The Control of Corporate Europe

Erscheinungsjahr 2001
ISBN: 978-0-19-924742-4
Verlag: OUP Oxford

Buch, Englisch, 354 Seiten, Print PDF, Format (B × H): 161 mm x 240 mm, Gewicht: 699 g

Written by an international team of authors, this book provides the first systematic account of the control of corporate Europe based on voting block data disclosed in accordance with the European Union's Large Holdings Directive (88/627/EEC). The study provides detailed information on the voting control of companies listed on the official markets in Austria, Belgium, France, Germany, Italy, the Netherlands, Spain, Sweden, the United Kingdom, and, as a benchmark comparison, the United States. The authors record a high concentration of control of corporations in many European countries with single blockholders frequently controlling more than fifty per cent of corporate votes. In contrast, a majority of UK listed companies have no blockholder owning more than ten per cent of shares, and a majority of US listed companies have no blockholder with more than six per cent of shares. Those chapters devoted to individual countries illustrate how blockholders can use legal devices to leverage their voting power over their cash-flow rights, or how incumbents prevent outsiders from gaining voting control. It is shown that the cultural and linguistic diversity of Europe is (almost) matched by its variety of corporate control arrangements.

Autoren/Hrsg.

Barca, Fabrizio

Becht, Marco

Fachgebiete

• Wirtschaftswissenschaften Betriebswirtschaft Management Unternehmensorganisation & Entwicklungsstrategien

Inhaltsverzeichnis

- 1: M. Becht and C. Mayer: The Control of Corporate Europe

- 2: K. Gugler, S. Kalss, A. Stomper, and J. Zechner: The Separation of Ownership and Control in Austria

- 3: M. Becht, A. Chapelle, and L. Renneboog: Shareholding Cascades: The Separation of Ownership and Control in Belgium

- 4: L. Bloch and E. Kremp: Ownership and Voting Power in France

- 5: M. Becht and E. Boehmer: Ownership and Voting Power in Germany

- 6: M. Bianchi, M. Bianco, and L. Enriques: Pyramidal Groups and the Separation between Ownership and Control in Italy

- 7: A. de Jong, R. Kabir, T. Marra, and A. Roell: Ownership and Control in the Netherlands

- 8: R. Crespi and M. Garcia-Cestona: Ownership and Control of Spanish Listed Firms

- 9: J. Agnblad, E. Berglof, P. Hogfeldt, and H. Svancar: Ownership and Control in Sweden---Strong Owners, Weak Minorities, and Social Control

- 10: M. Goergen and L. Renneboog: Strong Managers and Passive Institutional Investors in the United Kingdom

- 11: M. Becht: Beneficial Ownership in the United States

- Appendix I

- Appendix II

Über Autor(innen)

Fabrizio Barca is General Director for Development at the Italian Treasury, President of the OECD Territorial Policies Committee, and Director of a Research Programme on Corporate and Public Administration Governance at Siena University. He has previously been at the Bank of Italy as Division Chief at the Research Department and Chief of the Department of Development Policies at the Italian Treasury. He graduated from Rome University and completed an M.Phil. degree and research activity at the Universities of Cambridge (1978-80), MIT (1989-90), and Stanford (1994). He had appointments at the Universities of Bocconi, Siena, Modena, and Rome, where he taught corporate finance and Italian economic history. His works include papers and books on the theory of the firm, evidence on SMes, corporate governance and the history of Italian capitalism.

Marco Becht teaches at the Institute for European Studies, the Solvay Business School, and the Law Faculty of the Université Libre de Bruxelles. He graduated from the London School of Economics and Political Science (LSE) and holds a Ph.D. in economics from the European University Institute (EUI) in Florence. Becht's research focuses on corporate governance and empirical corporate finance. He is a Resident Fellow at ECARES and a Research Associate of CEPR. He was previously at the Centro de Estudios Monetarios y Financieros (CEMFI) in Madrid and the European Commission's Directorate for Industry (DG III). Becht is the executive coordinator of the European Corporate Governance Network (ECGN) and the scientific advisor of the Corporate Governance Committee of the European Association of Securities Dealers (EASD).