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Droit des actionnaires et concentration de la propriété en Europe

Author

Listed:
  • Tristan Auvray

    (CEPN - Centre d'Economie de l'Université Paris Nord - UP13 - Université Paris 13 - USPC - Université Sorbonne Paris Cité - CNRS - Centre National de la Recherche Scientifique)

Abstract

This paper presents legal indicators dealing with shareholder rights in general meeting. Assembled with the help of a comparative legal study (Shearman & Sterling LLP [2007]), the indicator is calculated for fifteen European countries. These measures reflect the ability of shareholders to appoint and dismiss directors of listed companies ("control rights") and the requirement of their vote on multiple decisions in general meeting ("structure rights"). A study on a sample of 287 European companies shows that these new indicators predict corporate control outcomes: the higher the control and structure rights are the more corporations are controlled by shareholders rather than by directors. This study highlights the institutional complementarities between the indicators we build, the Law and Finance indicators of legal protection of minority shareholders and ownership concentration.

Suggested Citation

  • Tristan Auvray, 2014. "Droit des actionnaires et concentration de la propriété en Europe," Post-Print hal-00843004, HAL.
    • Handle: RePEc:hal:journl:hal-00843004
    DOI: 10.3917/reco.651.0159
    Note: View the original document on HAL open archive server: https://hal.science/hal-00843004
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    Keywords

    Corporate governance; control rights; legal protection of minority shareholders; institutional complementarities; Law and Finance; protection juridique des actionnaires minoritaires; Gouvernance d'entreprise; droits de contrôle; complémentarités institutionnelles;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law

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