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- Title
OWNERSHIP STRUCTURE AND FIRM VALUE: NEW EVIDENCE FROM SPAIN.
- Authors
de Miguel, Alberto; Pindado, Juuo; de La Torre, Chabela
- Abstract
This paper provides new evidence on the way in which ownership influences firm value. Unlike previous studies, the empirical evidence obtained from our ownership concentration model supports not only the monitoring but also the expropriation effects. Additionally, the insider ownership model provides results that confirm the convergence-of-interest and the entrenchment effects, even though Spanish insiders get entrenched at higher ownership levels than their U.S.and U.K. counterparts.
- Subjects
SPAIN; UNITED States; UNITED Kingdom; CORPORATE governance; STOCK ownership; VALUATION of corporations; ORGANIZATIONAL structure; INDUSTRIAL management; SPANISH corporations; AMERICAN corporations; BRITISH corporations
- Publication
Strategic Management Journal (John Wiley & Sons, Inc.) - 1980 to 2009, 2004, Vol 25, Issue 12, p1199
- ISSN
0143-2095
- Publication type
Article
- DOI
10.1002/smj.430