Corporate ownership concentration drivers in a context dominated by private SME's
Autor(a) principal: | |
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Data de Publicação: | 2021 |
Outros Autores: | |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10400.19/7359 |
Resumo: | This paper aims to ascertain how company-specific factors influence the corporate ownership concentration of Portuguese firms. The paper employs several different regression techniques: Generalized Linear Model, Ordered Logit, 2 Stage Least Squares, Ordinary Least Squares, Truncated and Constrained regression. Additionally, to test the model's prediction power, it conducts an in and out-of-sample analysis and used joint-rolling window re- gressions and dependent variables intervals partition to test the robustness of the model under different sample restrictions. Firm size, profitability, the number of subsidiaries, and bank concentration are positive determinants of ownership concentration, while an opposite influence is found concerning auditor qualification and the board of directors' size. Significant implications are provided for the policymaking in countries where capital markets are underdeveloped, and concentrated ownership is common to help the regulator determining the power of controlling shareholders. This study enriches the literature on the determinants of corporate ownership, being the first study to approach non-public companies. It adds novelty by incorporating new company factors which are scarce in ownership studies. |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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7160 |
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Corporate ownership concentration drivers in a context dominated by private SME'sOwnership concentrationBoard independenceCompany-specific factorsGeneralized linear modelOrdered logit modelThis paper aims to ascertain how company-specific factors influence the corporate ownership concentration of Portuguese firms. The paper employs several different regression techniques: Generalized Linear Model, Ordered Logit, 2 Stage Least Squares, Ordinary Least Squares, Truncated and Constrained regression. Additionally, to test the model's prediction power, it conducts an in and out-of-sample analysis and used joint-rolling window re- gressions and dependent variables intervals partition to test the robustness of the model under different sample restrictions. Firm size, profitability, the number of subsidiaries, and bank concentration are positive determinants of ownership concentration, while an opposite influence is found concerning auditor qualification and the board of directors' size. Significant implications are provided for the policymaking in countries where capital markets are underdeveloped, and concentrated ownership is common to help the regulator determining the power of controlling shareholders. This study enriches the literature on the determinants of corporate ownership, being the first study to approach non-public companies. It adds novelty by incorporating new company factors which are scarce in ownership studies.Elsevier Science DirectRepositório Científico do Instituto Politécnico de ViseuReis, PedroPinto, António2022-10-17T13:55:33Z2021-102021-10-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.19/7359engReis, P. M. N., & Pinto, A. P. S. (2021). Corporate ownership concentration drivers in a context dominated by private SME's. Heliyon, 7(10), e08163.10.1016/j.heliyon.2021.e08163info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-01-16T15:29:31Zoai:repositorio.ipv.pt:10400.19/7359Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T16:45:06.140873Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
Corporate ownership concentration drivers in a context dominated by private SME's |
title |
Corporate ownership concentration drivers in a context dominated by private SME's |
spellingShingle |
Corporate ownership concentration drivers in a context dominated by private SME's Reis, Pedro Ownership concentration Board independence Company-specific factors Generalized linear model Ordered logit model |
title_short |
Corporate ownership concentration drivers in a context dominated by private SME's |
title_full |
Corporate ownership concentration drivers in a context dominated by private SME's |
title_fullStr |
Corporate ownership concentration drivers in a context dominated by private SME's |
title_full_unstemmed |
Corporate ownership concentration drivers in a context dominated by private SME's |
title_sort |
Corporate ownership concentration drivers in a context dominated by private SME's |
author |
Reis, Pedro |
author_facet |
Reis, Pedro Pinto, António |
author_role |
author |
author2 |
Pinto, António |
author2_role |
author |
dc.contributor.none.fl_str_mv |
Repositório Científico do Instituto Politécnico de Viseu |
dc.contributor.author.fl_str_mv |
Reis, Pedro Pinto, António |
dc.subject.por.fl_str_mv |
Ownership concentration Board independence Company-specific factors Generalized linear model Ordered logit model |
topic |
Ownership concentration Board independence Company-specific factors Generalized linear model Ordered logit model |
description |
This paper aims to ascertain how company-specific factors influence the corporate ownership concentration of Portuguese firms. The paper employs several different regression techniques: Generalized Linear Model, Ordered Logit, 2 Stage Least Squares, Ordinary Least Squares, Truncated and Constrained regression. Additionally, to test the model's prediction power, it conducts an in and out-of-sample analysis and used joint-rolling window re- gressions and dependent variables intervals partition to test the robustness of the model under different sample restrictions. Firm size, profitability, the number of subsidiaries, and bank concentration are positive determinants of ownership concentration, while an opposite influence is found concerning auditor qualification and the board of directors' size. Significant implications are provided for the policymaking in countries where capital markets are underdeveloped, and concentrated ownership is common to help the regulator determining the power of controlling shareholders. This study enriches the literature on the determinants of corporate ownership, being the first study to approach non-public companies. It adds novelty by incorporating new company factors which are scarce in ownership studies. |
publishDate |
2021 |
dc.date.none.fl_str_mv |
2021-10 2021-10-01T00:00:00Z 2022-10-17T13:55:33Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10400.19/7359 |
url |
http://hdl.handle.net/10400.19/7359 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
Reis, P. M. N., & Pinto, A. P. S. (2021). Corporate ownership concentration drivers in a context dominated by private SME's. Heliyon, 7(10), e08163. 10.1016/j.heliyon.2021.e08163 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Elsevier Science Direct |
publisher.none.fl_str_mv |
Elsevier Science Direct |
dc.source.none.fl_str_mv |
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
instname_str |
Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
instacron_str |
RCAAP |
institution |
RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
collection |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
repository.name.fl_str_mv |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
repository.mail.fl_str_mv |
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1799130922682941440 |