Ownership concentration and firm risk: The moderating role of mid‐sized blockholders
研究发现，除第一大股东外，中等规模大股东的数量增加会显著提升企业风险，当大股东数量从1个增至2个时，企业风险上升22%。
Abstract This study analyzes the relationship between mid‐sized blockholders and firm risk. We show that ownership structure matters for firm risk beyond the first largest blockholder. Firms with multiple blockholders take more risk than firms with just one blockholder, even when controlling for the stake of the largest blockholder. Consistent with the diversification argument, we find that firm risk increases by 22% when the number of blockholders increases from one to two. Our results are robust to controlling for blockholder type and firm characteristics. We carry out various robustness checks to tackle endogeneity issues. More generally, we provide evidence that firms’ decisions are affected by mid‐sized blockholders and not merely the largest blockholder. This is in line with theoretical predictions.