How does firm size explain cross-country differences in ownership concentration?

Beyond cultural norms: how does historical rice farming affect modern firms' family control?

“…Bertrand and Schoar 2006; Aminadav and Papaioannou 2020; Moshirian et al . 2022), the firm‐level analysis in equation () allows us to be better in line with prior studies, which facilitates comparison and connection with them. In the meantime, we can control for these important characteristics at the entrepreneur and firm levels to mitigate possible omitted variable biases 16…”

“…Given that previous studies have documented substantial entrepreneur-level and firm-level factors that facilitate the diffusion of firms' family control, such as firm size, entrepreneurs' education and their experience (e.g. Bertrand and Schoar 2006;Aminadav and Papaioannou 2020;Moshirian et al 2022), the firm-level analysis in equation ( 1) allows us to be better in line with prior studies, which facilitates comparison and connection with them. In the meantime, we can control for these important characteristics at the entrepreneur and firm levels to mitigate possible omitted variable biases.…”

“…Bloom et al (2012) and Pierce and Snyder (2020) document that trust or mistrust inherited from historical events continues to shape modern firms' ownership structure and decision-making. 5 The latter is important because prior studies usually work with large and listed firms; however, recent evidence shows that the impact of institutional factors on firms' ownership concentration varies with firm size (Moshirian et al 2022).…”

“…55 The latter is important because prior studies usually work with large and listed firms; however, recent evidence shows that the impact of institutional factors on firms' ownership concentration varies with firm size (Moshirian et al . 2022). It remains an open question whether the impact of cultural determinants for large or listed firms can be extended to other firms in general.…”