Ownership concentration, value and firm performance: three empirical studies on French and European data.

Summary This thesis attempts to contribute to the empirical analysis of the determinants of ownership and the link between ownership structure and firm performance. We analyze the market reaction to a change in ownership concentration and find a non-monotonic relationship between ownership concentration and firm value. Moreover, certain characteristics of the firm and its environment are determinant of the choice of ownership structure. We also study the interactions between ownership structure, the legal system, control skills and firm performance. The quality of legal protection affects the distribution of control rights among major shareholders. Finally, a complementarity of their control competences is beneficial for the firm, but only for certain combinations of shareholder identity.