股权占比多少算是concentrated ownership

问题如下：

Emily Marker, CFA, is a fixed-income analyst for the Namsan Funds. Her supervisor asks her to identify ESG factors and value the corporate bonds of BR Hotels, a publicly traded boutique hotel company. Marker notes that BR Hotels is a “green hotel” company that prioritizes sustainability and has successfully reduced water and energy usage at its hotels. The founding family owns 55% of the outstanding shares. Each ownership share has equivalent voting rights.

The potential conflict between or among shareholders and managers of BR Hotels can best be described as:

选项：

A.

voting caps.

B.

a principal-agent problem.

C.

a principal-principal problem.

解释：

C is correct. BR Hotels has concentrated ownership, given that the family owns 55% of the shares. It also has concentrated voting power, since each ownership share has equal voting rights. In this ownership structure, the controlling shareholders have power over both management and minority shareholders. The controlling shareholders are referred to as strong shareholders and the managers as weak managers. The conflict in this structure exists between the controlling shareholders and the minority shareholders. The controlling shareholders can potentially divert resources for their own benefit at the expense of the minority shareholders. This conflict is referred to as a principal-principal problem.

A is incorrect since the conflict for BR Hotels is a principal-principal problem. Voting caps are legal restrictions on the voting rights of large share positions. They result from an ownership structure of concentrated ownership and dispersed voting rights.

B is incorrect since the conflict for BR Hotels is a principal-principal problem. The principal-agent problem occurs when the ownership structure has dispersed ownership and dispersed voting rights. In this case, the structure has weak shareholders and strong management, with a potentially significant conflict between the shareholders and the management.