Ownership structure and firm value: new evidence from Spain
[EN] This paper provides new evidence on the way in which ownership influencesfirm value. Unlikeprevious studies, the empirical evidence obtained from our ownership concentration modelsupports not only the monitoring but also the expropriation effects. Additionally, the insiderownership model provid...
| Autores: | , , |
|---|---|
| Formato: | artículo |
| Estado: | Versión publicada |
| Fecha de publicación: | 2004 |
| País: | España |
| Recursos: | Universidad de Salamanca (USAL) |
| Repositorio: | GREDOS. Repositorio Institucional de la Universidad de Salamanca |
| OAI Identifier: | oai:gredos.usal.es:10366/149771 |
| Acesso em linha: | http://hdl.handle.net/10366/149771 |
| Access Level: | acceso abierto |
| Palavra-chave: | Corporate governance Insider ownership Ownership concentration Firm value 5311 Organización y Dirección de Empresas 5310.05 Política Económica Internacional |
| Resumo: | [EN] This paper provides new evidence on the way in which ownership influencesfirm value. Unlikeprevious studies, the empirical evidence obtained from our ownership concentration modelsupports not only the monitoring but also the expropriation effects. Additionally, the insiderownership model provides results that confirm the convergence-of-interest and the entrenchmenteffects, even though Spanish insiders get entrenched at higher ownership levels than their U.S.and U.K. counterparts. |
|---|