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Are Ownership Structures Risk- & Wealth-Constrained?

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Author Info
Jørgen Drud Hansen (The Aarhus School of Business, Denmark)
Camilla Jensen (The Aarhus School of Business, Denmark)
Erik Strøjer Madsen (The Aarhus School of Business, Denmark)
Abstract

The paper considers the owners of the firms as normal investors who want to optimise the return from their investments in accordance with their wealth constraint and the risk of their investment in the firm. The paper tests this theory on a representative sample of Danish companies including small firms. Concerning the wealth constraint for owners, the study finds evidence of more dispersed ownership in larger and more capital-demanding firms. According to the investors risk aspect, firms operating on foreign markets are more likely to have more than one owner. Concerning the domestic markets the owner structure is more dispersed in industries with a volatile business cycle.

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File URL: http://www.econ.ku.dk/CIE/Discussion%20Papers/2002/pdf/08.pdf
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Paper provided by University of Copenhagen. Department of Economics. Centre for Industrial Economics in its series CIE Discussion Papers with number 2002-08.

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Length: 15 pages
Date of creation: Dec 2002
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Handle: RePEc:kud:kuieci:2002-08

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Related research
Keywords: corporate governance; ownership structures;

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Find related papers by JEL classification:
L2 - Industrial Organization - - Firm Objectives, Organization, and Behavior
D2 - Microeconomics - - Production and Organizations

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References listed on IDEAS
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  1. Rafael La Porta & Florencio Lopez-De-Silanes & Andrei Shleifer, 1999. "Corporate Ownership Around the World," Journal of Finance, American Finance Association, vol. 54(2), pages 471-517, 04. [Downloadable!] (restricted)
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  2. Demsetz, Harold & Lehn, Kenneth, 1985. "The Structure of Corporate Ownership: Causes and Consequences," Journal of Political Economy, University of Chicago Press, vol. 93(6), pages 1155-77, December. [Downloadable!] (restricted)
  3. Amemiya, Takeshi, 1981. "Qualitative Response Models: A Survey," Journal of Economic Literature, American Economic Association, vol. 19(4), pages 1483-1536, December. [Downloadable!] (restricted)
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