Scandinavian Working Papers in Economics

Working Papers,
Copenhagen Business School, Department of Economics

No 04-2001: EJERSKABSSTRUKTURER OG KONTROL-ALLOKERING I UNOTEREDE DANSKE VIRKSOMHEDER

Morten Bennedsen and Kasper Nielsen
Additional contact information
Morten Bennedsen: Department of Economics, Copenhagen Business School, Postal: Department of Economics, Copenhagen Business School, Solbjerg Plads 3 C, 5. sal, DK-2000 Frederiksberg, Denmark
Kasper Nielsen: Department of Economics, Copenhagen Business School, Postal: Department of Economics, Copenhagen Business School, Solbjerg Plads 3 C, 5. sal, DK-2000 Frederiksberg, Denmark

Abstract: We analyse the relationship between the distribution of ownership and the allocation of control in Danish closely held corporations. First, we investigate why firms have boards. Second, we identify relationships between owners, boardmembers and CEOs in these firms. Third, we show the presence of control dilution in firms with multiple owners. Finally, we discuss some implications for Danish corporate law of our findings.

Keywords: Allocation of control; Denmark; closely held corporations; boardmembers; Corporate Law; Corporate governance

JEL-codes: G30

26 pages, May 15, 2001

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