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What Determines Corporate Ownership Concentration Around The World?

In: Corporate Governance

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  • Baozhi Qu

Abstract

This paper extends Demsetz and Lehn’s (1985) results and studies the determinants of corporate ownership concentration across countries in light of Qu’s (2004) model using a newly constructed dataset of 1,070 publicly traded stock companies from 45 countries. Estimation results show that ownership concentration varies systematically with respect to certain firm-specific economic variables and country characteristics in ways that are consistent with value maximization and predictions of agency theory. After controlling for firm-level determinants such as size, auditing practice, return rate, etc., ownership concentration is significantly lower in countries with more developed stock market and more effective investor protection.

Suggested Citation

  • Baozhi Qu, 2004. "What Determines Corporate Ownership Concentration Around The World?," Advances in Financial Economics, in: Corporate Governance, pages 221-246, Emerald Group Publishing Limited.
    • Handle: RePEc:eme:afeczz:s1569-3732(04)09009-7
    DOI: 10.1016/S1569-3732(04)09009-7
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