Ownership structure and firm value: new evidence from Spain
研究了西班牙公司所有权结构如何影响公司价值，发现大股东既有监督效应也有侵占效应，内部人持股存在利益趋同和堑壕效应，且西班牙内部人堑壕的持股水平高于英美。
Abstract This paper provides new evidence on the way in which ownership influences firm value. Unlike previous studies, the empirical evidence obtained from our ownership concentration model supports not only the monitoring but also the expropriation effects. Additionally, the insider ownership model provides results that confirm the convergence‐of‐interest and the entrenchment effects, even though Spanish insiders get entrenched at higher ownership levels than their U.S. and U.K. counterparts. Copyright © 2004 John Wiley & Sons, Ltd.