Does Common Ownership Really Increase Firm Coordination?
业务
共同所有权
产业组织
会计
经济
市场经济
作者
Katharina Lewellen,Michelle Lowry
出处
期刊:Social Science Research Network [Social Science Electronic Publishing] 日期:2019-01-01被引量:9
标识
DOI:10.2139/ssrn.3336343
摘要
A growing number of studies suggest that common ownership caused cooperation among firms to increase and competition to decrease. We take a closer look at four approaches used to identify these effects. We find that the effects that some studies have attributed to common ownership are caused by other factors, such as differential responses of firms (or industries) to the 2008 financial crisis. We propose a modification to one of the previously used empirical approaches that is less sensitive to these issues. Using this to re-evaluate the link between common ownership and firm outcomes, we find little robust evidence that common ownership affects firm behavior.