Ownership Concentration and Corporate Performance on the Budapest Stock Exchange: do too many cooks spoil the goulash?
研究了布达佩斯证券交易所上市公司所有权集中度对公司绩效的影响，发现最大股东持股比例显著提升盈利和效率，但多个大股东并存时边际成本可能超过收益。
We examine the impact of ownership concentration on firm performance using panel data for firms listed on the Budapest Stock Exchange, where ownership tends to be highly concentrated and frequently involves multiple blocks. Fixed-effects estimates imply that the size of the largest block increases profitability and efficiency strongly and monotonically, but the effects of total blockholdings are much smaller and statistically insignificant. Controlling for the size of the largest block, point estimates of the marginal effects of additional blocks are negative. The results suggest that the marginal costs of concentration may outweigh the benefits when the increased concentration involves “too many cooks”.