Corporate Governance in Spain (with an Application of the Power Indices Approach) |
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Authors: | Dennis Leech Miguel C Manjón |
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Institution: | (1) Department of Economics, University of Warwick, Coventry, CV4 7AL, UK;(2) Department of Economics (, University Rovira i Virgili, Avda. Universitat, 1, 43204 Reus, Spain |
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Abstract: | This paper describes the governance system of Spanish listed firms in the early 1990's. Although the institutional setting of the Spanish Stock Exchanges differs little from other European national markets, we found important differences in several aspects of corporate governance. In particular, some of the standard mechanisms of control (e.g. boards and institutional shareholders) do not play an active role, whereas ownership is relatively concentrated. Moreover, power indices suggest that controlling blocs of large shareholders are very likely to form. We thus conclude that the ownership of shares is a pivotal mechanism in the governance of Spanish corporations. |
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Keywords: | control corporate governance ownership power indices Spain |
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