Ownership structure and firm value: New evidence from Spain

• 成果类型: Article
• 署名作者: de Miguel, A; Pindado, J; de la Torre, C
• 署名单位: University of Salamanca
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/smj.430
• 发表日期: 2004
• 页码: 1199-1207
• 关键词: CORPORATE GOVERNANCE; insider ownership; OWNERSHIP CONCENTRATION; Firm value

摘要

This paper provides new evidence on the way in which ownership influences firm value. Unlike previous studies, the empirical evidence obtained from our ownership concentration model supports not only the monitoring but also the expropriation effects. Additionally, the insider ownership model provides results that confirm the convergence-of-interest and the entrenchment effects, even though Spanish insiders get entrenched at higher ownership levels than their U.S. and U.K. counterparts. Copyright @ 2004 John Wiley Sons, Ltd.