المستودع الأكاديمي جامعة المدينة

How weak is the weakest-link principle? : On the measurement of firm owners' control rights

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dc.creator Weichenrieder, Alfons J.
dc.creator Edwards, Jeremy S. S.
dc.date 2004
dc.date.accessioned 2013-10-16T07:01:50Z
dc.date.available 2013-10-16T07:01:50Z
dc.date.issued 2013-10-16
dc.identifier http://hdl.handle.net/10419/18893
dc.identifier ppn:39337694X
dc.identifier.uri http://koha.mediu.edu.my:8181/xmlui/handle/10419/18893
dc.description The paper argues that the weakest link principle, which has been widely used as a measure of ultimate owners? control rights, has a number of serious problems. A theoretically more satisfactory method of measuring control rights, based on voting power indices, is proposed, and the different measures are compared using a sample of large listed German firms. The different measures produce very different results. But, whichever measure is used, taking account of pyramid ownership structures has little effect on the values of control and cashflow rights. The results also show that neither first-tier nor ultimate control rights measures are adequate on their own, suggesting that further work on ownership structure and pyramids is required to obtain satisfactory measures of large owners? control rights.
dc.language eng
dc.publisher
dc.relation CESifo working papers 1255
dc.rights http://www.econstor.eu/dspace/Nutzungsbedingungen
dc.subject G34
dc.subject G32
dc.subject ddc:330
dc.subject corporate governance
dc.subject control rights
dc.subject weakest-link principle
dc.subject Corporate Governance
dc.subject Eigentümerstruktur
dc.subject Abstimmung
dc.subject Macht
dc.subject Schätzung
dc.subject Deutschland
dc.title How weak is the weakest-link principle? : On the measurement of firm owners' control rights
dc.type doc-type:workingPaper


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