| dc.description.abstract | This paper investigates the determinants of ownership structure and adjustments
in ownership for Norwegian private firms. We find that firm characteristics such
as size, riskiness, profitability, growth prospects, leverage and liquidity have a
significant impact on concentration, but much of the variation in ownership
structures is explained by an unobserved heterogeneity component. When
investigating the drivers of adjustments we establish that previous ownership level
together with the lagged changes in concentration, firm riskiness, profitability and
share owned by families are significant predictors of a subsequent change in
ownership concentration. To our knowledge, this paper is the first to take both a
static and dynamic approach in the study of ownership concentration in private
firms and it sets the ground for further research on ownership in private firms. | no_NO |
