英属哥伦比亚大学助理教授Jan Bena：所有权结构的决定因素: 来自产品市场竞争的证据
We study determinants of corporate ownership structures. Building on theory work, we use product market competition as a shock to the costs and benefits of key ownership characteristics. Using a comprehensive sample of firms across 18 countries, we find that competition reduces firms’ inside ownership and increases the dispersion of stakes among outside shareholders. Shareholder-level analysis shows that competition accelerates the entry and exit of shareholders and speeds up the diffusion of stakes from inside shareholders to outside shareholders. Our results are consistent with the view that decisions about ownership are driven by firm value maximization. We conclude that fundamental economic forces, like the nature of product market structure, induce endogenous equilibrium relations between corporate ownership structures and outcomes.