Determinants of Ownership Concentration: The Importance of Firm-, Industry- and Country-Level Factors

2010 ◽  
Author(s):  
Christian Weiss ◽  
Ansgar Richter
Keyword(s):  
Ownership Concentration ◽  
Country Level

Ownership structure and voluntary disclosure: A synthesis of empirical studies

2016 ◽  
Vol 42 (3) ◽  
pp. 376-403 ◽  
Author(s):  
Hichem Khlif ◽  
Kamran Ahmed ◽  
Mohsen Souissi
Keyword(s):  
Research Design ◽  
Ownership Structure ◽  
Voluntary Disclosure ◽  
Empirical Studies ◽  
Ownership Concentration ◽  
Institutional Characteristics ◽  
Country Level ◽  
Negative Effect ◽  
Positive Effect

In this article, we meta-analyse 69 empirical studies assessing the association between corporate voluntary disclosure and ownership concentration and types, and how institutional characteristics and research design moderate these relationships. Our overall analyses show that state, foreign and institutional ownerships have a positive effect but managerial ownership and ownership concentration have a negative effect on voluntary disclosure. Since the overall effect may conceal the underlying factors that cause heterogeneity in the effect size distribution, we select two important institutional factors: country-level investor protection and the equity market development, and research design and journal quality, to explain the mixed and conflicting findings. Our results emphasise the need to consider legal and institutional characteristics, and researcher induced-artefacts, in understanding the role of ownership structure and identity in corporate voluntary disclosure.

Corporate ownership concentration and financial reporting quality

2019 ◽  
Vol 17 (1) ◽  
pp. 104-132 ◽  
Author(s):  
Neal Arthur ◽  
Huifa Chen ◽  
Qingliang Tang
Keyword(s):  
Financial Reporting ◽  
Ownership Structure ◽  
Reporting Quality ◽  
Policy Implications ◽  
Ownership Concentration ◽  
Financial Reporting Quality ◽  
Content Type ◽  
Controlling Shareholders ◽  
Country Level ◽  
Important Extension

Purpose The purpose of this study is to investigate whether a country’s ownership concentration affects the financial reporting quality in a cross-country setting. Design/methodology/approach This paper uses six accounting and auditing indicators to construct a comprehensive index to measure the country-level financial reporting quality. Findings The authors find a non-linear nature of the relationship between the national financial reporting quality and national ownership structure. Specifically, the relation is negative in a relatively spread ownership structure with no controlling shareholders, implying the entrenchment effects dominate. When ownership is highly concentrated, particularly with controlling shareholders whose interest is aligned with that of the firm, the relation turns to positive and alignment effects dominate. Originality/value The study is an important extension of prior research examining the financial reporting quality effect of ownership concentration. It enhances the understanding of the role of ownership concentration in determining a country’s financial reporting quality and has potential important policy implications for countries’ reformers and regulators who are concerned with the transparency of financial reporting and the quality of corporate governance.

scholarly journals Corporate ownership patterns in developing countries

2016 ◽  
Vol 13 (2) ◽  
pp. 101-112 ◽  
Author(s):  
Tesfaye T. Lemma ◽  
Minga Negash
Keyword(s):  
Developing Countries ◽  
Ownership Concentration ◽  
Institutional Pressures ◽  
Agency Conflicts ◽  
Corporate Ownership ◽  
African Countries ◽  
Firm Level ◽  
Country Level ◽  
Real Gdp Per Capita ◽  
Ownership Patterns

This paper examines the effect of firm-, industry-, and country-level factors on corporate ownership pattern within the context of six African countries. Based on theory, we develop multi-dimensional models and examine data pertaining to 377 non-financial firms across a time period of 15 years using a battery of econometric procedures. In the sample countries, ownership concentration and/or block shareholding increases with firm level debt maturity structure, industry regulation, and perceived level of corruption in a country and its real GDP per capita. We also find ownership concentration and/or block shareholding decreases with firm level basic capital structure, firm size, and orientation of the financial system of a country. Our findings signify the role that information asymmetries, agency conflicts, and institutional pressures play in the determination of corporate ownership patterns in developing countries. The findings have practical implications for the investment community in assessing ownership patterns of companies listed in developing countries. Furthermore, the results spark insights that are potentially useful to enhance corporate governance institutions in developing countries.

