Ownership structure and board composition in a high ownership concentration context |
| |
| Authors: | Isabel Acero Fraile Nuria Alcalde Fradejas |
| |
| Institution: | 1. Department of Business Administration, Faculty of Economy and Business (Campus Río Ebro), University of Zaragoza, María de Luna, s/n, Edificio Lorenzo Normante, 50018 Zaragoza, Spain;2. Department of Business Administration, Faculty of Economy and Business (Campus Paraíso), University of Zaragoza, Gran Vía, 2, 50005 Zaragoza, Spain |
| |
| Abstract: | Few articles have addressed the relation between the ownership structure and the composition of the boards. The results of the analysis performed on a sample of Spanish listed companies for the period 2004–2011, show that in markets where corporate ownership is highly concentrated, it is necessary to devote special attention to blockholders and to differentiate the figure of the independent directors from the group of outsiders. The results confirm a negative and decreasing relation between blockholders and the percentage of independents while insiders’ ownership is only significant if one looks at the percentage of outsiders as a whole, in which case it shows a U-shaped quadratic relation. |
| |
| Keywords: | G32 G34 |
| 本文献已被 ScienceDirect 等数据库收录！ |
|
