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Corporate Ownership: Some International Evidence

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  • Alves, Paulo

Abstract

In this research we evaluate how corporate ownership around the world is defined and which variables, related to a firm’s characteristics and the countries’ infrastructures, influences this. We find that there are a small number of countries where firms present a lower percentage of block holdings. We find that firm’s size is the most important determinant of block holdings worldwide, although some variables related with the quality of enforcement also play a crucial role.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 51380.

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Date of creation: 2010
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Handle: RePEc:pra:mprapa:51380

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Related research

Keywords: Corporate ownership; Law and finance.;

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References

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  1. Demsetz, Harold & Lehn, Kenneth, 1985. "The Structure of Corporate Ownership: Causes and Consequences," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 93(6), pages 1155-77, December.
  2. Marco Pagano & Paolo Volpin, 2001. "The Political Economy of Finance," CSEF Working Papers, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy 76, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
  3. Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer & Robert W. Vishny, 1996. "Law and Finance," NBER Working Papers 5661, National Bureau of Economic Research, Inc.
  4. Jeffrey Wurgler, 1999. "Financial Markets And The Allocation Of Capital," Yale School of Management Working Papers, Yale School of Management ysm123, Yale School of Management, revised 01 Mar 2001.
  5. Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer & Robert W. Vishny, 1997. "Legal Determinants of External Finance," NBER Working Papers 5879, National Bureau of Economic Research, Inc.
  6. Claessens, Stijn & Djankov, Simeon & Lang, Larry H. P., 2000. "The separation of ownership and control in East Asian Corporations," Journal of Financial Economics, Elsevier, Elsevier, vol. 58(1-2), pages 81-112.
  7. Becht, Marco & Roell, Ailsa, 1999. "Blockholdings in Europe:: An international comparison1," European Economic Review, Elsevier, Elsevier, vol. 43(4-6), pages 1049-1056, April.
  8. Levine, Ross & Zervos, Sara, 1996. "Stock markets, banks, and economic growth," Policy Research Working Paper Series 1690, The World Bank.
  9. Prowse, Stephen D, 1992. " The Structure of Corporate Ownership in Japan," Journal of Finance, American Finance Association, American Finance Association, vol. 47(3), pages 1121-40, July.
  10. Donghui Li & Fariborz Moshirian & Peter Kien Pham & Jason Zein, 2006. "When Financial Institutions Are Large Shareholders: The Role of Macro Corporate Governance Environments," Journal of Finance, American Finance Association, American Finance Association, vol. 61(6), pages 2975-3007, December.
  11. Raghuram G. Rajan & Luigi Zingales, 1996. "Financial Dependence and Growth," NBER Working Papers 5758, National Bureau of Economic Research, Inc.
  12. Bhattacharya, Utpal & Daouk, Hazem & Welker, Michael, 2003. "The World Price of Earnings Opacity," Working Papers, Cornell University, Department of Applied Economics and Management 127185, Cornell University, Department of Applied Economics and Management.
  13. Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer, 1998. "Corporate Ownership Around the World," Harvard Institute of Economic Research Working Papers, Harvard - Institute of Economic Research 1840, Harvard - Institute of Economic Research.
  14. Charles Kahn & Andrew Winton, 1998. "Ownership Structure, Speculation, and Shareholder Intervention," Journal of Finance, American Finance Association, American Finance Association, vol. 53(1), pages 99-129, 02.
  15. Khorana, Ajay & Servaes, Henri & Tufano, Peter, 2005. "Explaining the size of the mutual fund industry around the world," Journal of Financial Economics, Elsevier, Elsevier, vol. 78(1), pages 145-185, October.
  16. Marco Becht & Ailsa Röell, 1999. "Blockholdings in Europe: an international comparison," ULB Institutional Repository 2013/13316, ULB -- Universite Libre de Bruxelles.
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Cited by:
  1. Callaghan, Helen, 2012. "Economic nationalism, network-based coordination, and the market for corporate control: Motives for political resistance to foreign takeovers," MPIfG Discussion Paper 12/10, Max Planck Institute for the Study of Societies.

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