Corporate ownership around the world

Article Abstract:

We use data on ownership structures of large corporations in 27 wealthy economies to identify the ultimate controlling shareholders of these firms. We find that, except in economies with very good shareholder protection, relatively few of these firms are widely held, in contrast to Berle and Mean's image of ownership of the modern corporation. Rather, these firms are typically controlled by families or the State. Equity control by financial institutions is far less common. The controlling shareholders typically have power over firms significantly in excess of their cash flow rights, primarily through the use of pyramids and participation in management. (Reprinted by permission of the publisher.)

Industrialized countries, Industrial nations, Investor relations

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Legal determinants of external finance

Article Abstract:

Using a sample of 49 countries, we show that countries with poorer investor protections, measure by both the character of legal rules and the quality of law enforcement, have smaller and narrower capital markets. These findings apply to both equity and debt markets. In particular, French civil law countries have both the weakest investor protections and the least developed capital markets, especially as compared to common law countries. (Reprinted by permission of the publisher.)

Securities and Commodity Exchanges, Administration of General Economic Programs, Security and commodity exchanges, Securities Exchanges, Foreign Investment Regulations, Foreign investments, Laws, regulations and rules, Stock-exchange, Stock exchanges, Exchanges, Investments, Capital market, Capital markets, Protection and preservation, Foreign investment laws

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Agency problems and dividend policies around the world

Article Abstract:

The "outcome model" for dividend distribution predicts that stronger minority shareholder rights should produce higher divident payouts, while the "substitute model" predicts the opposite. Tests on 4,000 companies in 33 countries support the outcome model as preferable.

United States, World, Dividends, Social aspects, Management

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