Please use this identifier to cite or link to this item: http://hdl.handle.net/10553/72518
Title: Ultimate ownership and takeover defences in Spain
Authors: Santana Martin, Domingo Javier 
Aguiar Diaz, Inmaculada 
Diaz Diaz, Nieves Lidia 
UNESCO Clasification: 5303 Contabilidad económica
Keywords: Corporate Governance
Capital Structure
Family Ownership
Voting-Rights
Firm
Securities
Protection
Separation
Market
Ultimate Ownership
Takeover Defences
Cash Flow Rights
Divergence
Issue Date: 2009
Journal: Revista Española de Financiación y Contabilidad 
Abstract: The objective of this paper focuses on analysing the impact that the ownership in the hands of ultimate owner and the degree of divergence between his/her voting and cash flow rights exercise on the takeover defences. The study was undertaken on a sample of non-financial Spanish listed firms in the period from 1999 to 2007, and based on the defence measures set out in their company by-laws. The results show that the level of cash flow rights of the ultimate owner is seen to be an element that determines the relationship between the costs and benefits that the adoption of defence measures in the by-laws entail for those shareholders because it has a negative influence on defence. The results also indicate that the divergence between the ultimate owner's voting and cash flow rights has a negative influence on the level of defence.
URI: http://hdl.handle.net/10553/72518
ISSN: 0210-2412
DOI: 10.1080/02102412.2009.10779671
Source: Revista Espanola De Financiacion Y Contabilidad-Spanish Journal Of Finance And Accounting[ISSN 0210-2412],v. 38 (143), p. 399-421, (Julio-Septiembre 2009)
Appears in Collections:Artículos
Show full item record

WEB OF SCIENCETM
Citations

1
checked on Feb 21, 2021

Page view(s)

15
checked on Feb 21, 2021

Google ScholarTM

Check

Altmetric


Share



Export metadata



Items in accedaCRIS are protected by copyright, with all rights reserved, unless otherwise indicated.