Business groups and the determinants of corporate ownership
研究了意大利制造业和采矿业中公司所有权模式的行业差异，发现规模经济、研发强度和人力资本专业化影响所有权结构，而大型多元化商业集团的内部资金分配功能显著扭曲了所有权模式。
This paper focuses on cross-industry differences in the pattern of corporate ownership in the Italian manufacturing and mining sectors. The authors draw attention to factors responsible for the diffusion of ownership. The paper relies on econometric estimates which confirm the role played by economies of scale, R&D intensity, and specialisation of human capital in shaping corporate ownership structures. More importantly, the econometric findings point out that the internal fund allocation function extensively performed by large, diversified business groups significantly distorts the pattern of corporate ownership. Specifically, in low-tech industries where economies of scale are negligible and human capital is unspecialised, when a considerable share of output is attributable to firms controlled by groups whose core activities demand substantial wealth, the ownership share held by unrestricted residual claimants turns out to be well above the value one would otherwise expect. The opposite phenomenon occurs in high-tech, scale-intensive industries.