporativo de estas empresas se ocupa principalmente del problema de agencia «accionistas-administradores», dejando, por tanto, sin resolver el relativo al «accionistas internos-accionistas externos». La conclusión que arroja este estudio es que, pese al esfuerzo regulatorio realizado por los legisladores europeos durante las últimas décadas, los outsiders gozan de menor protección en las sociedades cotizadas europeas con accionistas de control que sus homólogos de EE.UU. In this paper we consider the corporate governance challenges of the protection of outside investors of listed controlled firms. In Europe, most listed firms have concentrated ownership structures. However, this ownership type is problematic. A clinical analysis reveals that the corporate governance in these firms in terms of liability, voice and exit faces important design problems. European jurisdictions are supposed to be more veteran and skilled in dealing with these firms, at least in comparison to the American experience. Nevertheless, our analysis shows that the corporate governance of these firms is mainly aimed at checking the shareholders-manager agency problem leaving the controlling shareholder-minority agency problem unresolved. As this article explains, in spite of the regulatory effort that European jurisdictions have made during the last decades, outside investors in European listed firms with controlling shareholders are poorly protected compared to US investors.es
dc.description.abstractIn this paper we consider the corporate governance challenges of the protection of outside investors of listed controlled firms. In Europe, most listed firms have concentrated ownership structures. However, this ownership type is problematic. A clinical analysis reveals that the corporate governance in these firms in terms of liability, voice and exit faces important design problems. European jurisdictions are supposed to be more veteran and skilled in dealing with these firms, at least in comparison to the American experience. Nevertheless, our analysis shows that the corporate governance of these firms is mainly aimed at checking the shareholders-manager agency problem leaving the controlling shareholder-minority agency problem unresolved. As this article explains, in spite of the regulatory effort that European jurisdictions have made during the last decades, outside investors in European listed firms with controlling shareholders are poorly protected compared to US investorsen
dc.identifier.bibliographicCitationGutiérrez, M., Sáez, M. (2017). Los retos del gobierno corporativo de las sociedades controladas. Papeles de Economía Española, 151, pp. 33-46es
dc.identifier.issn0210-9107
dc.identifier.publicationfirstpage33es
dc.identifier.publicationissue151es
dc.identifier.publicationlastpage46es
dc.identifier.publicationtitlePapeles de economía españolaes
dc.identifier.urihttps://hdl.handle.net/10016/35472
dc.identifier.uxxiAR/0000021747
dc.language.isospaes
dc.publisherFuncases
dc.relation.publisherversionhttps://www.funcas.es/articulos/los-retos-del-gobierno-corporativo-de-las-sociedades-controladas/es
dc.rights© FUNCASes
dc.rights.accessRightsopen accesses
dc.subject.ecienciaEconomíaes
dc.subject.ecienciaEmpresaes
dc.subject.jelG32
dc.subject.jelG34
dc.subject.jelG35
dc.subject.jelK22
dc.subject.otherGobierno corporativoes
dc.subject.otherEstructura de propiedades
dc.subject.otherConcentración de capitales
dc.subject.otherDerecho de sociedadeses
dc.subject.otherSociedad contrtoladaes
dc.subject.otherAccionista de controles
dc.subject.otherProtección del inversor externoes
dc.subject.otherExpropiación de accionistas minoritarioses
dc.subject.otherCorporate governanceen
dc.subject.otherOwnership structureen
dc.subject.otherOwnership concentrationen
dc.subject.otherCorporation lawen
dc.subject.otherControlled companiesen
dc.subject.otherControlling share-holdersen
dc.subject.otherOutside investor protectionen
dc.subject.otherMinority expropiationen
dc.titleLos retos del gobierno corporativo de las sociedades controladases
dc.typeresearch article*
dc.type.hasVersionVoR*
dspace.entity.typePublication
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