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Communication Dans Un Congrès Année : 2016

Ownership Concentration and Firm Risk. Evidence from the US

Silvia Rossetto
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Résumé

This paper investigates empirically the link between mid-sized blockholders and firm risk. Controlling for potential endogeneity problems, we find that the presence of multiple blockhold-ers positively affects firm risk. We also find that the stake of the largest blockholder reduces firm risk only when the firm has no other blockholders. Otherwise, the effect is insignificant. Overall our evidence is consistent with theories showing that firms' decisions are not determined by the largest shareholder alone and highlight the role of mid-sized blockholders. Findings are robust to various model specifications and controls.
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Dates et versions

hal-02144856 , version 1 (31-05-2019)

Identifiants

  • HAL Id : hal-02144856 , version 1

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Silvia Rossetto, Raffaele Staglianò. Ownership Concentration and Firm Risk. Evidence from the US. 3rd Law and Economic Policy International Workshop Recent Developments in Corporate Governance, École supérieure des sciences économiques et commerciales (ESSEC), Nov 2016, Paris, France. ⟨hal-02144856⟩
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