Ownership Structure and Power: Evidence from US Corporations
Nilanjan Basu,
Imants Paeglis and
Mohammad Rahnamaei
A chapter in International Corporate Governance, 2015, vol. 18, pp 1-45 from Emerald Publishing Ltd
Abstract:
Abstract We examine the influence of ownership structure on a blockholder’s power in a firm. We first describe the presence and ownership stakes of blockholders in a comprehensive sample of US firms. We develop a measure of the influence of the ownership structure on a blockholder’s power and show that an average blockholder loses 12% of her potential power due to the presence and size of the ownership stakes of other blockholders. Further, the influence of ownership structure varies systematically with a blockholder’s rank and identity, with the second and nonfamily manager blockholders experiencing the largest loss of power.
Keywords: Blockholders; ownership structure; power; shapley value; G32; G34 (search for similar items in EconPapers)
Date: 2015
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