Keeping It Real or Keeping It Simple? Ownership Concentration Measures Compared

Mavruk, T., Overland, C., & Sjögren, S. (2019). Keeping it real or keeping it simple? Ownership concentration measures compared. European Financial Management, 1-48, 12249. Accepted version available at: doi 10.1111/eufm.12249

49 Pages Posted: 19 Dec 2019

See all articles by Taylan Mavruk

Taylan Mavruk

University of Gothenburg - Centre for Finance - School of Business, Economics and Law

Conny Overland

University of Gothenburg, Department of Business Administration

Stefan Sjögren

University of Gothenburg - Centre for Finance - School of Business, Economics and Law

Date Written: December 5, 2019

Abstract

We analyze the distributional properties of ownership concentration measures and find that measures come from different underlying statistical distributions. Consistent with theory, some measures that are classified to represent a monitoring dimension have a positive influence on firm performance; other measures that are interpreted to represent a shareholder conflict dimension are negatively related to firm performance. However, other measures deviate from this pattern, and therefore, we cannot conclude that simple measures can replace complicated measures. Some measures are more suitable for analyzing the relationship between management and owners, whereas other measures are more suitable for analyzing the relationships among owners.

Keywords: distributional properties, monitoring dimension, ownership concentration measures, shareholder conflict dimension

JEL Classification: C18, C46, C81, D74, G34, L25

Suggested Citation

Mavruk, Taylan and Overland, Conny and Sjogren, Stefan, Keeping It Real or Keeping It Simple? Ownership Concentration Measures Compared (December 5, 2019). Mavruk, T., Overland, C., & Sjögren, S. (2019). Keeping it real or keeping it simple? Ownership concentration measures compared. European Financial Management, 1-48, 12249. Accepted version available at: doi 10.1111/eufm.12249 . Available at SSRN: https://ssrn.com/abstract=3498145

Taylan Mavruk (Contact Author)

University of Gothenburg - Centre for Finance - School of Business, Economics and Law ( email )

Vasagatan 1
Gothenburg, 40530
Sweden

HOME PAGE: http://www.cff.handels.gu.se/faculty-presentation/taylan-mavruk/

Conny Overland

University of Gothenburg, Department of Business Administration ( email )

Göteborg, SE 405 30
Sweden
+46-31-786 12 72 (Phone)
+46-31-786 44 92 (Fax)

Stefan Sjogren

University of Gothenburg - Centre for Finance - School of Business, Economics and Law ( email )

Viktoriagatan 30
Göteborg, 405 30
Sweden

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