How does firm size explain cross-country differences in ownership concentration?

IF 2.9 3区经济学 Q2 BUSINESS, FINANCE

Journal of Multinational Financial Management Pub Date : 2022-09-01 DOI:10.1016/j.mulfin.2022.100737

Fariborz Moshirian , Thuy Thi Nguyen , Bohui Zhang

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Abstract

While a number of studies have examined ownership structure across countries, the literature has not yet reached a consensus as to how and why ownership concentration and the size sensitivity of ownership concentration vary across countries. Using a sample of 18,932 firms across 40 countries, we find that there is a negative relationship between firm size and ownership concentration and thus lower ownership concentration in countries with a high quality of governance. Meanwhile, in countries with weak governance, ownership concentration persists even as firms get larger. Our findings support the theory that a firm’s choice of optimal ownership structure depends on its quality of governance, which includes both vertical and horizontal governance. Our study also finds that civic capital, including ethical values, contribute to the variation of ownership structure across countries. The findings also potentially reconcile the currently conflicting empirical results in studies of ownership concentration around the world.

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企业规模如何解释不同国家所有权集中度的差异?

虽然有许多研究考察了各国的股权结构，但文献尚未就股权集中度和股权集中度的规模敏感性在各国之间的差异如何以及为何存在差异达成共识。通过对40个国家18,932家公司的样本分析，我们发现公司规模与股权集中度之间存在负相关关系，因此在治理质量高的国家，股权集中度较低。与此同时，在治理薄弱的国家，即使公司规模越来越大，所有权集中度仍然存在。我们的研究结果支持了企业对最优股权结构的选择取决于其治理质量的理论，其中包括纵向和横向治理。我们的研究还发现，公民资本，包括道德价值观，导致了各国所有权结构的差异。这些发现还可能调和目前世界各地关于所有权集中度的研究中相互矛盾的实证结果。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Multinational Financial Management BUSINESS, FINANCE-

CiteScore

7.30

自引率

4.80%

发文量

审稿时长

30 days

期刊介绍： International trade, financing and investments have grown at an extremely rapid pace in recent years, and the operations of corporations have become increasingly multinationalized. Corporate executives buying and selling goods and services, and making financing and investment decisions across national boundaries, have developed policies and procedures for managing cash flows denominated in foreign currencies. These policies and procedures, and the related managerial actions of executives, change as new relevant information becomes available. The purpose of the Journal of Multinational Financial Management is to publish rigorous, original articles dealing with the management of the multinational enterprise. Theoretical, conceptual, and empirical papers providing meaningful insights into the subject areas will be considered. The following topic areas, although not exhaustive, are representative of the coverage in this Journal. • Foreign exchange risk management • International capital budgeting • Forecasting exchange rates • Foreign direct investment • Hedging strategies • Cost of capital • Managing transaction exposure • Political risk assessment • International working capital management • International financial planning • International tax management • International diversification • Transfer pricing strategies • International liability management • International mergers.