| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w6625 |
| 来源ID | Working Paper 6625 |
| Corporate Ownership Around the World | |
| Rafael La Porta; Florencio Lopez-de-Silane; Andrei Shleifer | |
| 发表日期 | 1998-06-01 |
| 出版年 | 1998 |
| 语种 | 英语 |
| 摘要 | We present data on ownership structures of large corporations in 27 wealthy economies, making an effort to identify 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 the Berle and Means image of ownership of the modern corporation. Rather, these firms are typically controlled by families or the State. Equity control by financial institutions or other widely-held corporations is less common. The controlling shareholders typically have the power over firms significantly in excess of their cash flow rights, primarily through the use of pyramids and participation in management. The results suggest that the principal agency problem in large corporations around the world is that of restricting expropriation of minority shareholders by the controlling shareholders, rather than that of restricting empire building by professional managers unaccountable to shareholders. |
| 主题 | Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w6625 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/564136 |
| 推荐引用方式 GB/T 7714 | Rafael La Porta,Florencio Lopez-de-Silane,Andrei Shleifer. Corporate Ownership Around the World. 1998. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w6625.pdf（1776KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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