TY  - UNPD
A1  - Konijn, Sander J. J.
A1  - Kräussl, Roman
A1  - Lucas, Andre
T1  - Blockholder dispersion and firm value
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2010,05
N2  - This paper analyzes the impact of blockownership dispersion on firm value. Blockholdings by multiple blockholders is a widespread phenomenon in the U.S. market. It is not clear, however, whether dispersion among blockholder is preferable to having a more concentrated ownership structure. To test for the direction of the effect, we use a large dataset of U.S. firms that combines blockholder information, shareholder rights information, debt ratings, accounting information, and financial markets information. We find that a large fraction of aggregated block ownership negatively affects Tobin’s Q. The negative impact is larger if blockowners are more dispersed, suggesting that a concentrated ownership structure is to be preferred on average. Results are robust to controlling for blockholder type as well as proxies for shareholder rights. Our empirical findings are also confirmed if we study the impact of ownership dispersion on firm debt ratings rather than Tobin’s Q. JEL Classification: G3, G32
T3  - CFS working paper series - 2010, 05 
KW  - Corporate Governance
KW  - Ownership Structure
KW  - Multiple Blockholders
KW  - Firm Value
KW  - Aktionär
KW  - Firmenwert
Y1  - 2010
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/7524
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30-75241
ER  -