Ownership and Control: A Spanish Survey

Working Paper No. 23.99

42 Pages Posted: 7 Mar 2000

See all articles by Miguel A. García-Cestona

Miguel A. García-Cestona

Universitat Autonoma de Barcelona (UAB) - Department d'Economia de l'Empresa

Rafel Crespí-Cladera

Universitat Illes Balears (UIB), Dep. Economia i Empresa

Date Written: March 1999

Abstract

The paper analyses the ownership structure of a large sample of Spanish listed companies. The results are analysed in terms of governance implications under the agency theory context. The results show a picture with concentrated ownership where stock markets are relatively low important. Direct ownership and voting blocks, which account for indirect ownership through third companies, are larger for non-financial firms followed by families or individuals and financial firms other than banks. Nevertheless, the use of intermediate companies (pyramiding), is not frequent according to our data. Banks seem not to play the important role they did in the past and the recent privatisation reduced to a minimum level, state shareholdings on listed companies.

JEL Classification: G34

Suggested Citation

García Cestona, Miguel Ángel and Crespi-Cladera, Rafel, Ownership and Control: A Spanish Survey (March 1999). Working Paper No. 23.99, Available at SSRN: https://ssrn.com/abstract=159150 or http://dx.doi.org/10.2139/ssrn.159150

Miguel Ángel García Cestona

Universitat Autonoma de Barcelona (UAB) - Department d'Economia de l'Empresa ( email )

Campus Bellaterra, Edifici B.
Bellaterra (Barcelona), 08193
Spain
+34 93 5812147 (Phone)
+34 93 5812555 (Fax)

Rafel Crespi-Cladera (Contact Author)

Universitat Illes Balears (UIB), Dep. Economia i Empresa ( email )

Crta. de Valldemossa km 7, 5
07071 Palma Mallorca
Spain
+34 971 173273 (Phone)
+34 971 173426 (Fax)

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