Ownership structure and firm value: new evidence from Spain

Abstract

[EN] This paper provides new evidence on the way in which ownership influencesfirm value. Unlikeprevious studies, the empirical evidence obtained from our ownership concentration modelsupports not only the monitoring but also the expropriation effects. Additionally, the insiderownership model provides results that confirm the convergence-of-interest and the entrenchmenteffects, even though Spanish insiders get entrenched at higher ownership levels than their U.S.and U.K. counterparts.