Determinants of ownership concentration in public firms: The importance of firm-, industry- and country-level factors

► Ownership concentration varies widely across firms, industries and countries. ► Our empirical model explains up to 28% of the variance in ownership concentration. ► Firm-specific factors account for the largest portion of variance in ownership concentration. ► Variation in ownership concentration between countries is larger than it is between industries. ► Legal origin appears to have a relatively large effect on ownership concentration.