Toward Relative Corporate Governance Regimes: Rethinking Concentrated Ownership Structure around the World

By Anidjar, Leon Yehuda | Stanford Law & Policy Review, Winter 2019 | Go to article overview

Toward Relative Corporate Governance Regimes: Rethinking Concentrated Ownership Structure around the World


Anidjar, Leon Yehuda, Stanford Law & Policy Review


INTRODUCTION                                                   199 I. CONCENTRATED AND DIFFUSE OWNERSHIP STRUCTURE AROUND THE    WORLD: THEORETICAL PERSPECTIVES                             202 II. TOWARDS A TRANSFORMATION IN OWNERSHIP     STRUCTURES AROUND THE     WORLD                                                      208     A. The Traditional Ownership Structure        in Continental Law and the        Reasons that May Contribute to Its Decline              208        1. The History and Development of the           Traditional Ownership           Structure Under Continental Law                      208        2. Factors that May Lead the Decreasing           of Concentrated Ownership           Structure in Continental Law                         211     B. The Traditional Ownership Structure in        Anglo-American Law and the        Factors that Are Likely to Decrease it                  215        1. The History and Development of the           Traditional Ownership           Structure Under in Anglo-American Law                215        2. The Factors that May Lead to the           Decreasing of the Diffuse           Ownership Structure in Anglo-American Law            219           a. The Concentrated Ownership of              Institutional Investors and              Shareholder Activism                              219           b. Dual-class Shares                                 220     C. Interim Summary                                         222 III. RETHINKING THE CONCENTRATED OWNERSHIP STRUCTURE IN THE      CANADIAN AND ISRAELI ECONOMIES                            223      A. The Characteristics of Concentrated         Ownership Structure in Canada         and Israel                                             223         1. Decrease in Holdings of Interested Parties          223            a. Canada                                           223            b. Israel                                           224         2. The Size of the Control Premium                     226         3. Intensive Protection for the Rights of            Minority Shareholders                               228            a. Canada                                           228            b. Israel                                           230      B. Evaluation of the Findings                             232 IV. TOWARD RELATIVE CORPORATE GOVERNANCE REGIMES               235     A. Presenting the Model                                    236        1. Ratio of Holdings Between the Controlling           Shareholder and the           Minority Shareholders                                237        2. The Size of the Company                              240        3. Area of Activity, Business Environment           and Financial Stability of           the Capital Market                                   241     B. Policy Considerations                                   244        1. Encouraging Cooperation Between           Shareholders and Promoting           Mutual Interests                                     244        2. Preventing Opportunism of Minority Shareholders      245        3. Rethinking the Traditional Role of           the Company's Board of           Directors                                            246     C. Implications of the Proposed Model                      247        1. Re-examination of Related-Party Transactions         247        2. Going-Private Transactions                           253     D. Criticism of the Relative Corporate Governance Model    257        1. Damage the Certainty and Stability of Corporate Law  257        2. Reducing the Protection of Minority Shareholders     258        3. The Model Is Insensitive to the           Implications of Changes in the           Company's Circumstances                              259 CONCLUSION                                                     260 

INTRODUCTION

It is ordinary to distinguish between two types of ownership structures of publicly traded corporations in various countries around the world. …

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