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2 - The United Kingdom

from Part I - Anglo-Saxon Countries

Published online by Cambridge University Press:  01 June 2023

Klaus Gugler
Affiliation:
WU Vienna University of Economics and Business
Evgeni Peev
Affiliation:
WU Vienna University of Economics and Business
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Summary

The United Kingdom was the first country to develop a code of best practice of corporate governance. This chapter gives a brief overview of UK corporate governance regulation, including recent reforms, followed by a discussion of the listing and disclosure rules. It then performs an empirical study of the control and ownership of the top 20, top 100 and the listed UK companies for two distinct points in time, i.e. the 1990s and 2018–2019. The following patterns emerge. Over the period ranging from the late 1990s to 2018–2019, the percentage of listed companies in the top 20 and top 100 suffered a substantial decrease. In contrast, the percentage of fully owned subsidiaries among the top UK companies shot up from virtually nil to more than half of such companies. Still, the average listed UK company remains widely held in 2018–2019 (Goergen and Renneboog, 2001). The chapter then proceeds by identifying potential determinants explaining the observed ownership changes. The chapter concludes with a number of reflections on how UK corporate ownership and control may change during the post-Brexit period.

Type
Chapter
Information
The European Corporation
Ownership and Control after 25 Years of Corporate Governance Reforms
, pp. 33 - 52
Publisher: Cambridge University Press
Print publication year: 2023

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  • The United Kingdom
  • Edited by Klaus Gugler, WU Vienna University of Economics and Business , Evgeni Peev, WU Vienna University of Economics and Business
  • Book: The European Corporation
  • Online publication: 01 June 2023
  • Chapter DOI: https://doi.org/10.1017/9781009244640.004
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  • The United Kingdom
  • Edited by Klaus Gugler, WU Vienna University of Economics and Business , Evgeni Peev, WU Vienna University of Economics and Business
  • Book: The European Corporation
  • Online publication: 01 June 2023
  • Chapter DOI: https://doi.org/10.1017/9781009244640.004
Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

  • The United Kingdom
  • Edited by Klaus Gugler, WU Vienna University of Economics and Business , Evgeni Peev, WU Vienna University of Economics and Business
  • Book: The European Corporation
  • Online publication: 01 June 2023
  • Chapter DOI: https://doi.org/10.1017/9781009244640.004
Available formats
×