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1、TheUltimateOwnershipofWesternEuropeanCorporations***MaraFaccioandLarryH.P.Lang(Forthcoming,JournalofFinancialEconomics)AbstractWeanalyzetheultimateownershipandcontrolof5,232corporationsin13WesternEuropeancountries.Firmsaretypicallywidelyheld(36.93percent)orfamilycontrolled(44
2、.29percent).Widely-heldfirmsaremoreimportantintheU.K.andIreland,family-controlledfirmsincontinentalEurope.Financialandlargefirmsaremorelikelytobewidely-held,whilenon-financialandsmallfirmsaremorelikelytobefamily-controlled.Statecontrolisimportantforlargerfirmsincertaincountri
3、es.Dualclasssharesandpyramidsareusedtoenhancethecontrolofthelargestshareholders,butoveralltherearesignificantdiscrepanciesbetweenownershipandcontrolinonlyafewcountries.----------*DepartmentofFinanceandBusinessEconomics,MendozaCollegeofBusiness,UniversityofNotreDame,NotreDame,
4、IN46556-5646,U.S.A.Tel.:+12196315540;fax:+12196315255;e-mail:mfaccio@nd.edu.**ChineseUniversityofHongKong,225LKKBuilding,Shatin,HongKong.Tel.:+85226097761;e-mail:llang@baf.msmail.cuhk.edu.hk.WearegratefultoMarcoBigelli,LorenzoCaprio,EdithGinglinger,ArunKhanna,JohnMcConnell,St
5、efanoMengoli,RobertPye,GordonRoberts,BillSchwert(theeditor),GeorgeTian,andespeciallyAndreiShleiferandananonymousrefereeforprovidinghelpfulcomments.WebenefitedfromcommentsfromworkshopparticipantsattheNationalUniversityofSingapore,WashingtonUniversityatStLouis,theCapacityBuildi
6、ngSeminarinManila(sponsoredbytheAsianDevelopmentBank),theEuropeanFinancialManagementAssociationmeeting(Athens),theEuropeanFinanceAssociationmeeting(London),theFinancialManagementAssociationmeeting(Seattle),andtheScottishInstituteforResearchinInvestmentandFinance(Edinburgh).We
7、alsothankBolsadeValoresdeLisboa,Commerzbank,HelsinkiMediaBlueBook,Hugin,theUnionBankofSwitzerland,andtheViennaStockExchangeforgenerouslyprovidinguswiththeirdatasets.MaraFaccioacknowledgesresearchsupportfromUniversitàCattolica,Milan,andMURST(researchgrant#MM13572931).LarryLang
8、acknowledgesresearchsupportfromaHongKongEarmarkedGrant.TheUltimateOw
