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The Relationship between Shareholding Concentration and Shareholder Voting Power in British Companies: A Study of the Application of Power Indices for Simple Games

Dennis Leech

Management Science

Vol. 34, No. 4 (Apr., 1988), pp. 509-527

Published by: INFORMS

Stable URL: http://www.jstor.org/stable/2631939

Page Count: 19

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Journal Info
Management Science
Description: Management Science is a cross-functional, multidisciplinary examination of advances and solutions supporting enhanced strategic planning and management science. Includes relevant contributions from diverse fields:
- Accounting and finance
- Business strategy
- Decision analysis
- Information systems
- Manufacturing and distribution
- Marketing
- Mathematical programming and networks
- Organization performance
- Public sector applications
- R&D/innovation
- Stochastic models and simulation
- Strategy and design
- Supply chain management
Coverage: 1954-2010 (Vol. 1, No. 1 - Vol. 56, No. 12)

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ISSN: 00251909

EISSN: 15265501

Subjects: Management & Organizational Behavior, Business & Economics, Business
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The Relationship between Shareholding Concentration and Shareholder Voting Power in British Companies: A Study of the Application of Power Indices for Simple Games

Abstract

This paper reports an analysis of the relationships between shareholding and voting power distributions in a sample of British companies. It applies two standard approaches to the measurement of power in simple games: the Shapley-Shubik and the Banzhaf power indices. The results indicate that power is more concentrated than ownership in every case. A comparison of the two indices reveals that typically the Banzhaf index gives a more concentrated power distribution. For the Shapley-Shubik index the power ratio for the largest shareholder is accurately described in terms of the size of holding and the concentration of the remainder. The corresponding Banzhaf power ratio is less dependent on these variables. There is no association between power concentration and company size.

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