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Maximizing Corporate Ownership: Strategies for Sustainable Growth

This comprehensive research explores dual-class shares, ownership strategies, and corporate governance to enhance financial survival. It analyzes exceptionalism in different industries and the changing face of ownership structures. Learn about shareholder protection measures and the role of hostile takeovers in corporate dynamics.

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Maximizing Corporate Ownership: Strategies for Sustainable Growth

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  1. On PurposeColin Mayer

  2. . Source: Ocean Tomo

  3. Investment UK Source: Goodridge, Wallis and Haskel(2014)

  4. Investment US Source: Nakamura (2009)

  5. IPOs, Delistings UK, 1999-2015

  6. The Changing Face of Ownership

  7. The Disappearing Market for Corporate Control Number of Hostile Takeovers, 1978- 2010 Source: SDC Platinum

  8. Average Holding Period of Shares

  9. Anglo Exceptionalism Share Blocks > 5% Cliff Holderness (2007)

  10. American Acceptionalism Industry Anti-Takeover Dual-Class Shares Provisions Apparel 18% 10% Communication 17% 38% Industrial Services 24% 10% Metal, Plastics 34% 15% Average All IPOs 22% 5% Laura Field (1999)

  11. Dual Class Shares in the US • Google: Class A common stock one vote per share Class B 10 votes per share Larry Page, Sergey Brin and Eric Schmidt 37.6% of votes; executive and directors 61.4% • Linkedin: Class A common stock one vote per share Class B 10 votes per share Class B shareholders given to pre-IPO investors Reid Hoffman 21.7% increasing over time

  12. Google Goals “We believe the stability afforded by the dual class structure will enable us to retain our unique culture and continue to attract and retain talented people who are Google’s life blood”.

  13. Purpose Ownership Governance

  14. Financial

  15. Survival Probability Source: Borsting, Kuhn, Poulsenand Thomsen (2015)

  16. Shareholder Protection, 1990 - 2012 Source: Law, Finance and Development Project, University of Cambridge

  17. Trust

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