The Corporate Governance Program

Ownership structure characteristics

A comprehensive, detailed analysis of our sample of firms' ownership structure characteristics can be found in the following publications: These four publications describe the institutional framework for corporate governance in Norway (like the legal protection of stockholder rights) and quantifies a wide range of ownership structure characteristics such as ownership concentration (the stakes held by the firm's large owners), owner types (holdings by state, international, individual, institutional, and non-institutional investors, ownership of voting and non-voting shares (A and B equity), insider ownership (officers and directors), and intercorporate equity investments between listed firms (crossholdings). We also compare these characteristics to available evidence on ownership structure characteristics around the world.
Very briefly stated, we find that Our findings raise two questions about the functioning of corporate governance systems in general. The first is whether delegated monitoring carried out by indirect owners like state bureaucrats and managers of mutual funds is an effective disciplining mechanism. The second question is whether low ownership concentration produces strong managers and weak owners or whether the flat power structure facilitates joint monitoring by owners who are individually weak, but collectively strong.