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| Tekijä: | Marchica, M-T. Mura, R. |
| Otsikko: | Direct and ultimate ownership structures in the UK: an intertemporal perspective over the last decade |
| Lehti: | Corporate governance
2005 : JAN, VOL 13:1, p. 26-45 |
| Asiasana: | Board of directors Corporate governance Executives Company ownership United Kingdom |
| Kieli: | eng |
| Tiivistelmä: | This paper analyses the evolution of the direct and ultimate ownership (henceforth as: o-ship.) structure (here as: str./strs.) of a large sample of U.K. non-financial listed firms over the last decade. The data show that while outsider o-ship. is relatively stable over time, managerial o-ship. shows a sharp decreasing trend and it is significantly lower in the presence of a large outside controller. In addition, while average board size is rather constant in time, the proportion of non-executives is steadily increasing in time. As far as ultimate o-ship. is concerned, the data show that the existence of complex o-ship. strs. in the U.K. is far from being negligible. It is documented that more than 10 percent of the firms are owned via a complex str. and the degree of divergence btw. cash flow and control rights for these firms is around 11 percent at the 10 percent cut-off. The data also suggest that the presence of complex strs. is decreasing in time at any cut-off level. In addition, a decreasing trend over time of "widely held" firms is reported. Finally, it is shown preliminary evidence of a negative impact of the divergence btw. cash flow and control rights on firm value. |
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