One Half-Billion Shareholders and Counting - Determinants of Individual Share Ownership Around the World

45 Pages Posted: 25 Aug 2009

See all articles by Paul A. Grout

Paul A. Grout

University of Bristol - Leverhulme Centre for Market and Public Organisation (CMPO)

William L. Megginson

University of Oklahoma

Anna (Ania) Zalewska

University of Bath - Centre for Governance, Regulation and Industrial Strategy; School of Management

Multiple version iconThere are 2 versions of this paper

Date Written: August 18, 2009

Abstract

This study presents the first comprehensive compilation of the number of people around the world who own shares directly and indirectly. We document that at least 310 million people in 59 countries (24 developed and 35 emerging market nations) own stock directly [Table 1]. Nearly 173 million of these investors live in countries with developed stock markets and the remaining 137 million reside in countries with emerging stock markets. We also document that at least 503 million individuals in 64 countries own stock indirectly through pension fund holdings [Table 2]. Additionally, we describe the evolution of shareholdings in several key countries. We present preliminary regression analyses of the determinants of personal shareholdings, and plan to expand these tests dramatically over the next several months. Clearly direct shareholdings increase with national income and are higher in common law than civil law countries, but the presence of privatization programs has surprisingly little observable impact.

Keywords: government policy and regulation, capital and ownership structure, property rights

JEL Classification: G18, G32, P14

Suggested Citation

Grout, Paul A. and Megginson, William L. and Zalewska, Anna, One Half-Billion Shareholders and Counting - Determinants of Individual Share Ownership Around the World (August 18, 2009). 22nd Australasian Finance and Banking Conference 2009. Available at SSRN: https://ssrn.com/abstract=1457482 or http://dx.doi.org/10.2139/ssrn.1457482

Paul A. Grout

University of Bristol - Leverhulme Centre for Market and Public Organisation (CMPO) ( email )

Mary Paley Building
12 Priory Road Department of Economics
Bristol BS8 1TN
United Kingdom

William L. Megginson (Contact Author)

University of Oklahoma ( email )

307 W Brooks, 205A Adams Hall
Norman, OK 73019
United States
(405) 325-2058 (Phone)
(405) 325-1957 (Fax)

HOME PAGE: http://faculty-staff.ou.edu/M/William.L.Megginson-

Anna Zalewska

University of Bath - Centre for Governance, Regulation and Industrial Strategy; School of Management ( email )

Claverton Down
Bath, BA2 7AY
United Kingdom
+44 0 1225 384354 (Phone)
+44 0 1226 384354 (Fax)

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