Concentration of Shareholder Voting Power in Finnish Industrial Companies
研究了芬兰工业企业中机构投资者持股增加导致的投票权集中现象，并分析了1987年立法限制金融机构持股比例的背景与意图，对关注公司治理和金融监管的学者有参考价值。
Wide concern has recently arisen in Finland regarding an observed increase in the relative shareholdings of institutional owners. In a single year, 1985, households' shareholdings in listed companies fell by six percentage points from the average of 43 per cent prevailing in the early 1980s. This change has been especially noticeable with respect to industrial companies, in which the direct share of households currently averages only 25 per cent. Among institutions, the shareholdings of nonfinancial corporations have increased the most, followed by the holdings of investment trusts and banks. In February 1987, the Finnish Parliament passed a new law permitting the establishment of unit trusts. As it was anticipated that such funds would be set up by banks and insurance companies, Parliament also introduced legislation restricting the rights of these financial institutions to own companies outside of banking or insurance. The intention was to prevent further concentration of economic power in the hands of financial institutions. The upper limit on a bank's shareholding in another company was reduced from 20 to 10 per cent of the stock or voting rights, and the limit on an insurance company's holdings was similarly lowered from 50 to 20 per cent. Banks will have five years to adjust their current holdings, whereas insurance companies are allowed to keep previously acquired shares in excess of the new limit. What is interesting about the reasons given by Parliament for the new measures is the view that companies can be minority controlled. This is believed to be the case when the ownership structure consists of a few relatively large and many small holdings. Minor shareholders may not be motivated enough to attend company meetings. No quantitative estimate is given, however, of the relationship between shareholding concentration and shareholder voting power.