RT Generic
T1 Private benefits extraction in closely-held corporations: the case for multiple large shareholders
A1 Gutiérrez Calderón, María Isabel
A1 Tribo Gine, José Antonio
AB This paper investigates how multiple large shareholders share control and extract private benefits in closely-held corporations. We find that ownership structures with multiple large shareholders are common and very stable. Moreover, they seem to be, to a large extent, exogenously given. The structure of the controlling group of shareholders has a very significant impact on performance. Performance improves as the control group's ownership stake increases and, for a given ownership stake, as the number of members increases. The economic significance of the effects indicates that minority expropriation is a very important problem in closely-held firms.
YR 2004
FD 2004-08
LK https://hdl.handle.net/10016/427
UL https://hdl.handle.net/10016/427
LA eng
DS e-Archivo
RD 27 jul. 2024