.S. But we argue that outside investors in European listed firms with controlling shareholders are poorly protected compared … shareholders rather than shielding passive investors, is not well suited for controlled, listed firms. This approach translates … into a lack of definition and development of specific fiduciary duties of the controlling shareholders towards market …

data. Studies on corporate governance argue that non-controlling large shareholders, that is individual blockholders …, increase corporate risk-taking by monitor and discipline the controlling shareholder’s self-serving decisions. However, as … contradict the expectation of most prior studies on the influence of individual shareholders on corporate risk-taking. …