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内容简介：We analyze the ultimate ownership and control of 5,232 corporations in 13 Western European countries. Firms are typically widely held (36.93 percent) or family controlled (44.29 percent). Widelyheld firms are more important in the U.K. and Ireland, family-controlled firms in continental Europe. Financial and large firms are more likely to be widely-held, while non-financial and small firms are more
likely to be family-controlled. State control is important for larger firms in certain countries. Dual class shares and pyramids are used to enhance the control of the largest shareholders, but overall there are significant discrepancies between ownership and control in only a few countries.
We are grateful to Marco Bigelli, Lorenzo Caprio, Edith Ginglinger, Arun Khanna, John McConnell, Stefano Mengoli, Robert Pye, Gordon Roberts, Bill Schwert (the editor), George Tian, and especially Andrei Shleifer and an anonymous referee for providing helpful comments. We benefited from comments from workshop participants at the National University of Singapore, Washington University
at St Louis, the Capacity Building Seminar in Manila (sponsored by the Asian Development Bank), the
European Financial Management Association meeting (Athens), the European Finance Association meeting (London), the Financial Management Association meeting (Seattle), and the Scottish Institute for Research in Investment and Finance (Edinburgh). We also thank Bolsa de Valores de Lisboa,
Commerzbank, Helsinki Media Blue Book, Hugin, the Union Bank of Switzerland, and the Vienna Stock Exchange for generously providing us with their data sets. Mara Faccio acknowledges research support from Università Cattolica, Milan, and MURST (research grant #MM13572931). Larry Lang
acknowledges research support from a Hong Kong Earmarked Grant.
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