Blockholder Ownership: Effects on Firm Value in Market and Control Based Governance Systems
Опубликовано на портале: 14-06-2006
Journal of Corporate Finance.
2006.
Vol. 12.
No. 2.
P. 246-269.
Тематические разделы:
In this study, Granger tests are used to examine the relationship between blockholder
ownership and the values of the largest companies in the European Union and the US.
Previous studies on US data have found that blockholder ownership has no systematic
effect on performance. We propose that these results may not apply to Continental
Europe, where ownership concentration is typically higher, the level of investor
protection is lower, and influential blockholders may have objectives other than
shareholder value. In accordance with previous research, we find no significant association
between blockholder ownership and prior or subsequent firm value in either the US
or the UK. Nonetheless, in Continental Europe we find a negative association between
blockholder ownership and firm value or accounting returns in the next period. Further
analysis reveals that this association is significant only for companies with high
initial levels of blockholder ownership (>10%). We interpret this finding as evidence
of conflicts of interest between blockholders and minority investors. The percentage
of blockholder ownership in Continental Europe may be too high from a minority shareholder
value viewpoint.
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