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Industry-specificities and Size of Corporations: Determinants of Ownership Structures

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  • Christoph van der Elst

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    Abstract

    This paper analyses ownership concentration in six European countries and empirically studies the rent-seeking theory. This theory states that ownership concentration not only depends on the level of investor protection but also on company-specific and industry-specific parameters. This study analyses the sector specific ownership patterns of listed corporations. The results only partially confirm the influence of industryspecific characteristics. Different industries are characterised by different shareholder concentration patterns. Hence and in light of the rent-seeking theory it is plausible that company's specific characteristics, like the identity of the largest shareholder, the risk of the firm, etc. influence rent-seeking behavior.

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    File URL: http://www.uu.nl/faculty/leg/NL/organisatie/departementen/departementeconomie/onderzoek/publicaties/DParchive/2004/Documents/04-19.pdf
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    Bibliographic Info

    Paper provided by Utrecht School of Economics in its series Working Papers with number 04-19.

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    Length: 37 pages
    Date of creation: Jun 2004
    Date of revision:
    Handle: RePEc:use:tkiwps:0419

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    Related research

    Keywords: Voting-block statistics; industry characteristics; size; determinants of ownership concentration;

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    References

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    1. 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.
    2. Franks, Julian R & Mayer, Colin & Rossi, Stefano, 2003. "The Origination and Evolution of Ownership and Control," CEPR Discussion Papers 3822, C.E.P.R. Discussion Papers.
    3. Raghuram G. Rajan & Luigi Zingales, 2001. "The Great Reversals: The Politics of Financial Development in the 20th Century," CRSP working papers 526, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
    4. Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer, 1998. "Corporate Ownership Around the World," NBER Working Papers 6625, National Bureau of Economic Research, Inc.
    5. Marc Goergen & Luc Renneboog, 2003. "Why Are the Levels of Control (So) Different in German and U.K. Companies? Evidence from Initial Public Offerings," Journal of Law, Economics and Organization, Oxford University Press, vol. 19(1), pages 141-175, April.
    6. 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.
    7. Lucian Arye Bebchuk, 1999. "A Rent-Protection Theory of Corporate Ownership and Control," NBER Working Papers 7203, National Bureau of Economic Research, Inc.
    8. Marco Becht & Fabrizio Barca, 2001. "The control of corporate Europe," ULB Institutional Repository 2013/13302, ULB -- Universite Libre de Bruxelles.
    9. Demsetz, Harold & Villalonga, Belen, 2001. "Ownership structure and corporate performance," Journal of Corporate Finance, Elsevier, vol. 7(3), pages 209-233, September.
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    Cited by:
    1. Christian Weiss & Stefan Hilger, 2012. "Ownership concentration beyond good and evil: is there an effect on corporate performance?," Journal of Management and Governance, Springer, vol. 16(4), pages 727-752, November.
    2. Rahman, Asheq & Yammeesri, Jira & Perera, Hector, 2010. "Financial reporting quality in international settings: A comparative study of the USA, Japan, Thailand, France and Germany," The International Journal of Accounting, Elsevier, vol. 45(1), pages 1-34, March.

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