EVOLUTION OF OWNERSHIP AND CONTROL IN ITALIAN IPO FIRMS

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Silvia Rigamonti ORCID logo

DOI:10.22495/cocv6i2c2p6

Abstract

This article examines the evolution of ownership of cash flow rights and control of voting rights of firms that went public in Italy over the period 1985-2005. At the IPO, the ownership structure does not evolve towards a dispersed one. Even 10 years after the flotation, the initial ultimate shareholder retains the majority of voting rights. Though control is valuable, original owners do not systematically set up structures that dissociate cash flow from voting rights.

Keywords: Initial Public Offerings (IPOs), Ultimate Shareholder, Ownership Dynamics, Ownership And Control, Pyramidal Structures, Dual-Class Shares

How to cite this paper: Rigamonti, S. (2008). Evolution of ownership and control in Italian IPO firms. Corporate Ownership & Control, 6(2-2), 312-333 . http://doi.org/10.22495/cocv6i2c2p6