Journal of Corporate Finance Vol. 17 No. 5 2011
Blockholder dispersion and firm value
Abstract
Multiple blockholder structures are a widespread phenomenon in the U.S. The theoretical literature, however, provides conflicting predictions on whether a single large blockholder or a set of dispersed smaller blockholders is better for firm value. Using U.S. data, we find a negative correlation between Tobin's Q and blockholder dispersion. The findings are robust to a wide variety of model specifications and controls and differ from results for other geographic regions such as Europe and Asia.
- DOI
- 10.1016/j.jcorpfin.2011.06.005
- Volume
- 17
- Issue
- 5
- Pages
- 1330-1339
- Language
- en
- Sources
- bibtex:phds-export.bib openalex crossref