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Ownership Structure, Control Type Classifications And The Performance Of Large British Companies

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  • LEECH, D.
  • LEAHY, J.

Abstract

Ownership structure among 470 U.K. listed companies is described by concentration indices and by "control type," the latter defined using both a fixed percentage shareholding and the "degree of control." The authors also test for possible controlling coalitions among groups of shareholders. Control-type effects on performance are tested using reduced-form equations for valuation ratio, profit margin, return on capital, growth rates, and directors' pay. There is no clear evidence to support managerial theories. Ownership structure is analyzed with the results that greater size and capital cost (beta) imply greater shareholding dispersion. A probit model of control type gives weak results. Copyright 1991 by Royal Economic Society.
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Suggested Citation

  • Leech, D. & Leahy, J., 1989. "Ownership Structure, Control Type Classifications And The Performance Of Large British Companies," The Warwick Economics Research Paper Series (TWERPS) 345, University of Warwick, Department of Economics.
  • Handle: RePEc:wrk:warwec:345
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    References listed on IDEAS

    as
    1. Backus, David & Driffill, John, 1985. "Inflation and Reputation," American Economic Review, American Economic Association, pages 530-538.
    2. Dornbusch, Rudiger, 1976. "Expectations and Exchange Rate Dynamics," Journal of Political Economy, University of Chicago Press, vol. 84(6), pages 1161-1176, December.
    3. J. Bradford De Long & Andrei Shleifer & Lawrence H. Summers & Robert J. Waldmann, 1987. "The Economic Consequences of Noise Traders," NBER Working Papers 2395, National Bureau of Economic Research, Inc.
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    Keywords

    owners ; ownership ; economics;

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