Three Paradoxical Effects on Academic Self-Concept Across Countries, Schools, and Students

2019 ◽  
Vol 24 (3) ◽  
pp. 231-242 ◽  
Author(s):  
Herbert W. Marsh ◽  
Philip D. Parker ◽  
Reinhard Pekrun
Keyword(s):  
International Student ◽  
Student Assessment ◽  
Cross Cultural ◽  
Frame Of Reference ◽  
School Level ◽  
Self Concept ◽  
Positive Effects ◽  
International Student Assessment ◽  
Country Level ◽  
Starting School

Abstract. We simultaneously resolve three paradoxes in academic self-concept research with a single unifying meta-theoretical model based on frame-of-reference effects across 68 countries, 18,292 schools, and 485,490 15-year-old students. Paradoxically, but consistent with predictions, effects on math self-concepts were negative for: • being from countries where country-average achievement was high; explaining the paradoxical cross-cultural self-concept effect; • attending schools where school-average achievement was high; demonstrating big-fish-little-pond-effects (BFLPE) that generalized over 68 countries, Organisation for Economic Co-operation and Development (OECD)/non-OECD countries, high/low achieving schools, and high/low achieving students; • year-in-school relative to age; unifying different research literatures for associated negative effects for starting school at a younger age and acceleration/skipping grades, and positive effects for starting school at an older age (“academic red shirting”) and, paradoxically, even for repeating a grade. Contextual effects matter, resulting in significant and meaningful effects on self-beliefs, not only at the student (year in school) and local school level (BFLPE), but remarkably even at the macro-contextual country-level. Finally, we juxtapose cross-cultural generalizability based on Programme for International Student Assessment (PISA) data used here with generalizability based on meta-analyses, arguing that although the two approaches are similar in many ways, the generalizability shown here is stronger in terms of support for the universality of the frame-of-reference effects.

The Impact of Property Characteristics on Economic Performance of Russian Industrial Enterprises

2005 ◽  
pp. 53-68 ◽  
Author(s):  
R. Kapeliushnikov ◽  
N. Demina
Keyword(s):  
Detailed Analysis ◽  
Economic Performance ◽  
Ownership Concentration ◽  
Corporate Sector ◽  
Concentrated Ownership ◽  
Industrial Enterprises ◽  
Russian Industry ◽  
Control Premium ◽  
And Performance ◽  
The Impact

The paper provides new survey evidence on effects of concentrated ownership upon investment and performance in Russian industrial enterprises. Authors trace major changes in their ownership profile, assess pace of post-privatization redistribution of shareholdings and provide evidence on ownership concentration in the Russian industry. The major econometric findings are that the first largest shareholding is negatively associated with the firm’s investment and performance but surprisingly the second largest shareholding is positively associated with them. Moreover, these relationships do not depend on identity of majority shareholders. These results are consistent with the assumption that the entrenched controlling owners are engaged in extracting "control premium" but sizable shareholdings accumulated by other blockholders may put brakes on their expropriating behavior and thus be conductive for efficiency enhancing. The most interesting topic for further more detailed analysis is formation, stability and roles of coalitions of large blockholders in the corporate sector of post-socialist countries.

TBE in Romania

2020 ◽  
Keyword(s):  
Surveillance System ◽  
Epidemiological Survey ◽  
Passive Surveillance ◽  
Notifiable Disease ◽  
Territorial Expansion ◽  
Country Level ◽  
Regular Screening ◽  
Passive Surveillance System ◽  
Natural Foci ◽  
Risk Areas

Based on an epidemiological survey,1 human TBEV neuroinfections may have an endemic emergent course, and natural foci are in full territorial expansion. Identified risk areas are Tulcea district, Transylvania, at the base of the Carpathian Mountains and the Transylvanian Alps.2,3 TBE has been a notifiable disease since 1996. Surveillance of TBE is not done at the country level, only regionally in some counties (northern/central/western part, close to Hungary). The passive surveillance system was implemented in 2008. However, there is no regular screening and the relative risk of contracting this disease is unknown. In 1999, an outbreak of TBE in humans was recorded with a total of at least 38 human cases.4

Strategies for Survival of the World — Risk Management

2019 ◽  
Vol 10 (4) ◽  
Author(s):  
Jovo Lojanica ◽  
Keyword(s):  
Risk Management ◽  
Native Americans ◽  
National Level ◽  
Country Level ◽  
Management Standards ◽  
Family Level ◽  
Future Challenges ◽  
Iso 31000 ◽  
History Of ◽  
Personal Level

All management standards have requirements for different aspects of improvements on the personal level, family level, company level, in business and life. What is about national level and country level? Is it possible for today’s generations to learn history of nations and of civilizations? If it is — ok, let’s apply it on actual time and people to have less problems and difficulties — especially if is actual in field of risk management. Majority of people are occupied by today’s problems. They don’t consider past and future challenges. People from each country strive for better quality, better and cleaner environment, higher safety etc. historically and today. But could we remember: How did Genghis Khan conquer many regions and how was he defeated? How did Mayas and Aztecs die out? How were Native Americans in North America drastically reduced in numbers? How did the Roman Imperium vanish? How was the Ottoman Imperium established and how it vanished? How many people were killed in the wars in XX century, etc? In all these catastrophic changes risks were not considered in an adequate way. Requirements of risk management — Principles and guidelines — ISO 31000:2009 are very consultative. They could be used on country level, national level, regional level, continental and intercontinental level.

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