Paper 8 | Redrawing the map of the market for corporate control: New evidence from listed and unlisted firms

Abstract

Using data on public and privately owned companies, we present novel evidence on the European market of corporate control. Leveraging a comprehensive dataset from Moody’s DataHub, we develop a new methodology to map the evolving land scape of corporate control. We identify the ultimate owners of 375,634 firms from 2015 to 2022, accounting for the intricate structure of ownership networks and the challenges involved in data integration. Our findings reveal that corporate control changes are widespread, with about 10% of the sample firms changing owners an nually. We examine the effect of external and internal shocks, such as COVID-19 and financial constraints. We also document how the type of controlling share holder—whether family, financial institution, corporation, or government—shapes the dynamics of corporate control. Family owners are generally reluctant to sell their companies, though this tendency decreased during the COVID-19 pandemic.