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Determinants of ownership concentration in public firms: The importance of firm-, industry- and country-level factors

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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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
Divisions : Faculty of Arts and Social Sciences > Surrey Business School
Authors :
NameEmailORCID
Richter, Ansgara.richter@surrey.ac.ukUNSPECIFIED
Weiss, ChristianUNSPECIFIEDUNSPECIFIED
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 Dec 2017 11:55
URI: http://epubs.surrey.ac.uk/id/eprint/845268

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