English, Article, Journal or magazine article edition: Ownership and Control: Dissecting the Pyramid Ariane Chapelle; Ariane Szafarz

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Bookmark: http://trove.nla.gov.au/version/111247
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Ownership and Control: Dissecting the Pyramid
Author
  • Ariane Chapelle
  • Ariane Szafarz
Physical Description
  • preprint
Notes
  • Pyramids, cross-ownership, rings and other complex features are frequent in the European and Japanese industrial world. The dissection of these structures requires a proper measurement of indirect shareholdings. While some authors use the (generally overestimated) data coming from legal ownership declarations, Ellerman (1991) and Flath (1992), Baldone et al. (1997) use the input-output matrix technology applied to raw ownership data. This paper goes a step further by adding control considerations based on the majority voting rule. The analysis moves from integrated ownership towards integrated control (including chain effects), then defines a control ratio for ultimate shareholders of any firm. The methodology is illustrated on Albert Frère's pyramidal empire. By offering a way to evaluate control leverages, this paper provides a useful tool for empirical research in corporate governance.
  • RePEc:sol:wpaper:03-002
Language
  • English
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