RT Journal Article
T1 Ownership structure and minority expropriation : the case for multiple blockholders
A1 Gutiérrez Urtiaga, María
A1 Tribo Gine, José Antonio
A1 Mariano, Beatriz
AB This article investigates minority expropriation in closely-held firms. Usinga sample of Spanish firms for the period from 1996 to 2006, we find thatfirms that are more vulnerable to minority expropriation have blockholderscontrolling groups with aggregate equity stakes that are farremoved from 50%, which is the point that maximizes the chances ofexpropriation. Moreover, performance improves when the controllinggroup’s stake moves away from the region where expropriation is morelikely – the alignment effect – and, if within this region, when the number ofgroup members increases – the bargaining effect
PB Taylor & Francis
YR 2012
FD 2012-06
LK https://hdl.handle.net/10016/15142
UL https://hdl.handle.net/10016/15142
LA eng
NO Financial supportof Comunidad de Madrid (Grants 2008/00037/001 and 2009/00138/001) and the Spanish Ministry ofEducation and Science (Grants SEJ2006-01731,SEJ2006-09401, ECO2009-10796 and CSD2006-16) isgratefully acknowledged
DS e-Archivo
RD 27 jul. 2024