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
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
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.