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H. Kent Baker and Leigh A. Riddick

Print publication date: 2012

Print ISBN-13: 9780199754656

Published to Oxford Scholarship Online: May 2013

DOI: 10.1093/acprof:oso/9780199754656.001.0001

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Differences in Ownership Structures across Countries

Differences in Ownership Structures across Countries

Chapter:
(p.569) 27 Differences in Ownership Structures across Countries
Source:
International Finance
Author(s):

WOOJIN KIM

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199754656.003.0027

This chapter summarizes stylized facts on corporate ownership and control structures around the world and their impact on managerial decisions and firm performance. Recent literature suggests that family control and pyramidal business groups are the two distinct organizational characteristics prevalent outside the United States and the United Kingdom. An important explanatory factor is the quality of investor protection, which determines the degree of private benefit extraction by the controlling party. Pyramidal business groups extend the boundaries of a firm beyond a single legal entity, raising challenges in disentangling group-level effect from other firm-level factors.

Keywords:   ownership and control, business groups, pyramids, cashflow-control disparity, private benefits, family firms

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