caa a22 4500 397572794 CHVBK 20180308164846.0 cr unu---uuuuu 161202e199601 xx s 000 0 eng 10.1093/oxfordjournals.cje.a013606 doi (NATIONALLICENCE)oxford-10.1093/oxfordjournals.cje.a013606 Business groups and the determinants of corporate ownership [Elektronische Daten] [Luigi Buzzacchi, Massimo G. Colombo] 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. © 1996 Academic Press Limited Articles nationallicence Buzzacchi Luigi aut Colombo Massimo G. Politecnico di Torino and Politecnico di Milano aut Cambridge Journal of Economics Oxford University Press 20/1(1996-01), 31-51 0309-166X 20:1<31 1996 20 cameco https://doi.org/10.1093/oxfordjournals.cje.a013606 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1093/oxfordjournals.cje.a013606 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Buzzacchi Luigi aut NATIONALLICENCE 700 1- Colombo Massimo G. Politecnico di Torino and Politecnico di Milano aut NATIONALLICENCE 773 0- Cambridge Journal of Economics Oxford University Press 20/1(1996-01), 31-51 0309-166X 20:1<31 1996 20 cameco Metadata rights reserved CC BY-NC-4.0 http://creativecommons.org/licenses/by-nc/4.0 nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-oxford