Shareholders' control in complex corporate structures

indirect participation, such that it may become difficult to assess a firm’s controllers.

Furthermore, if there are numerous dominant shareholders, the control can be shared between

them. Determining who has the most influence is often a difficult task. To measure this

influence, game theory allows the modeling of voting games and the computing of the

Banzhaf index. This thesis develops models to measure the Banzhaf indices in any ownership structure (pyramidal ownership structures and cross-ownership structures). The models are then applied to real cases studies such Colruyt, Elia, Lafarge and Allianz.