scispace - formally typeset
Search or ask a question
Author

Steen Thomsen

Other affiliations: Aarhus University, Lund University
Bio: Steen Thomsen is an academic researcher from Copenhagen Business School. The author has contributed to research in topics: Corporate governance & Enterprise value. The author has an hindex of 29, co-authored 89 publications receiving 4218 citations. Previous affiliations of Steen Thomsen include Aarhus University & Lund University.


Papers
More filters
Journal ArticleDOI
TL;DR: In this paper, the authors examined the impact of ownership structure on company economic performance in 435 of the largest European companies and found a positive effect of ownership concentration on shareholder value (market-to-book value of equity) and profitability (asset returns).
Abstract: The paper examines the impact of ownership structure on company economic performance in 435 of the largest European companies. Controlling for industry, capital structure and nation effects we find a positive effect of ownership concentration on shareholder value (market -to- book value of equity) and profitability (asset returns), but the effect levels off for high ownership shares. Furthermore we propose and support the hypothesis that the identity of large owners—family, bank, institutional investor, government, and other companies—has important implications for corporate strategy and performance. For example, compared to other owner identities, financial investor ownership is found to be associated with higher shareholder value and profitability, but lower sales growth. The effect of ownership concentration is also found to depend on owner identity.

1,252 citations

Journal ArticleDOI
TL;DR: In this article, Granger tests are used to examine the relationship between blockholder ownership and the values of the largest companies in the European Union and the US, finding no significant association between blockholders ownership and prior or subsequent firm value in either the US or the UK.

357 citations

Journal ArticleDOI
TL;DR: In this paper, the authors present a quantitative analysis of ownership structures among the hundred largest companies in twelve European countries and show that the existence of a highly significant nation effect is confirmed.
Abstract: A number of qualitative studies have shown striking international differences in corporate governance systems. This paper presents a quantitative analysis of ownership structures among the hundred largest companies in twelve European countries. The existence of a highly significant nation effect is confirmed. Further statistical analysis indicates that the nation effect is party explained by institutional differences.

305 citations

Journal ArticleDOI
TL;DR: In this paper, the authors investigate the relationship between a firm's reputation and financial performance and find that corporate reputation does not impact firm value (the market to book value of equity) whereas corporate financial performance improves corporate reputation.

292 citations

Journal ArticleDOI
TL;DR: In this article, the authors examined the relationship between ownership structure and value of the largest European firms using simultaneous estimationand controlling for nation and industry effects and found that ownership concentration has a positive effect on firm value.
Abstract: The paper examines the relationship betweenownership structure and value of the largestEuropean firms Using simultaneous estimationand controlling for nation and industry effectswe find that ownership concentration (measuredby the fraction of ``closely held'' shares) hasa positive effect on firm value (market-to-bookvalue of equity), when the largest owner is afinancial institution or another corporation If the largest owner is a family or a singleindividual, ownership concentration has noeffect on firm value, and the effect isnegative if the largest owner is a governmentorganisation Firm value is found to have apositive feedback effect on ownershipconcentration except for governments, whichhold higher stakes in low-value firms Inother words, owner-identity matters,particularly in a Continental Europeaninstitutional setting where ownershipconcentration is high and minority investorprotection is low

185 citations


Cited by
More filters
01 Jan 1964
TL;DR: In this paper, the notion of a collective unconscious was introduced as a theory of remembering in social psychology, and a study of remembering as a study in Social Psychology was carried out.
Abstract: Part I. Experimental Studies: 2. Experiment in psychology 3. Experiments on perceiving III Experiments on imaging 4-8. Experiments on remembering: (a) The method of description (b) The method of repeated reproduction (c) The method of picture writing (d) The method of serial reproduction (e) The method of serial reproduction picture material 9. Perceiving, recognizing, remembering 10. A theory of remembering 11. Images and their functions 12. Meaning Part II. Remembering as a Study in Social Psychology: 13. Social psychology 14. Social psychology and the matter of recall 15. Social psychology and the manner of recall 16. Conventionalism 17. The notion of a collective unconscious 18. The basis of social recall 19. A summary and some conclusions.

5,690 citations

Journal ArticleDOI
01 May 1981
TL;DR: This chapter discusses Detecting Influential Observations and Outliers, a method for assessing Collinearity, and its applications in medicine and science.
Abstract: 1. Introduction and Overview. 2. Detecting Influential Observations and Outliers. 3. Detecting and Assessing Collinearity. 4. Applications and Remedies. 5. Research Issues and Directions for Extensions. Bibliography. Author Index. Subject Index.

4,948 citations

01 Jan 2008
TL;DR: In this article, the authors argue that rational actors make their organizations increasingly similar as they try to change them, and describe three isomorphic processes-coercive, mimetic, and normative.
Abstract: What makes organizations so similar? We contend that the engine of rationalization and bureaucratization has moved from the competitive marketplace to the state and the professions. Once a set of organizations emerges as a field, a paradox arises: rational actors make their organizations increasingly similar as they try to change them. We describe three isomorphic processes-coercive, mimetic, and normative—leading to this outcome. We then specify hypotheses about the impact of resource centralization and dependency, goal ambiguity and technical uncertainty, and professionalization and structuration on isomorphic change. Finally, we suggest implications for theories of organizations and social change.

2,134 citations