An Empirical Analysis of Monitoring Behaviour and Private Benefits of Investors in the Spanish Market

Belén Díaz Díaz () and Myriam García Olalla

Journal of Management & Governance, 2002, vol. 6, issue 1, 29-55

Abstract: The objective of our study is to look for anequilibrium among three factors: the privatebenefits that main shareholders can obtain fromthe firm, the social benefits derived from acertain ownership structure (such assupervision and alignment of interests) and thecosts derived from ownership concentration(such as loss of liquidity and riskdiversification). Our empirical analysis allowsus to conclude that the supervisory role ofownership is more intense in firms where thepotential conflict of interest betweenshareholders and managers is greater, andtherefore the value of the firm can beincreased through a specific composition of itsshareholders. Copyright Kluwer Academic Publishers 2002

Keywords: corporate governance; growth opportunities; managerial discretion over FCF; ownership structure; private benefits (search for similar items in EconPapers)
Date: 2002
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://hdl.handle.net/10.1023/A:1015533111380 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:kap:jmgtgv:v:6:y:2002:i:1:p:29-55

Ordering information: This journal article can be ordered from
http://www.springer. ... 29/journal/10997/PS2

DOI: 10.1023/A:1015533111380

Access Statistics for this article

Journal of Management & Governance is currently edited by Lino Cinquini

More articles in Journal of Management & Governance from Springer, Accademia Italiana di Economia Aziendale (AIDEA) Contact information at EDIRC.
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().