Beiträge zur Jahrestagung des Vereins für Socialpolitik 2016: Demographischer Wandel - Session: Corporate Governance A11-V2
This article studies the unilateral and coordinated eﬀects of non-controlling minority shareholdings (NCMS). It provides a comprehensive model by integrating the established models of Reynolds and Snapp (1986), Flath (1991), Malueg (1992), and Gilo et al. (2006). It is the ﬁrst to add a competition authority. The model ﬁnds that NCMS lower the sustainability of collusion under a greater variety of situations than was indicated by earlier literature. The collusion destabilizing eﬀect of NCMS is particularly prevalent in the presence of an eﬀective antitrust authority.