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| Author: | Gianfrate, G. |
| Title: | What do shareholders' coalitions really want? Evidence from Italian voting trusts |
| Journal: | Corporate governance
2007 : MAR, VOL. 15:2, p. 122-132 |
| Index terms: | corporate governance shareholders voting trusts companies Italy |
| Freeterms: | board rights entrenchment effects ownership |
| Language: | eng |
| Abstract: | By analysing a unique dataset of Italian shareholders' agreements (that is, voting trusts), this paper explores the effects of having multiple large shareholders sharing the control of firms. Explored is the separation btw. ownership and control granted by such agreements showing that, on average, a voting trust owning 52 percent of the total company's cash-flow rights can exercise up to 87 percent of the total board rights. Using an event-study analysis of a sample of voting trusts' announcements, the results are found supporting the "entrenchment effects" hypothesis linking the ownership structure and the firm value etc. |
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