The governance role of multiple large shareholders: evidence from the valuation of cash holdings

@article{Attig2013TheGR,
  title={The governance role of multiple large shareholders: evidence from the valuation of cash holdings},
  author={Najah Attig and Sadok El Ghoul and Omrane Guedhami and Sorin Rizeanu},
  journal={Journal of Management & Governance},
  year={2013},
  volume={17},
  pages={419-451}
}
This paper investigates the governance role of multiple large shareholders (MLS, henceforth), as evidenced by their impact on the valuation of cash holdings. For a sample of 2,723 firms from 22 countries, we find that the presence of MLS enhances the valuation of firms’ cash holdings. In particular, we show that the valuation of cash is positively associated with an even distribution of blockholders’ voting rights and with higher contestability of the largest shareholder’s control. We also show… CONTINUE READING

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