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1、ONTHEDETERMINANTS,COSTS,ANDBENEFITSOFPYRAMIDALOWNERSHIP:EvidenceonExpropriationofminorityinterests******NajahAttig,KlausFischer,andYoserGadhoumVersionMars2002Abstract:Weinvestigatethedeterminants,costsandbenefitsofcorporateaffiliationtopyramidalholdings.Thephenomen
2、onoffirmsfunctioningwithinapyramidalholdingunderremovedultimateownersispervasiveandpermanentenoughinbothEasternandWesterncountries,includingCanada,towarrantnovelinvestigation.Accordingly,westudysome1,167listedCanadianfirmsforthe1994-1996period,usingalogitmodeltopre
3、dicttheextenttowhichtheircharacteristicsattheoutsetmakeitprobablethattheyare,orwillbe,controlledthroughapyramidalstructure.Ourresultssuggestthat,asexpected,pyramidalholdingsareheadedbydistantultimateownerswhoseektoamasscontrolandexertopportunisticbehaviorattheexpen
4、seofcorporateaffiliates.Consistentwiththehypothesisthatlimitedliabilitycreatesabundleofdefaultoptionsagainstthebearersofcontingentclaims,wereportthatultimateownersofpyramidalholdingsappeartousetheir“structuralleverage”inordertoimposeexcessiverisktakinginaffiliatedf
5、irmsandmaximizethevalueoftheiroptions.Inaddition,wedocumentthatstocksofaffiliatedfirmsarelessliquidthanindependentones.Thisisdeemedtoreflectahighlevelofasymmetricinformationandagencyproblemswithinpyramidalholdings.Furthermore,wefindthatcashflowrightsarehighlysepara
6、tedfromvotingrightsinaffiliatedfirms.Wealsofindthatcorporatepoliciesofaffiliatesfirms(e.g.dividend,investment,cashavailability)reflectthecashdistributionpreferencesoftheultimateowners.Theseresultsandthefindingofrent-seekingbehaviorbytheultimateownersaredeemedintere
7、sting.Thisisbecausetheyprovideabasistoarguethatthelayersofequityholdingswithinthepyramidcontributetoformanimperviousveilbehindwhichultimateownersengageinexpropriatingbehavior.Weeffectivelyreportanegativeeffectofpyramidalownershiponcorporatevalue.Oneplausibleinterpr
8、etationisthattheanticipatedcostsofbeingsubjectedtoopportunisticultimateownersmorethanoffsetanypyramidalbenefits.Moreover,ourinvestigationofaffili
