
Shareholder agreements and firm value: Evidence from French listed firms
Belot, François (2008), Shareholder agreements and firm value: Evidence from French listed firms, AFFI (Association Française de Finance), 2008-12, Paris, France
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Communication / ConférenceDate
2008Conference title
AFFI (Association Française de Finance)Conference date
2008-12Conference city
ParisConference country
FrancePages
53
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Belot, FrançoisAbstract (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.Subjects / Keywords
corporate governance; large shareholders; Shareholder agreementsRelated items
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