Ownership Relations in the Presence of Cross-Shareholding

24 Pages Posted: 29 Aug 2008 Last revised: 28 Feb 2009

See all articles by Erik Dietzenbacher

Erik Dietzenbacher

University of Groningen - Department of Economics

Umed Temurshoev

Loyola Andalucia University

Date Written: March 6, 2008

Abstract

The direct ownership structure in a sector can be readily obtained from data on shareholding. Due to cross-shareholding, however, the true ownership structure may be hidden by a complex network of indirect relations. In studying the property structure, two important aspects are the size of the relations between primary owners (e.g. individuals) and secondary owners (e.g. companies), and the distance between them. The distance is obtained from the average number of secondary owners via whom the relation runs. As an empirical application, we study the banking sector in the Czech Republic, where also the relation between distance and separation of dividend and control rights is discussed.

Keywords: cross-shareholding, ownership relations, dividend and control rights, input-output analysis

JEL Classification: L16, G32, D57

Suggested Citation

Dietzenbacher, Erik and Temurshoev, Umed, Ownership Relations in the Presence of Cross-Shareholding (March 6, 2008). Journal of Economics, Vol. 95, No. 3, pp. 189-212, 2008, Available at SSRN: https://ssrn.com/abstract=1260664

Erik Dietzenbacher

University of Groningen - Department of Economics ( email )

P.O. Box 800
9700 AV Groningen
Netherlands
+31 (0)50 3633813 (Phone)

Umed Temurshoev (Contact Author)

Loyola Andalucia University ( email )

Escritor Castilla Aguayo no. 4
Cordoba, CORDOBA 14004
Spain

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