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| Author: | Levy, M. |
| Title: | Control in pyramidal structures |
| Journal: | Corporate governance
2009 : JAN, VOL. 17:1, p. 77-89 |
| Index terms: | Asia Europe corporate governance share ownership voting rights issues |
| Freeterms: | blockholder ownership family ownership |
| Language: | eng |
| Abstract: | Especially in continental Europe and Asia, control tunnelling appears frequently via pyramidal structures. There are different methods to isolate control from ownership. This paper aims to better understand these different models and their implications. After describing ownership structure, this paper analyzes the voting game at stake in the race for control. Existing methods and algorithms are compared to identify the owners and controllers of a firm in a pyramidal structure without cross-ownership. These different methods are applied to the case of a Belgian retailer, Colruyt. The results are compared and the influence of a control threshold is analyzed etc. |
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