Blockholder dispersion and firm value

Sander J.J. Konijn, Roman Kräussl and Andre Lucas

Journal of Corporate Finance, 2011, vol. 17, issue 5, 1330-1339

Abstract: Multiple blockholder structures are a widespread phenomenon in the U.S. The theoretical literature, however, provides conflicting predictions on whether a single large blockholder or a set of dispersed smaller blockholders is better for firm value. Using U.S. data, we find a negative correlation between Tobin's Q and blockholder dispersion. The findings are robust to a wide variety of model specifications and controls and differ from results for other geographic regions such as Europe and Asia.

Keywords: Corporate governance; Ownership structure; Multiple blockholder structures; Firm value (search for similar items in EconPapers)
JEL-codes: G3 G32 (search for similar items in EconPapers)
Date: 2011
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Citations: View citations in EconPapers (62)

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Related works:
Working Paper: Blockholder Dispersion and Firm Value (2011)
Working Paper: Blockholder dispersion and firm value (2010)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:corfin:v:17:y:2011:i:5:p:1330-1339

DOI: 10.1016/j.jcorpfin.2011.06.005

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