separation of financial risk from voting rights seems to be practiced more by controlling shareholders at the expense of … shareholders by the US regulatory framework. As for Europe, institutional investors' voting pattern is by far the most adversarial …

and business groups are prevalent. When companies have controlling shareholders, institutional investors, as minority … shareholders, can play only a limited role in corporate governance. Moreover, the presence of powerful families who control many … governance, what matters most is not the legal power granted to minority shareholders but rather the absence of conflicts of …