A Theory of Pyramidal Ownership And Family Business Groups  

Oleh:

Almeida, Heitor V. ; Wolfenzon, Daniel

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 61 no. 6 (Des. 2006), page 2637-2680.
Topik: OWNERSHIP; studies; family owned businesses; pyramid operations; mathematical models; shareholder wealth
Fulltext: p 2637.pdf (328.1KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

Lihat Detail Induk

Isi artikel

We provide a new rationale for pyramidal ownership in family business groups. A pyramid allows a family to access all retained earnings of a firm it already controls to set up a new firm, and to share the new firm's nondiverted payoff with shareholdres of the original firm. Our model is consistent with recent evidence of a small separation between ownership and control in some pyramids, and can differentiate between pyramids and dual class shares, even when either method can achieve the same deviation from one share one vote. Other predictions of the model are consistent with both systematic and anecdotal evidence.

Opini Anda

Klik untuk menuliskan opini Anda tentang koleksi ini!

Kembali