Who Controls US?

Yoser Gadhoum · Larry H.P. Lang · Leslie Young

92 citations0/0 files storedEuropean Financial Management

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Corporate Finance and Governance Family Business Performance and Succession Elite Sociology and Global Capitalism

Abstract

Abstract Berle and Means asserted that US corporations typically have dispersed shareholders; their evidence did not support this conclusion. Today, 59.74% of US corporations have ‘controlling shareholders’ who hold at least 10% of the shares; 24.57% are controlled and managed by a family; 16.33% are controlled by a widely‐held financial institution; 13.55% are controlled through family trusts. In all size ranges, the USA has more corporations controlled by families than by financial institutions. In almost all size ranges, it has a higher percentage of family‐controlled corporations than any of next four largest economies.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1997A Survey of Corporate Governance 1999Corporate Ownership Around the World 1997Legal Determinants of External Finance 1993The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems 1933The Modern Corporation and Private Property 1988Management ownership and market valuation 2000Investor protection and corporate governance

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2011Family Firms and Labor Relations 2008Internal Capital Markets and Capital Structure: Bank Versus Internal Debt 2014Performance Commitments of Controlling Shareholders and Earnings Management 2009The Evolution of Corporate Ownership after IPO: The Impact of Investor Protection 2009Is Berle and Means Really a Myth?2008Ownership relations in the presence of cross-shareholding

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