Grupos piramidales y deuda en España

Inmaculada Aguiar Díaz and Domingo Javier Santana Martín
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Inmaculada Aguiar Díaz: Universidad de Las Palmas de Gran Canaria
Domingo Javier Santana Martín: UUniversidad de Las Palmas de Gran Canaria

EKONOMIAZ. Revista vasca de Economía, 2008, vol. 68, issue 02, 288-309

Abstract: This paper analyses the relationship regarding the divergence between the voting rights and cash flows in the hands of the main shareholder of a pyramidal group with a level of indebtedness. The outcome obtained from a sample of Spanish non financial quoted companies in the 1996-2006 period enables us to assert that the control of a company by a pyramidal group affects in a negative way on the financial indebtedness level. At the same time, the bigger divergence, the less indebtedness. In this sense, the outcomes reveal the use of pyramidal groups as an income expropriation mechanism. This can be a reflection of the reduction in the demand (tunnelling effect) and/or supply (anticipation effect) of alien resources, due to the search for private profits by the managing shareholders in detriment of the minority owners’ interests.

Keywords: pyramids; divergence; debt; vote rights; cash flow rights (search for similar items in EconPapers)
JEL-codes: G32 G34 (search for similar items in EconPapers)
Date: 2008
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