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Keeping it real or keeping it simple? Ownership concentration measures compared

Journal article
Authors Taylan Mavruk
Conny Overland
Stefan Sjögren
Published in European Financial Management
ISSN 1354-7798
Publication year 2019
Published at Department of Business Administration, Industrial and Financial Management & Logistics
Centre for Finance
Language en
Links https://doi.org/10.1111/eufm.12249
Keywords distributional properties, monitoring dimension, ownership concentration measures, shareholder conflict dimension
Subject categories Business Administration

Abstract

We analyze the distributional properties of ownership concentration measures and find that measures come from different underlying statistical distributions. Consistent with theory, some measures that are classified to represent a monitoring dimension have a positive influence on firm performance; other measures that are interpreted to represent a shareholder conflict dimension are negatively related to firm performance. However, other measures deviate from this pattern, and therefore, we cannot conclude that simple measures can replace complicated measures. Some measures are more suitable for analyzing the relationship between management and owners, whereas other measures are more suitable for analyzing the relationships among owners.

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