Determinants of ownership concentration in public firms: The importance of firm-, industry- and country-level factors
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Richter, Ansgar and Weiss, Christian (2012) Determinants of ownership concentration in public firms: The importance of firm-, industry- and country-level factors International Review of Law and Economics, 33. pp. 1-14.
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Official URL: https://doi.org/10.1016/j.irle.2012.08.003
Abstract
We analyze the relative importance of firm-, industry-, and country-level factors as determinants of the level of ownership concentration of firms. We apply hierarchical linear models to a sample of 900 firms from nine countries. Our models explain up to 28% of the variance in ownership concentration. The results show that firm- and country-level factors influence ownership concentration far more strongly than industry-level factors do. The institutional context in which companies operate has a relatively large effect on ownership concentration. Our results should spark further multi-level research on the relationship between environmental factors on the country level and the allocation of ownership rights.
| Item Type: | Article | |||||||||
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| Divisions : | Faculty of Arts and Social Sciences > Surrey Business School | |||||||||
| Authors : |
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| Date : | 24 September 2012 | |||||||||
| Identification Number : | 10.1016/j.irle.2012.08.003 | |||||||||
| Uncontrolled Keywords : | Ownership concentration; Corporate governance; Hierarchical linear modeling | |||||||||
| Depositing User : | Clive Harris | |||||||||
| Date Deposited : | 14 Dec 2017 11:55 | |||||||||
| Last Modified : | 14 Mar 2018 16:24 | |||||||||
| URI: | http://epubs.surrey.ac.uk/id/eprint/845268 |
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