| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w10628 |
| 来源ID | Working Paper 10628 |
| Spending Less Time with the Family: The Decline of Family Ownership in the UK | |
| Julian Franks; Colin Mayer; Stefano Rossi | |
| 发表日期 | 2004-07-19 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | Family ownership was rapidly diluted in the twentieth century in Britain. The main cause was equity issued in the process of making acquisitions. In the first half of the century, it occurred in the absence of minority investor protection and relied on directors of target firms protecting the interests of shareholders. Families were able to retain control by occupying a disproportionate number of seats on the boards of firms. However, in the absence of large stakes, the rise of hostile takeovers and institutional shareholders made it increasingly difficult for families to maintain control without challenge. Potential targets attempted to protect themselves through dual class shares and strategic share blocks but these were dismantled in response to opposition by institutional shareholders and the London Stock Exchange. The result was a regulated market in corporate control and a capital market that looked very different from its European counterparts. Thus, while acquisitions facilitated the growth of family controlled firms in the first half of the century, they also diluted their ownership and ultimately their control in the second half. |
| 主题 | Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w10628 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/568258 |
| 推荐引用方式 GB/T 7714 | Julian Franks,Colin Mayer,Stefano Rossi. Spending Less Time with the Family: The Decline of Family Ownership in the UK. 2004. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w10628.pdf（299KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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