We acknowledge helpful comments from a referee, John Doukas (the Editor), Stijn Claessens, Florencio Lopez-de-Silanes, Andrei Shlieifer, Hugh Thomas and seminar participants at the Bank of Italy and City University of Hong Kong. Yoser Gadhoum and Larry Lang acknowledge financial support from the Social Sciences and Humanities Research Council of Canada. Larry Lang and Leslie Young acknowledge financial support from an Earmarked Grant of the Research Grants Council of the Hong Kong Government. (Corresponding author: Leslie Young)
Who Controls US?
Version of Record online: 7 JUN 2005
European Financial Management
Volume 11, Issue 3, pages 339–363, June 2005
How to Cite
Gadhoum, Y., Lang, L. H. P. and Young, L. (2005), Who Controls US?. European Financial Management, 11: 339–363. doi: 10.1111/j.1354-7798.2005.00287.x
- Issue online: 7 JUN 2005
- Version of Record online: 7 JUN 2005
- corporate governance;
- ownership structure
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.