O docente do ISCAC Mário Sacramento Santos viu ser aceite um artigo no Journal of Business Economics and Management (2012 Impact Factor - 1.881) com o título “Governance with complex structures: Evidence from Western European countries”.
Governance with complex structures: Evidence from Western European countries
Professor Doutor Mário Sacramento Santos - ISCAC
Professor Doutor António Carrizo Moreira - UA
Professora Doutora Elisabete Simões Vieira - UA
Abstract. This paper investigates whether the existence of complex structures plays an important role in corporate governance by using generalized method of moments estimation on a balanced panel applied to a sample of Western European firms. We detect that the presence of a second and third large shareholder (beyond the first blockholder) 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. The results show that the legal context and company-specific characteristics play a crucial moderating role for contestability. In contrast to the consensus found in previous research, our results reveal 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, in contrast to previous research, our study suggests that contestability is less important in companies led by majority shareholders.
Keywords: Blockholders, contestability, firm value, family firms, dynamic panel GMM, two-step estimation method.
JEL classification: G3, G32
2012 Impact Factor - 1.881
Ranking - 33/116 (Business)
Ranking - 55/332 (Economics)
©2013 Thomson Reuters, 2012 Journal Citation Reports®
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