Who Owns the Largest Firms Around the World?
International Research Journal of Finance and Economics, No. 21, pp. 93-111, 2008
19 Pages Posted: 23 Jun 2008 Last revised: 10 Apr 2012
Date Written: June 23, 2008
In this research paper we evaluate how corporate control around the world is defined and which variables, related to a firm's characteristics and the countries' infrastructures, influences this. We find that there is a small number of countries where firms are widely held. The role of financial institutions seems to be different in civil and common law-based countries. While they seem to act as a monitor of management in common law-based countries, in civil law countries they act as a monitor of large shareholders. Finally, we find that firm's size is the most important determinant of ultimate owners.
Keywords: Corporate ownership, Pyramidal structures
JEL Classification: G30, G32
Suggested Citation: Suggested Citation