Shareholding Concentration and Pyramidal Ownership Structures in Belgium: Stylized Facts
Luc Renneboog
Tilburg University - Department of Finance; European Corporate Governance Institute (ECGI); Tilburg Law and Economics Center (TILEC)
July 1996
Working Paper 9634
Abstract:
This paper provides an overview of the main characteristics of the ownership structures of the Belgian companies quoted on the Brussels stock Exchange. Prior to the changes in corporate law regarding ownership disclosure in 1989 little was know about ownership and control. We show that the Belgian equity market has some similarities with equity markets of its Continental European neighbors : relatively few Belgian companies are listed and there is a high degree of ownership concentration. In addition, control is levered via pyramidal and complex ownership structures. Ultimate owners in such control chains are not only families and industrial companies but predominantly widely held holding companies that with relatively small cash flow rights, exercise substantial control rights.
Number of Pages in PDF File: 48
JEL Classification: G3, G32, G38
working papers series
Suggested Citation
Renneboog, Luc, Shareholding Concentration and Pyramidal Ownership Structures in Belgium: Stylized Facts (July 1996). Working Paper 9634. Available at SSRN: http://ssrn.com/abstract=1395 or http://dx.doi.org/10.2139/ssrn.1395
