?url_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Adc&rft.relation=http%3A%2F%2Feprints.imtlucca.it%2F3767%2F&rft.title=Global+ownership+and+corporate+control+networks&rft.creator=Rungi%2C+Armando&rft.creator=Morrison%2C+Greg&rft.creator=Pammolli%2C+Fabio&rft.subject=HB+Economic+Theory&rft.subject=HG+Finance&rft.description=In+this+contribution%2C+at+first%2C+we+introduce+a+basic+network+framework+to+study+pyramidal+structures+and+wedges+between+ownership+and+control+of+companies.+Then%2C+we+apply+it+to+a+dataset+of%0D%0A53.5+million+of+companies+operating+in+208+countries.+Among+others%2C+we+detect+a+strong+concentra-%0D%0Ation+of+corporate+power%2C+as+less+than+1%25+of+parent+companies+collect+more+than+100+subsidiaries%2C+but%0D%0Athey+are+responsible+for+more+than+50%25+of+global+sales.+Therefore%2C+we+show+that+the+role+of+indirect%0D%0Acontrol%2C+i.e.%2C+through+middlemen+subsidiaries%2C+is+relevant+in+15%25+of+domestic+and+54%25+of+foreign%0D%0Asubsidiaries.+Among+foreign+companies%2C+cases+emerge+of+blurring+nationality%2C+when+control+paths%0D%0Across+more+than+one+national+border%2C+in+the+presence+of+multiple+passports+(19.1%25)%2C+indirectly+for-%0D%0Aeign+(24.5%25)%2C+and+round-tripping+subsidiaries+(1.33%25).+Finally%2C+we+relate+indirect+control+strategies%0D%0Ato+country+indicators+of+the+institutional+environment.+We+find+that+pyramidal+structures+arise+less%0D%0Alikely+in+the+presence+of+good+financial+and+contractual+institutions+in+the+parent's+country%2C+as+these%0D%0Afoster+more+transparent+forms+of+corporate+governance.+Instead%2C+parent+companies+choose+indirect%0D%0Acontrol+through+countries+of+subsidiaries+that+have+better+financial+institutions%2C+possibly+because+it%0D%0Ais+easier+to+coordinate+decisions+from+remote.+Finally%2C+we+find+that+offshore+financial+centers+are%0D%0Apreferred+jurisdictions+for+middlemen+subsidiaries%2C+probably+due+to+a+lower+taxation+and+a+lack+of%0D%0Afinancial+disclosure.&rft.publisher=IMT+School+for+Advanced+Studies+Lucca&rft.date=2017-09&rft.type=Working+Paper&rft.type=NonPeerReviewed&rft.format=application%2Fpdf&rft.language=en&rft.rights=cc_by_nd&rft.identifier=http%3A%2F%2Feprints.imtlucca.it%2F3767%2F1%2FEIC_WP_7_2017.pdf&rft.identifier=++Rungi%2C+Armando+and+Morrison%2C+Greg+and+Pammolli%2C+Fabio++Global+ownership+and+corporate+control+networks.++EIC+working+paper+series++%237%2F2017++++IMT+School+for+Advanced+Studies+Lucca++++ISSN+2279-6894.++++++