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Table 2

April 2018

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Leiden University

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Table 2 Insiders and Corporate Liberalisation

Country Power Resources Investment Strategy State-Insiders

Preferences

Powerful

Actors

Outcome Anglo-American Practices Continental Practices

SPAIN -Financial Resources

-Capacity to Coordinate

their Action

-Protection from the

State

Mixed

-Inward:

Acquisition of

industrial holdings

in domestic firms

-Outward: Foreign

Expansion in Latin

America

Agreement Collusion

(State & Banks

and Utilites)

State-

influenced

Marketized

Blockholding

- High Stock Market

Capitalisation

- Low State Ownership

- Concentrated Ownership

- Rare Hostile Takeovers

- Marginal Institutional

Investors

FRANCE -Financial Resources

-Capacity to Coordinate

their Action

-Protection from the

State

Outward

-Sell-off of

domestic holdings

-Foreign expansion

Disagreement Managers Managerism -High Stock Market

Capitalisation

-Institutional Investors

Involvement

-Increased Ownership

Diffusion

- Rare Hostile Takeovers

- Widespread State

Ownership

ITALY -Financial Resources

-Capacity to Coordinate

their Action

Inward

-Acquisition of

Domestic

Privatised Firms

Disagreement Family

Blockholders

Family

Blockholding

None - Concentrated Ownership

- Widespread State

Ownership

- Rare Hostile Takeovers

- Marginal Institutional

Investors

- Low Stock Market Cap.

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