Porta, Rafael La; Lopez-De-Silanes, Florencio; … - In: Journal of Finance 54 (1999) 2, pp. 471-517
We use data on ownership structures of large corporations in 27 wealthy economies to identify the ultimate controlling shareholders of these firms. We find that, except in economies with very good shareholder protection, relatively few of these firms are widely held, in contrast to Berle and...