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Author: | Miguel, A. de Pindado, J. Torre, C. de la |
Title: | How do entrenchment and expropriation phenomena affect control mechanisms? |
Journal: | Corporate governance
2005 : JUL, VOL. 13:4, p. 505-516 |
Index terms: | Agency theory Control systems Corporate governance |
Language: | eng |
Abstract: | This article studies how different control mechanisms relate with each other in the Spanish corporate governance system. The authors analyse these control mechanisms according to the non-linearity of the value-ownership relation and they put the emphasis on entrenchment and expropriation phenomena. The findings suggest that Spanish control mechanisms are used in a complementary way which surfaces only when the interests of managers and owner converge, but not when there are controlling owners whose interests need not coincide with those of minority shareholders. |
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