corporate conduct or codes of ethics, claiming the set of values that should guide their conduct and their shareholders and …

shareholders is required to reach an absolute majority of voting rights. Even though the average firm has a dispersed ownership … example, has an important impact on the ownership structure. In about 4% of sample companies, corporate shareholders hold just … under 30 per cent of the shares. Second, institutional investors are the most important category of shareholders. However …

takeovers to test whether group structure, large shareholders, and bank control affect their value to shareholders. First, I …

mandates all shareholders with holdings of 5 percent or more in Dutch companies to disclose their holdings. Our analysis shows … that the average ownership stakes of the largest and the three largest shareholders are 27% and 41%, respectively. The …

management board. We show that a two-tier structure can limit the interference of large shareholders and can restore manager …’s incentive to exert effort to become informed on new investment projects without reducing the large, shareholder’s incentive to … profits can be sufficiently high to induce large shareholders to prefer a two-tier board despite the fact that in this case …

2000. Our main findings are as follows. First, controlling shareholders offset the dilution of voting rights they incurred … suggests that marginal voting rights are important to controlling shareholders even beyond the 50% threshold. Second, share … unifications were not associated with much change in the identity of controlling shareholders. Third, the proportion of firms …

-hostile,” protectionist national regulations, opt-out rules protecting shareholders vis-à-vis managers’ and dominant shareholders’ opportunism …