Journal of Banking & Finance
Выпуск N7 за 2005 год
Опубликовано на портале: 14-06-2006
Benjamin Maury, Anete Pajuste
Journal of Banking & Finance.
2005.
Vol. 29.
No. 7.
P. 1813-1834.
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 particularly strong in family-controlled
firms suggesting that families (which typically have managerial or board representation)
are more prone to private benefit extraction if they are not monitored by another
strong blockholder. We also show that the relation between multiple blockholders
and firm value is significantly affected by the identity of these blockholders.

