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

Conference contribution
Authors Taylan Mavruk
Conny Overland
Stefan Sjögren
Published in World Finance Conference - New York (July, 29 to 31, 2016)
Publication year 2016
Published at Department of Business Administration, Industrial and Financial Management & Logistics
Centre for Finance
Language en
Keywords Ownership concentration measures, distributional properties.
Subject categories Business Administration

Abstract

Based on a sample of 240 Swedish firms listed at the Stockholm Stock Exchange as of year-end 2008 we analyze measures of ownership concentration found in past governance literature. We find that although measures are significantly correlated, they show different distributional properties. We also identify the best underlying distribution for each concentration measure, and we are able to distinguish between measures in terms of what dimensions of ownership they describe. Finally, we document that inferences regarding the association between ownership concentration and firm performance are contingent on the choice of concentration measure.

Page Manager: Webmaster|Last update: 9/11/2012
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