VOLUME II
SPRING 1994

AN ANALYSIS OF THE SHAREHOLDING STRUCTURE OF THE LARGA FIRM
 
CARMEN GALVE GÓRRIZ
Universidad de Zaragoza
VICENTE SALAS FUMÁS
Universidad Autónoma de Barcelona
 
Average shareholder's concentration among large Spanish firms is much higher than that observed in other countries such as the U.S.A., the U.K. and Japan, but similar to the concentration of shares among Central European firms. At the same time, share concentration varies between firms. Our analysis of the empirical evidence reveals that share concen-tration responds to the problems of supervision and control often found in public corporations, and to the problem of risk sharing. We also find that such problems may be handled with different degrees of efficiency by each of the control groups contemplated in the paper. This finding would explain the relationship between ownership and performance of the firm.
 
Keywords: management theory, concentration, ownership.

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