Keeping it real or keeping it simple? Ownership concentration measures compared
分析了所有权集中度衡量指标的分布特性，发现不同指标来自不同统计分布，且与公司绩效的关系因维度而异，简单指标无法完全替代复杂指标。
Abstract We analyze the distributional properties of ownership concentration measures and find that measures come from different underlying statistical distributions. Consistent with theory, some measures that are classified to represent a monitoring dimension have a positive influence on firm performance; other measures that are interpreted to represent a shareholder conflict dimension are negatively related to firm performance. However, other measures deviate from this pattern, and therefore, we cannot conclude that simple measures can replace complicated measures. Some measures are more suitable for analyzing the relationship between management and owners, whereas other measures are more suitable for analyzing the relationships among owners.