КОНЦЕНТРАЦІЯ ВЛАСНОСТІ КОРПОРАЦІЙ: ТЕОРЕТИЧНИЙ АСПЕКТ

Abstract

Corporate governance and its mechanisms, including ownership structure, have a long history of research. Many scientific papers show that when the ownership concentration grows above a certain limit, it not only directly affects the performance of firms and their value but also indirectly affects the mechanism of corporate governance. In the case of the concentration of ownership, majority shareholders can gain significant control over the firm to obtain private benefits from minority shareholders. In such circumstances, special attention should be paid to the concentration of ownership and its relationship with the activities of the firm and its value. The article highlights the essence of the concept of "ownership concentration" from the standpoint of corporate governance and from the standpoint of the characteristic of the corporations' capital structure. The peculiarities of corporate governance in Ukraine and in the world are generalized with their division into internal and external mechanisms. The concentration of ownership as a tool of corporate governance is determined since the fact that there are shareholders with significant stakes that have the necessary incentives and resources to monitor and discipline management. It is noted that the ownership concentration can be considered as a tool to compensate for the shortcomings (ineffectiveness) of external mechanisms of corporate governance. As a quantitative indicator of capital structure, the ownership concentration is measured by the number of shareholders and the percentage of their individual or collective ownership of shares, considering exercising control influence on the joint-stock company. The threshold of concentrated ownership is indicated, based on Ukrainian legislation and existing approaches.