Corporate Ownership Around the World

Rafael La Porta, Florencio Lopez‐ De‐Silanes and Andrei Shleifer
Authors registered in the RePEc Author Service: Florencio Lopez-de-Silanes ()

Journal of Finance, 1999, vol. 54, issue 2, 471-517

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.

Date: 1999
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https://doi.org/10.1111/0022-1082.00115

Related works:
Working Paper: Corporate Ownership Around the World (1999)
Working Paper: Corporate Ownership Around the World (1998)
Working Paper: Corporate Ownership Around the World (1998)
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Persistent link: https://EconPapers.repec.org/RePEc:bla:jfinan:v:54:y:1999:i:2:p:471-517

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