Control in pyramidal structures
Marc Levy ()
No 07-08.RS, DULBEA Working Papers from ULB -- Universite Libre de Bruxelles
Today, the shareholding structure of companies is sometimes so complex that it can be difficult to find back their actual owners and controllers. In particular, in continental Europe and in Asia, control tunnelling appears frequently through pyramidal structure. After describing the ownership structure through a graph association, this paper analyses the voting game at stake in the race for control. It compares existing methods and algorithms to identify the owners and controllers of a firm in a pyramidal structure without cross-ownership. As a real life example, the case of the Belgian retail company, Colruyt, is used to apply these different methods and compare their results. Furthermore, it shows how the ownership structure allows to the Colruyt family to keep the control of Colruyt even if there are discordances inside the family.
Keywords: Ownership; Corporate Governance; Control; Banzhaf Index (search for similar items in EconPapers)
JEL-codes: G32 L22 (search for similar items in EconPapers)
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (14) Track citations by RSS feed
Published by: ULB, DULBEA
Downloads: (external link)
https://dipot.ulb.ac.be/dspace/bitstream/2013/13614/1/dul-0085.pdf dul-0085 (application/pdf)
Working Paper: Control in pyramidal structures (2009)
Working Paper: Control in Pyramidal Structures (2006)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:dul:wpaper:07-08rs
Ordering information: This working paper can be ordered from
http://hdl.handle.ne ... ulb.ac.be:2013/13614
Access Statistics for this paper
More papers in DULBEA Working Papers from ULB -- Universite Libre de Bruxelles Contact information at EDIRC.
Bibliographic data for series maintained by Benoit Pauwels ().