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|Title:||Separation of ownership and control in non-bank Maltese listed companies : an analysis|
|Authors:||Muscat, David (2013)|
|Abstract:||In contrast to the Berle-Means image of ownership, none of the companies are widely-held at the 10% cut-off level. These companies are typically controlled by families or individuals. Control by financial institutions and other widely-held companies is not common. There is also a small element of separation (1.80) between the control of ultimate shareholders over companies and their cash-flow rights. This is achieved primarily through the use of pyramids, holding through multiple control chains, and proxy voting. Conclusions: These findings lead to the conclusion that Maltese listed companies are characterised by a lack of separation between ownership and control, and between the cash-flow rights and voting rights of the ultimate shareholders. Implications/Value: These findings imply that listed companies, despite being public, are still privately owned to a large extent. It is also important that the interests of the minority shareholders are protected, since problems and conflicts may arise if they feel neglected or 'bullied' by the significant shareholders.|
|Appears in Collections:||Dissertations - FacEma - 2013|
Dissertations - FacEMAAcc - 2013
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