Other important determinants of performance-turnover sensitivity include managerial ownership,
blockholder ownership, and the threat of takeover activity.
Nor do we discuss companies with a dominant
blockholder that exerts considerable influence without having a lock on control.
The heterogeneity of goals of multiple family owners introduces unique agency problems, which Zellweger and Kammerlander refer to as
blockholder conflicts.
Robinson & William Savitt, Fair Markets and Fair Disclosure: Some Thoughts on the Law and Economics of
Blockholder Disclosure, and the Use and Abuse of Shareholder Power, 3 HARV.
Along those lines, In re Sanchez Energy reinforces the notion that "a large
blockholder will not be considered a controlling stockholder unless they actually control the board's decision about the challenged transaction.
Consequently, control over the company is maintained by the inefficient
blockholder.
Impact of Corporate Insider,
Blockholder, and Institutional Equity Ownership on Firm Risk-taking.
Core, Holthausen, and Larcker (1999) find that CEO compensation level is negatively associated with presence of an external
blockholder who owns at least 5% of the equity.
2010) un block es la unidad que permite medir el grado en que una institucion es un
blockholder.
revising the rules governing
blockholder disclosure.
However, the presence of a large
blockholder can reduce opportunistic behaviours and enhance family firms' performance during crisis periods.
On the other hand, founding family firms have lower agency cost because they benefit from a high level of insider ownership, a low level of
blockholder ownership, and a low level of foreign.
