CGN: Firms with Dispersed Ownership (Topic)最新文献

{"title":"The Dynamics of Shareholder Dispersion and Control in Australia","authors":"J. Varzaly","doi":"10.2139/SSRN.3768856","DOIUrl":"https://doi.org/10.2139/SSRN.3768856","url":null,"abstract":"There is ongoing academic interest in understanding share ownership and control dynamics in publicly listed companies, given the corporate governance and regulatory implications arising therefrom. This article presents a new dataset and analysis of shareholder information, focusing on the largest 50 publicly listed companies in Australia, filling a striking 12 year gap in the existing literature. Specifically, the following issues are addressed: \u00001. The level of institutional ownership within the largest 20 shareholders in each of the 50 companies; 2. The concentration of that ownership based on the percentage of issued capital owned by the largest three shareholders; 3. The control of that ownership, to determine whether ownership and control diverge; and \u00004. Where ownership and control diverge, substantial shareholding information is collected and analysed, in order to provide a more complete picture of share ownership patterns in the Australian context. \u0000 \u0000The study findings provide a clear indication of the concentration of share capital in the hands of institutional shareholders in Australia. Yet, in relation to shareholder dispersion, all of the 20 largest publicly listed companies can be classified as widely held (versus 13 in the 1999 La Porta et al study) at the 20% level of control. Additionally, the results have a preliminary bearing on the relevance of common ownership theory within Australia. Regarding the ‘Big Three’ index funds, these institutions comprise 33.33% of the substantial shareholding positions across the ASX 50. Notably, 87.1% of these substantial holdings are in companies within the financial sector. The key implications arising from the findings are that managerial agency costs and the agency costs of institutional investors are of fundamental importance in the Australian context. Based on this understanding, there are two central messages for regulators and policy makers. First, corporate governance regulation must evolve in parallel to changes in share ownership and distribution. Second, there is a need for complementarity between shareholder patterns and regulation which incentivises potential governance actors and mitigates identified agency costs.","PeriodicalId":118105,"journal":{"name":"CGN: Firms with Dispersed Ownership (Topic)","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-01-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127368003","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Financial Literacy and Security-based Crowdfunding","authors":"M. Meoli, A. Rossi, S. Vismara","doi":"10.2139/ssrn.3699565","DOIUrl":"https://doi.org/10.2139/ssrn.3699565","url":null,"abstract":"Research Question/Issue \u0000This study investigates the relationship between financial literacy and the survival profile of the security‐based crowdfunding platforms. Security‐based crowdfunding has recently emerged as a novel market that allows small investors to engage directly in financing entrepreneurial ventures. However, a certain level of financial literacy is required to understand and manage these digital finance tools. A better understanding of the impact of financial literacy is, therefore, central to the development of these markets and the achievement of their inclusive potential. \u0000Research Findings/Insights \u0000Using data of the universe of 432 security‐based crowdfunding platforms in 37 OECD countries from 2007 to 2019, we find higher platforms' survival profiles where the level of financial literacy is high. Financial literacy, however, needs to combine with specific platform characteristics to take full effect, as it matters more to those platforms that deliver voting rights and that provide poorer value‐added services to crowdfunding investors. \u0000Theoretical/Academic Implications \u0000This study provides empirical support to the role of governance mechanisms at the platform level for differences in the level of financial literacy across countries. As such, it contributes to literature both on financial literacy and corporate governance. Additionally, it extends previous research in crowdfunding to the platform level. \u0000Practitioner/Policy Implications \u0000This study calls for the attention of policymakers interested in the development of crowdfunding markets. The importance of financial literacy varies with the presence of governance mechanisms and information production at the platform‐level.","PeriodicalId":118105,"journal":{"name":"CGN: Firms with Dispersed Ownership (Topic)","volume":"150 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131693862","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}