Who Governs? Corporate Ownership and Control Structures in Europe

40 Pages Posted: 8 Jun 2004

See all articles by Tom Kirchmaier

Tom Kirchmaier

London School of Economics - Centre for Economic Performance; Copenhagen Business School

Jeremy Grant

London School of Economics

Date Written: June 7, 2004

Abstract

Based on a unique and consistent dataset of firm ownership in Europe, we set out to systematically catalogue and categorise owners of European equities by type (i.e. family, institutional etc.), and show the importance of ownership coalitions to achieving control. We also highlight the increasing importance of institutional investors and conversely, their weakness in relation to prevailing ownership structures. Their influence is clearly limited where a single shareholder has legal control, and also where ownership coalitions rule. The legal ownership category accounts for over 50% of the top 100 public companies in the Continental European economies examined.

Keywords: Corporate Governance, Ownership Structure, Control Devices, Europe

JEL Classification: G34, G32

Suggested Citation

Kirchmaier, Tom and Grant, Jeremy, Who Governs? Corporate Ownership and Control Structures in Europe (June 7, 2004). Available at SSRN: https://ssrn.com/abstract=555877 or http://dx.doi.org/10.2139/ssrn.555877

Tom Kirchmaier (Contact Author)

London School of Economics - Centre for Economic Performance ( email )

Houghton Street
London, WC2A 2AE
United Kingdom
+44 207 955 6854 (Phone)

HOME PAGE: http://https://sites.google.com/site/tomkirchmaier/home

Copenhagen Business School ( email )

Porcelænshaven 24A, 3rd floor
Copenhagen
Denmark

Jeremy Grant

London School of Economics ( email )

Houghton St
London, WC2A 2AE
United Kingdom

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