<> "The repository administrator has not yet configured an RDF license."^^ . <> . . . "Global ownership and corporate control networks"^^ . "In this contribution, at first, we introduce a basic network framework to study pyramidal structures and wedges between ownership and control of companies. Then, we apply it to a dataset of\r\n53.5 million of companies operating in 208 countries. Among others, we detect a strong concentra-\r\ntion of corporate power, as less than 1% of parent companies collect more than 100 subsidiaries, but\r\nthey are responsible for more than 50% of global sales. Therefore, we show that the role of indirect\r\ncontrol, i.e., through middlemen subsidiaries, is relevant in 15% of domestic and 54% of foreign\r\nsubsidiaries. Among foreign companies, cases emerge of blurring nationality, when control paths\r\ncross more than one national border, in the presence of multiple passports (19.1%), indirectly for-\r\neign (24.5%), and round-tripping subsidiaries (1.33%). Finally, we relate indirect control strategies\r\nto country indicators of the institutional environment. We find that pyramidal structures arise less\r\nlikely in the presence of good financial and contractual institutions in the parent's country, as these\r\nfoster more transparent forms of corporate governance. Instead, parent companies choose indirect\r\ncontrol through countries of subsidiaries that have better financial institutions, possibly because it\r\nis easier to coordinate decisions from remote. Finally, we find that offshore financial centers are\r\npreferred jurisdictions for middlemen subsidiaries, probably due to a lower taxation and a lack of\r\nfinancial disclosure."^^ . "2017-09" . . "7" . . "IMT School for Advanced Studies Lucca"^^ . . . . . . . . . . . . . "Fabio"^^ . "Pammolli"^^ . "Fabio Pammolli"^^ . . "Greg"^^ . "Morrison"^^ . "Greg Morrison"^^ . . "Armando"^^ . "Rungi"^^ . "Armando Rungi"^^ . . . . . . "Global ownership and corporate control networks (PDF)"^^ . . . . . . "EIC_WP_7_2017.pdf"^^ . . . "Global ownership and corporate control networks (Other)"^^ . . . . . . "lightbox.jpg"^^ . . . "Global ownership and corporate control networks (Other)"^^ . . . . . . "preview.jpg"^^ . . . "Global ownership and corporate control networks (Other)"^^ . . . . . . "medium.jpg"^^ . . . "Global ownership and corporate control networks (Other)"^^ . . . . . . "small.jpg"^^ . . "HTML Summary of #3767 \n\nGlobal ownership and corporate control networks\n\n" . "text/html" . . . "HB Economic Theory"@en . . . "HG Finance"@en . .