Corporate Governance and Ownership with Diverse Shareholders

Barcelona, Spain | October 25-26, 2019

Many policy recommendations that emerge from the flourishing literature on corporate governance do not take into account the diversity of company owners and the different goals of heterogeneous shareholders in the 21st century. Many of them assume that dispersed shareholders are the representative form of corporate ownership. This hypothesis is still dominant in most theoretical studies and in many empirical studies.

The fact is that ownership around the world in the twentieth century changed in many large countries, has become more heterogeneous and diverse than what is assumed in many studies, and its evolution is shaped by a diversity of factors, such as domestic taxation and regulation, capital markets and different management and business practices.

Understanding that ownership is heterogeneous and diverse has implications on how companies are governed. It is also critical for the improvement of corporate governance at the corporate level and the government’s regulatory activity. In the end, it has an impact on companies’ survival and long-term development –many firms that didn’t survive encountered problems with their own shareholders and their commitment.

This Conference offered a context to reflect upon and better understand how the different nature of shareholders have an impact on the way companies are governed and managed, and, eventually, on some key decisions that define corporate governance –like board composition, board dynamics, CEO hiring and firing, strategy making and incentives design.

The event, financed by STI, was organized jointly by IESE’s Center for Corporate Governance (CCG) and the European Corporate Governance Institute (ECGI).  Further information about these centers is available on CCG’s conference webpage, as are links to download individual presentations.

Watch a video summary here.


Marco Becht – Solvay Brussels School for Economics and Management at the Free University of Brussels

Antonio Dávila – IESE Business School

Mireia Giné – IESE Business School

Charlotte Østergaard – Norweigan Business School

Krishna Palepu – Harvard Business School

Rafael Repullo – CEMFI (Centro de Estudios Monetarios y Financieros)

Ernst-Ludwig von Thadden – University of Mannheim


John C. Coffee  – Columbia University

Alex Edmans – London Business School

Jill E. Fisch – University of Pennsylvania

Julian Franks – London Business School

Josh Lerner – Harvard University

Colin Meyer – Saïd Business School, University of Oxford

Xavier Vives – IESE Business School

Academic Leaders

Marco Becht – Solvay Brussels School for Economics and Management at the Free University of Brussels

Jordi Canals – IESE Business School

Gaizka Ormazabal – IESE Business School

Xavier Vives – IESE Business School