Agenda

Salvatore Miglietta (BI Norwegian Business School) - Shareholder Empowerment and Ownership Structure in a Free-Contracting Environment (joint work with Mike Burkart, LSE, and Charlotte Ostergaard, Copenhagen Business School)

Abstract:

We study how firms choose to allocate decision powers to shareholders or management in a historical context where control allocation was not mandated by corporate law but ownership structures were constrained by differences in regional wealth distributions. Firms with numerous small -and plausibly less informed- owners tend to disempower shareholders and increase managerial authority. Moreover, shareholder empowerment is accompanied by provisions promoting information acquisition by owners, suggesting that control and information are complements. Our findings highlight how the debate on shareholder empowerment should account for the critical role of ownership structure.

The seminar can be attended also remotely, connecting to ZOOM.

Link Zoom: bit.ly/insem-2425
ID riunione:  880 2639 9452
Passcode: InSem-2425