Common-ownership versus cross-ownership: evidence from the automobile industry

Cristian Huse; Ricardo Ribeiro; Frank Verboven

doi:10.1111/joie.12390

Common-ownership versus cross-ownership: evidence from the automobile industry

Cristian Huse, Ricardo Ribeiro^*, Frank Verboven

^*Autor correspondente para este trabalho

Resultado de pesquisa › revisão de pares

1 Citação (Scopus)

48 Transferências (Pure)

Resumo

Overlapping ownership has gained considerable momentum in the last decades, yet little is known about the role of its sources. We quantify the relative importance of common-ownership (by shareholders external to an industry) and cross-ownership (by firms within the industry). We focus on the global automobile industry, over the period 2007–2021, and document that common-ownership links constitute between 31% and 39% of the equity ownership of automobile manufacturers, while cross-ownership links amount to 6%–9%. We show that not accounting for these relatively modest cross-ownership links has important implications: it can increase the average weight assigned by managers to the profit of competitors by between 33% and 68%.

Idioma original	English
Páginas (de-até)	1339-1359
Número de páginas	21
Revista	Journal of Industrial Economics
Volume	72
Número de emissão	4
DOIs	https://doi.org/10.1111/joie.12390
Estado da publicação	Publicado - 1 dez. 2024

Acesso ao documento

10.1111/joie.12390Licença:

96547535Final published version, 743 KBLicença:

http://hdl.handle.net/10400.14/44446Licença:

Outros arquivos e links

Link to publication in Scopus

CEGE: Research Center in Management and Economics
Silva, M. (Professor Catedrático), Sousa, R. (Professor Catedrático), Alves, P. (Professor Auxiliar), Madsen, A. (Professor Auxiliar Convidado), Lourenço, A. (Professor Associado), Carvalho, A. S. (Professor Associado), Andrade, A. (Professor Auxiliar), Silva, P. D. (Professor Associado), Vlačić, B. (Professor Auxiliar Convidado), Martins, C. (Professor Auxiliar Convidado), Gomes, C. (Investigador Auxiliar), Gevrek, Z. E. (Professor Auxiliar Convidado), Oliveira, F. G. D. (Professor Associado), Faria, G. (Professor Associado Convidado), Marreiros, H. (Bolseiro), Pinho, J. (Professor Auxiliar Convidado), Machado, J. (Professor Associado), Araújo, J. (Investigador Auxiliar), Pinto, J. (Professor Auxiliar), Rego, A. (Professor Catedrático), Gaspar, J. M. (Investigador Auxiliar), Corbo, L. (Professor Auxiliar Convidado), Costa, L. (Professor Associado), Fernandes, L. (Professor Auxiliar), Sottomayor, M. (Professor Auxiliar), Martins, N. (Professor Catedrático), Hernández-Marrero, P. (Investigador Auxiliar), Gonçalves, R. (Professor Associado), Ribeiro, R. (PI), Coelho, S. L. (Docente Assistente), Pereira, S. M. (Investigador Auxiliar), Silva, S. (Professor Associado), Rodrigues, V. (Professor Associado), Sotiros, D. G. (Investigador Auxiliar), Valverde, C. (Professor Auxiliar), Leitão, A. (Professor Auxiliar), Julião, J. (Professor Auxiliar), Tavares, M. (Professor Auxiliar), Lages, C. R. (Investigador Auxiliar), Elmashhara, M. G. (Investigador Auxiliar) & Teymourifar, A. (Investigador Auxiliar)
1/01/20 → 31/12/25
Projeto

Citação

@article{ecbb50ac2e13454497de998215e84a4d,

title = "Common-ownership versus cross-ownership: evidence from the automobile industry",

abstract = "Overlapping ownership has gained considerable momentum in the last decades, yet little is known about the role of its sources. We quantify the relative importance of common-ownership (by shareholders external to an industry) and cross-ownership (by firms within the industry). We focus on the global automobile industry, over the period 2007–2021, and document that common-ownership links constitute between 31% and 39% of the equity ownership of automobile manufacturers, while cross-ownership links amount to 6%–9%. We show that not accounting for these relatively modest cross-ownership links has important implications: it can increase the average weight assigned by managers to the profit of competitors by between 33% and 68%.",

author = "Cristian Huse and Ricardo Ribeiro and Frank Verboven",

note = "Publisher Copyright: {\textcopyright} 2024 The Authors. The Journal of Industrial Economics published by The Editorial Board of The Journal of Industrial Economics and John Wiley & Sons Ltd.",

year = "2024",

month = dec,

day = "1",

doi = "10.1111/joie.12390",

language = "English",

volume = "72",

pages = "1339--1359",

journal = "Journal of Industrial Economics",

issn = "0022-1821",

publisher = "Wiley-Blackwell Publishing Ltd",

number = "4",

}

TY - JOUR

T1 - Common-ownership versus cross-ownership

T2 - evidence from the automobile industry

AU - Huse, Cristian

AU - Ribeiro, Ricardo

AU - Verboven, Frank

PY - 2024/12/1

Y1 - 2024/12/1

N2 - Overlapping ownership has gained considerable momentum in the last decades, yet little is known about the role of its sources. We quantify the relative importance of common-ownership (by shareholders external to an industry) and cross-ownership (by firms within the industry). We focus on the global automobile industry, over the period 2007–2021, and document that common-ownership links constitute between 31% and 39% of the equity ownership of automobile manufacturers, while cross-ownership links amount to 6%–9%. We show that not accounting for these relatively modest cross-ownership links has important implications: it can increase the average weight assigned by managers to the profit of competitors by between 33% and 68%.

AB - Overlapping ownership has gained considerable momentum in the last decades, yet little is known about the role of its sources. We quantify the relative importance of common-ownership (by shareholders external to an industry) and cross-ownership (by firms within the industry). We focus on the global automobile industry, over the period 2007–2021, and document that common-ownership links constitute between 31% and 39% of the equity ownership of automobile manufacturers, while cross-ownership links amount to 6%–9%. We show that not accounting for these relatively modest cross-ownership links has important implications: it can increase the average weight assigned by managers to the profit of competitors by between 33% and 68%.

UR - http://www.scopus.com/inward/record.url?scp=85188526329&partnerID=8YFLogxK

U2 - 10.1111/joie.12390

DO - 10.1111/joie.12390

M3 - Article

AN - SCOPUS:85188526329

SN - 0022-1821

VL - 72

SP - 1339

EP - 1359

JO - Journal of Industrial Economics

JF - Journal of Industrial Economics

IS - 4

ER -

Common-ownership versus cross-ownership: evidence from the automobile industry

Resumo

Acesso ao documento

Outros arquivos e links

Impressão digital

Projetos

CEGE: Research Center in Management and Economics

Citação