 Cross-border corporate ownership and capital market integration in Europe: evidence from portfolio and industrial holdingsDariusz WÛjcik Journal of Economic Geography, 2002, vol. 2, issue 4, 455-491 Abstract: The level and determinants of cross-border holdings are evaluated using data on the ownership structures of 711 MSCI index companies in 16 European countries. The level of foreign ownership in the 16 countries is significant, but spread unevenly, with US financial institutions controlling the majority of foreign stakes. Countries' borders, rather than company size ranges are the main lines of discrimination between high and low levels of foreign corporate ownership. Major factors influencing the intensity of cross-border links include the proximity of investors to the destination of capital, and corporate governance. From the perspective of international corporate ownership, the level of capital market integration in Europe is low and the concept of the pan-European company remains a long way from being realised. Implications are drawn for future research and integration policy. Copyright 2002, Oxford University Press. Date: 2002 There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:oup:jecgeo:v:2:y:2002:i:4:p:455-491 Ordering information: This journal article can be ordered from Access Statistics for this article Journal of Economic Geography is currently edited by Jorge De la Roca, Stephen Gibbons, Simona Iammarino, Amanda Ross and James Faulconbridge More articles in Journal of Economic Geography from Oxford University Press Oxford University Press, Great Clarendon Street, Oxford OX2 6DP, UK. |
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