The Ownership Structure of Private Firms: Concentration and Persistence

Autor:	Georgiana Radulescu, Diana-Cristina Iancu, Øyvind Bøhren, R. Øystein Strøm
Rok vydání:	2019
Předmět:	Shareholder Register data language Economic model Demographic economics Business Norwegian Duration (project management) language.human_language Market liquidity
Zdroj:	SSRN Electronic Journal.
ISSN:	1556-5068
DOI:	10.2139/ssrn.3448071
Popis:	We find that ownership changes much less over time in private firms than in public firms. The average largest shareholder in private (public) Norwegian firms keeps the same stake in 82% (14%) of two consecutive years. In private firms past ownership dominates ownership determinants proposed in the literature, and the estimated relationship depends heavily on whether the economic model and the econometric technique capture the strong ownership persistence. This evidence suggests that lower share liquidity increases ownership duration, and that feed-back from economic outcomes to ownership structure is a less severe problem for identification when the firm's shares are illiquid.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::64caa46a349736c50a192bb30d2c789d https://doi.org/10.2139/ssrn.3448071 Zobrazit plný text záznamu