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BALANCE OF Power
Canadian investment review, 2005-10, Vol.18 (3), p.6
Copyright Rogers Publishing Limited Fall 2005 ;ISSN: 0840-6863
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Title:
BALANCE OF Power
Author:
Attig, Najah
Subjects:
Corporate governance
;
Earnings management
;
Minority stockholders
;
Ownership
;
Shareholder relations
;
Valuation
Is Part Of:
Canadian investment review, 2005-10, Vol.18 (3), p.6
Description:
This paper examines the effects of ultimate ownership structure on investors' concerns in Canada, exploring how the ultimate ownership structure affects corporate valuation, stock liquidity, and earnings management. In Canada, agency problems seem to exist between controlling owners and minority shareholders, since widely held corporations are more the exception than the rule and the predominant ownership structure is family-controlled pyramids. Ultimate owners tend to make use of different control devices in a fashion to increase the misalignment between their interests and those of public shareholders (e.g. excess control, pyramids, etc.) and to secure the implementation of their selfish plans. In particular, small investors are likely to be vulnerable to corporate expropriation in less transparent firms. Results from our regression analysis show that the use of control pyramids, multiple class shares, family management, the excess control over commensurate investment, the number of tiers and the number of firms in the ownership chain might be economically troubling to small investors.
Publisher:
Montreal: Groupe Contex Inc
Language:
English
Identifier:
ISSN: 0840-6863
Source:
Alma/SFX Local Collection
ProQuest Central
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