The Control of Corporate Europe

Hardcover | November 15, 2001

EditorFabrizio Barca, Marco Becht

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Written by an international team of authors, this book provides the first systematic account of the control of corporate Europe based on voting block data disclosed in accordance with the European Union's Large Holdings Directive (88/627/EEC). The study provides detailed information on thevoting control of companies listed on the official markets in Austria, Belgium, France, Germany, Italy, the Netherlands, Spain, Sweden, the United Kingdom, and, as a benchmark comparison, the United States. The authors record a high concentration of control of corporations in many European countrieswith single blockholders frequently controlling more than fifty per cent of corporate votes. In contrast, a majority of UK listed companies have no blockholder owning more than ten per cent of shares, and a majority of US listed companies have no blockholder with more than six per cent of shares.Those chapters devoted to individual countries illustrate how blockholders can use legal devices to leverage their voting power over their cash-flow rights, or how incumbents prevent outsiders from gaining voting control. It is shown that the cultural and linguistic diversity of Europe is (almost)matched by its variety of corporate control arrangements.

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From the Publisher

Written by an international team of authors, this book provides the first systematic account of the control of corporate Europe based on voting block data disclosed in accordance with the European Union's Large Holdings Directive (88/627/EEC). The study provides detailed information on thevoting control of companies listed on the offic...

Fabrizio Barca is General Director for Development at the Italian Treasury, President of the OECD Territorial Policies Committee, and Director of a Research Programme on Corporate and Public Administration Governance at Siena University. He has previously been at the Bank of Italy as Division Chief at the Research Department and Chief...
Format:HardcoverDimensions:354 pages, 9.21 × 6.14 × 0.91 inPublished:November 15, 2001Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199247420

ISBN - 13:9780199247424

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Table of Contents

1. M. Becht and C. Mayer: The Control of Corporate Europe2. K. Gugler, S. Kalss, A. Stomper, and J. Zechner: The Separation of Ownership and Control in Austria3. M. Becht, A. Chapelle, and L. Renneboog: Shareholding Cascades: The Separation of Ownership and Control in Belgium4. L. Bloch and E. Kremp: Ownership and Voting Power in France5. M. Becht and E. Boehmer: Ownership and Voting Power in Germany6. M. Bianchi, M. Bianco, and L. Enriques: Pyramidal Groups and the Separation between Ownership and Control in Italy7. A. de Jong, R. Kabir, T. Marra, and A. Roell: Ownership and Control in the Netherlands8. R. Crespi and M. Garcia-Cestona: Ownership and Control of Spanish Listed Firms9. J. Agnblad, E. Berglof, P. Hogfeldt, and H. Svancar: Ownership and Control in Sweden---Strong Owners, Weak Minorities, and Social Control10. M. Goergen and L. Renneboog: Strong Managers and Passive Institutional Investors in the United Kingdom11. M. Becht: Beneficial Ownership in the United StatesAppendix IThe Large Holdings DirectiveAppendix IIComparative Tables

Editorial Reviews

`'A significant contribution to the corporate governance literature. The ECGN and editors Fabrizio Barca and Marco Becht deserve broad praise for spearheading this extremely well-researched and detailed study of ownership and control patterns in European nations. The Control of CorporateEurope provides valuable insight into the nature and impact of ownership concentration and voting control of European companies, which is particularly important given the burgeoning interest in shareholder activism in Europe. It will be a source of enormous value to the corporate governancecommunity for many years to come.''Ira M. Millstein, Senior Partner, Weil, Gotshal and Manges LLP and Chairman, World Bank/OECD Private Sector Advisory Group on Corporate Governance