Industry-specificities and Size of Corporations: Determinants of Ownership Structures

This paper analyses ownership concentration in six European countries and empirically studies the rent-seeking theory. This theory states that ownership concentration not only depends on the level of investor protection but also on company-specific and industry-specific parameters. This study analyses the sector specific ownership patterns of listed corporations. The results only partially confirm the influence of industryspecific characteristics. Different industries are characterised by different shareholder concentration patterns. Hence and in light of the rent-seeking theory it is plausible that company's specific characteristics, like the identity of the largest shareholder, the risk of the firm, etc. influence rent-seeking behavior.Voting-block statistics, industry characteristics, size, determinants of ownership concentration