WHAT DETERMINES CORPORATE OWNERSHIP CONCENTRATION AROUND THE WORLD?

Baozhi Qu

A chapter in Corporate Governance, 2004, pp 221-246 from Emerald Group Publishing Limited

Abstract: This paper extends Demsetz and Lehn’s (1985) results and studies the determinants of corporate ownership concentration across countries in light of Qu’s (2004) model using a newly constructed dataset of 1,070 publicly traded stock companies from 45 countries. Estimation results show that ownership concentration varies systematically with respect to certain firm-specific economic variables and country characteristics in ways that are consistent with value maximization and predictions of agency theory. After controlling for firm-level determinants such as size, auditing practice, return rate, etc., ownership concentration is significantly lower in countries with more developed stock market and more effective investor protection.

Date: 2004
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Persistent link: https://EconPapers.repec.org/RePEc:eme:afeczz:s1569-3732(04)09009-7

DOI: 10.1016/S1569-3732(04)09009-7

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