Ownership and Control of Spanish Listed Firms

Rafel Crespí‐Cladera and Miguel A. García‐Cestona

in The Control of Corporate Europe

Published in print October 2002 | ISBN: 9780199257539
Published online November 2003 | e-ISBN: 9780191595905 | DOI:
 Ownership and Control of Spanish Listed Firms

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The paper analyses the ownership structure of a large sample of Spanish listed companies. The results show a picture of concentrated ownership where stock markets are relatively less 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 do not seem to play the important role they did in the past and the recent privatization reduced to a minimum level, state shareholdings on listed companies.

Keywords: ownership; control; Spain

Chapter.  8179 words.  Illustrated.

Subjects: Financial Markets

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