Ownership and Financing Structures of Listed and Large Non-listed Corporations
AbstractIn this paper, we use a large firm-level dataset covering 19 European countries in order to compare the ownership and financing structures and performance of listed (LCs) and large non-listed companies (NLCs). For the overall sample, we find that the substantial majority of NLCs have either a large or medium blockholder. This contrasts with the ownership structure of LCs, which usually have no large blockholder. Moreover, we present information on typology of large blockholders as well as financial ratios in LCs and NLCs. The results from matched-pairs analysis, employed in order to directly compare the two categories, suggest that NLCs use relatively less fixed assets and they appear to be more capital intensive than LCs. In terms of performance, NLCs have higher returns on assets and equity than LCs do, but lower margins. Overall, the paper contributes to the understanding of differences between NLCs and LCs. Copyright (c) 2006 The Authors; Journal compilation (c) 2006 Blackwell Publishing Ltd.
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal Corporate Governance: An International Review.
Volume (Year): 14 (2006)
Issue (Month): 4 (07)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0964-8410&site=1
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- Marco Cucculelli, 2009.
"Owner Identity and Firm Performance: Evidence from European Companies,"
Mo.Fi.R. Working Papers
24, Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences.
- Marco Cucculelli, 2008. "Owner Identity and Firm Performance: Evidence from European Companies," Rivista di Politica Economica, SIPI Spa, vol. 98(2), pages 149-178, March-Apr.
- Drakos, Konstantinos & Giannakopoulos, Nicholas, 2011. "On the determinants of credit rationing: Firm-level evidence from transition countries," Journal of International Money and Finance, Elsevier, vol. 30(8), pages 1773-1790.
- Carlo Altomonte & Tommaso Aquilante & Gianmarco Ottaviano, . "The triggers of competitiveness: The EFIGE cross-country report," Blueprints, Bruegel, number 738, December.
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