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Cited by 595

The DOI matches its Crossref record; 7 of the 7 references it cites were found in a registry or an index.

Complex Ownership Structures and Corporate Valuations

Open access
Laeven, Luc, Levine, Ross·2008·Review of Financial Studies
DOI 10.1093/rfs/hhm068
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Abstract

The bulk of corporate governance theory examines the agency problems that arise from two extreme ownership structures: 100% small shareholders or one large, controlling owner combined with small shareholders. In this paper, we question the empirical validity of this dichotomy. In fact, one-third of publicly listed firms in Europe have multiple large owners, and the market value of firms with multiple blockholders differs from firms with a single large owner and from widely held firms. Moreover, the relationship between corporate valuations and the distribution of cash-flow rights across multiple large owners is consistent with the predictions of recent theoretical models.

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Crossref · 10.1093/rfs/hhm068

Cites

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Metadata

Authors
Laeven, L., & Levine, R.
Venue
Review of Financial Studies
Publisher
Oxford University Press (OUP)
Published
2007-12-10
Volume
21
Issue
2
Pages
579-604
ISSN
  • 0893-9454 (ISSN-L)
  • 1465-7368
DOI
10.1093/rfs/hhm068
OpenAlex
W2889649708
Cited by
595
References
7
FWCI
63.02
Type
journal article
Language
en
Open access
bronze

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CoChat. (2026). Citation check: Complex Ownership Structures and Corporate Valuations. https://app.cochat.ai/papers/10.1093/rfs/hhm068
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Laeven, L., & Levine, R. (2008). Complex Ownership Structures and Corporate Valuations. Review of Financial Studies. https://doi.org/10.1093/rfs/hhm068

Data sources

Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.