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A family has 80% of the cash flow rights of firm A. Firm A has 50% of the cash flow rights of firm B. Firm B has 40% of the cash flow rights of firm C. A family has 80% of the voting rights of firm A. Firm A has 75% of the voting rights of firm B. Firm B has 60% of the voting rights of firm C.

 
 
 
 
 
 
 
 

The family owns 0.8 * 0.5 * 0.4 = 0.16 = 16% of the cash flow rights of firm C.

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