Abstract
Shares with more voting rights than cash flow rights provide their owners with a disproportional influence that is often found to destroy the value of outside equity. This is taken as evidence of discretionary use of power. However, concentration of power does not necessarily result from control enhancing mechanisms; it could also be that some shareholders retain a large block in a one share-one vote structure. In this paper, we develop a methodology to disentangle disproportionality, which allows us to test the effect of deviations from one share-one vote more precisely. Our empirical findings add to the existing literature.
| Original language | English |
|---|---|
| Publication date | 2010 |
| Number of pages | 28 |
| Publication status | Published - 2010 |
| Event | The 10th European Academy of Management Conference (EURAM) 2010 - Rome, Italy Duration: 19 May 2010 → 22 May 2010 Conference number: 10 http://www.euram2010.org/r/default.asp?iId=EGGMKK |
Conference
| Conference | The 10th European Academy of Management Conference (EURAM) 2010 |
|---|---|
| Number | 10 |
| Country/Territory | Italy |
| City | Rome |
| Period | 19/05/2010 → 22/05/2010 |
| Other | Back to the Future |
| Internet address |