Corporate governance and game theoretic analyses of shareholder power: the case of Spain
UNSPECIFIED. (2003) Corporate governance and game theoretic analyses of shareholder power: the case of Spain. APPLIED ECONOMICS, 35 (7). pp. 847-858. ISSN 0003-6846Full text not available from this repository.
Official URL: http://dx.doi.org/10.1080/0003684022000026593
The definition and implementation of control is at the heart of the corporate governance debate. The paper approaches the issue by using power indices derived from the theory of cooperative games. An application to Spanish listed firms shows that incentives for large shareholders to form controlling blocs are high. In the Spanish system of corporate governance ownership concentration is therefore the main mechanism to mitigate agency problems between shareholders and managers. Moreover, these results suggest that the Shapley-Shubik index is not an appropriate measure of shareholder power.
|Item Type:||Journal Article|
|Subjects:||H Social Sciences > HC Economic History and Conditions|
|Journal or Publication Title:||APPLIED ECONOMICS|
|Publisher:||ROUTLEDGE TAYLOR & FRANCIS LTD|
|Number of Pages:||12|
|Page Range:||pp. 847-858|
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