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Governance with complex structures: evidence from Western European countries

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dc.contributor.authorSantos, Mário S.
dc.contributor.authorMoreira, Antonio
dc.contributor.authorVieira, Elisabete S.
dc.date.accessioned2026-02-12T18:57:31Z
dc.date.available2026-02-12T18:57:31Z
dc.date.issued2015en_US
dc.date.updated2026-01-27T11:02:46Z
dc.description.abstractThis paper investigates if the existence of complex structures plays an important role in corporate governance. It uses GMM estimation on a panel of Western European firms. We find that the presence of a second and third large shareholder has a significant positive effect on firm value. This study underlines the importance of the number of blockholders as a determinant of firm value, when taken as a moderator of the contestability effect. It shows that the legal context and company-specific characteristics play a crucial moderating role for contestability. In contrast to previous research, we find that contestability plays a less relevant role in family firms. We also find that this last result does not vary significantly with the identity of the remaining elements of the coalition. Also, our study suggests that contestability is less important in companies led by majority shareholders.eng
dc.description.versioninfo:eu-repo/semantics/publishedVersion
dc.identifier.doi10.3846/16111699.2013.772915en_US
dc.identifier.eid2-s2.0-84925935671en_US
dc.identifier.slugcv-prod-367332
dc.identifier.urihttp://hdl.handle.net/10400.2/21272
dc.language.isoeng
dc.peerreviewedyes
dc.rights.uriN/A
dc.subjectBlockholders
dc.subjectContestability
dc.subjectFirm value
dc.subjectFamily firms
dc.subjectInvestor protection
dc.subjectDynamic panel GMM
dc.titleGovernance with complex structures: evidence from Western European countrieseng
dc.typejournal article
dspace.entity.typePublication
oaire.citation.endPage557
oaire.citation.issue3en_US
oaire.citation.startPage542
oaire.citation.titleJournal of Business Economics and Managementen_US
oaire.citation.volume16en_US
oaire.versionhttp://purl.org/coar/version/c_970fb48d4fbd8a85
person.familyNameMoreira
person.givenNameAntonio
person.identifier.orcid0000-0002-6613-8796
rcaap.cv.cienciaid541F-5442-5666 | António Carrizo Moreira
rcaap.rightsopenAccessen_US
relation.isAuthorOfPublication51ad303d-335c-4e2f-bae3-fffffef2e2f5
relation.isAuthorOfPublication.latestForDiscovery51ad303d-335c-4e2f-bae3-fffffef2e2f5

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