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The puzzle of corporate control

Author

Listed:
  • Alves, Paulo

Abstract

In this research paper the main forces that influence different kinds of corporate control of the largest firms by country are evaluated. Firms controlled by individuals, Government, miscellaneous investors or widely held, exist under different circumstances. While firms controlled by individuals are small, proliferate on civil-law based countries with low levels of economic freedom, firms controlled by Governments multiply under low standards of disclosure, undeveloped financial markets and non catholic environments. On the other hand, the presence of miscellaneous investors is more frequent when stocks are glamorous and small wherein the smaller shareholder can easily use their limited resources and monitoring the management/larger shareholder. Finally, widely held firms are large and are stimulated by an economic freedom behavior.

Suggested Citation

  • Alves, Paulo, 2012. "The puzzle of corporate control," MPRA Paper 52113, University Library of Munich, Germany, revised 2012.
    • Handle: RePEc:pra:mprapa:52113
    as

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    File URL: https://mpra.ub.uni-muenchen.de/52113/1/MPRA_paper_52113.pdf
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    References listed on IDEAS

    as
    1. Gutierrez, Luis H. & Pombo, Carlos & Taborda, Rodrigo, 2008. "Ownership and control in Colombian corporations," The Quarterly Review of Economics and Finance, Elsevier, vol. 48(1), pages 22-47, February.
    2. Rafael La Porta & Florencio Lopez‐De‐Silanes & Andrei Shleifer, 1999. "Corporate Ownership Around the World," Journal of Finance, American Finance Association, vol. 54(2), pages 471-517, April.
    3. Alves, Paulo, 2010. "Corporate Ownership: Some International Evidence," MPRA Paper 51380, University Library of Munich, Germany.
    4. Brioschi, Francesco & Buzzacchi, Luigi & Colombo, Massimo G., 1989. "Risk capital financing and the separation of ownership and control in business groups," Journal of Banking & Finance, Elsevier, vol. 13(4-5), pages 747-772, September.
    5. Alves, Paulo & Ferreira, Miguel, 2008. "Who Owns the Largest Firms Around the World?," MPRA Paper 52355, University Library of Munich, Germany.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Corporate control; Ultimate owner; Institutional Environment; Widely Held;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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