Industry and ownership structure |
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| Authors: | Steen Thomsen Torben Pedersen |
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| Institution: | aInstitute of International Business, The Aarhus School of Business, Aarhus, Denmark;bInstitute of International Economics and Management, Copenhagen Business School, Copenhagen, Denmark |
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| Abstract: | The paper examines the relationship between main industry and corporate ownership structures using a unique database covering the 100 largest companies in each of 12 European countries. The predictive power of economic ownership theory is tested and generally supported. We find evidence that industry affiliation has a significant effect on ownership structure after controlling for national differences. The industry effect is found to be related to differences in firm size, industry growth, earnings volatility, capital, and research intensity. |
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