Journal of Finance2014-09-28 4:48 PM

Corporate Ownership Around the World

ABSTRACT

We use data on ownership structures of large corporations in 27 wealthy economies to identify the ultimate controlling shareholders of these firms. We find that, except in economies with very good shareholder protection, relatively few of these firms are widely held, in contrast to Berle and Means's image of ownership of the modern corporation. Rather, these firms are typically controlled by families or the State. Equity control by financial institutions is far less common. The controlling shareholders typically have power over firms significantly in excess of their cash flow rights, primarily through the use of pyramids and participation in management.


Full Article

KEYWORDS

SHARE & LIKE

COMMENTS

ABOUT THE AUTHOR

Journal of Finance

The Journal of Finance publishes leading research across all the major fields of financial research. It is the most widely cited academic journal on finance.

0 Following 12 Fans 0 Projects 72 Articles

SIMILAR ARTICLES

AbstractWe study the performance of nearly 1,400 U.S. buyout and venture capital funds using a new data set from Burgiss. We find better buyout fund per

Read More

Abstract:During the past few decades, the fraction of the equity market owned directly by individuals declined significantly. The same period witnessed

Read More

Abstract:We propose a new definition of skill as general cognitive ability to pick stocks or time the market. We find evidence for stock picking in b

Read More

Abstract:We investigate the relationship between ex ante total skewness and holding returns on individual equity options. Recent theoretical developm

Read More

Abstract:We establish that CEOs of companies experiencing volatile industry conditions are more likely to be dismissed. At the same time, accounting

Read More

Abstract:Defining and measuring readability in the context of financial disclosures becomes important with the increasing use of textual analysis and

Read More

Abstract:Contrary to recent accounts of off-balance-sheet securitization by financial firms, we show that asset securitization by nonfinancial firms

Read More

Abstract:To rationalize the well-known underperformance of the average actively managed mutual fund, we exploit the fact that retail funds in differe

Read More

 The process of selecting a portfolio may be divided into two stages. The first stage starts with observation and experience and ends with beliefs abou

Read More

AbstractOne of the problems which has plagued those attempting to predict the behavior of capital markets is the absence of a body of positive microeco

Read More