The structure of corporate ownership in privatized utilities

Francesc Trillas

Investigaciones Economicas, 2004, vol. 28, issue 2, 257-284

Abstract: Shareholder dispersion may be valuable because a credible commitment by shareholders not to interfere allows managers to benefit from their initiatives. A tougher regulatory regime for investors decreases the value of the commitment not to interfere implicit in a more dispersed ownership structure. Deregulation, captured through increasing monitoring costs, also has the effect of causing higher shareholder concentration. Political objectives may yield higher (through collusion between managers and politicians) or lower (through collusion between politicians and blockholders) dispersion than the benchmark case where the government maximizes shareholder proceeds. (Copyright: Fundación SEPI)

Keywords: Regulation; privatization; corporate governance; political economy (search for similar items in EconPapers)
JEL-codes: G39 L33 L97 (search for similar items in EconPapers)
Date: 2004
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Citations: View citations in EconPapers (5)

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Working Paper: The Structure of Corporate ownership in Privatized Utilities (2002)
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