Bel, Germa; Trillas, Francesc - EconWPA - 2004
were designed to promote a disperse ownership and give managers a high level of discretion in running the company. By this … managers, and the threat of a takeover was not a credible one, since the government kept a golden share. There is no overall … evidence of capture of politicians and regulators by managers in the interest of shareholders, although evidence suggests the …
