Who Controls Us?

26 Pages Posted: 2 Dec 2011

See all articles by Yoser Gadhoum

Yoser Gadhoum

University of Quebec at Montreal (UQAM) - Department of Business Strategy

Larry H.P. Lang

The Chinese University of Hong Kong (CUHK) - Department of Finance

Leslie Young

The Chinese University of Hong Kong (CUHK) - Department of Finance

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Abstract

Berle and Means asserted that US corporations typically have dispersed shareholders; their evidence did not support this conclusion. Today, 59.74% of US corporations have 'controlling shareholders' who hold at least 10% of the shares; 24.57% are controlled and managed by a family; 16.33% are controlled by a widely-held financial institution; 13.55% are controlled through family trusts. In all size ranges, the USA has more corporations controlled by families than by financial institutions. In almost all size ranges, it has a higher percentage of family-controlled corporations than any of next four largest economies.

Suggested Citation

Gadhoum, Yoser and Lang, Hsien Ping Larry and Young, Leslie S.F., Who Controls Us?. European Financial Management, Vol. 11, No. 3, pp. 339-363, June 2005, Available at SSRN: https://ssrn.com/abstract=736406

Yoser Gadhoum (Contact Author)

University of Quebec at Montreal (UQAM) - Department of Business Strategy ( email )

School of Business Administration
Montreal, Quebec H3C 4R2
Canada
514 987 3000, extension 3107 (Phone)

Hsien Ping Larry Lang

The Chinese University of Hong Kong (CUHK) - Department of Finance ( email )

Shatin, N.T.
Hong Kong
+85 2 2609 7761 (Phone)
+85 2 2603 6586 (Fax)

Leslie S.F. Young

The Chinese University of Hong Kong (CUHK) - Department of Finance ( email )

Shatin, N.T.
Hong Kong
852 2609 7421 (Phone)

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