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Shareholder agreements and firm value: Evidence from French listed firms

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Date
2008
Dewey
Economie financière
Sujet
corporate governance; large shareholders; Shareholder agreements
JEL code
G34; G32
Conference name
AFFI (Association Française de Finance)
Conference date
12-2008
Conference city
Paris
Conference country
France
URI
https://basepub.dauphine.fr/handle/123456789/3031
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  • DRM : Publications
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Author
Belot, François
Type
Communication / Conférence
Item number of pages
53
Abstract (EN)
In listed companies, some shareholders can be signatories to agreements that govern their relations. This paper investigates the effects of such agreements on the valuation of firms. I use a sample of French firms that is well suited for my analysis insofar as French law requires the disclosure of the shareholder agreements’ clauses. In line with previous literature, a negative relationship between firm value and the dispersion of voting rights across major shareholders is observed. However, the existence of a shareholder agreement tends to offset this negative effect. This countervailing effect is more pronounced when a “concerted action” provision is in force and/or the contracting shareholders are of the same type. Shareholder agreements thus appear as efficient coordination mechanisms rather than expropriation mechanisms.

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