We analyze the relative importance of firm-, industry-, and country-level factors as determinants of the level of ownership concentration of firms. Building particularly on the work of Demsetz & Lehn (1985), Thomsen & Pedersen (1999; 1997, 1998), and La Porta et al.(1998, 1999), we develop...

This paper provides a joint assessment of the antecedents and the performance consequences of the allocation of ownership rights in professional service firms (PSFs). Drawing on established economic theory, we argue that the efficiency implications of alternative ownership arrangements drive the...