HAKALA, Janne, OSAKEOMISTUKSEN JAKAUTUMINEN SUOMALAISISSA
PÔRSSÏYHTIÔÏSSÀ. Helsinki: etla, Elinkeinoelaman Tutkimuslaitos, The Research
Institute of the Finnish Economy, 1997, 84 p. (Keskusteluaiheita, Discussion Papers, ISSN
0781-6847; No. 625).
ABSTRACT: The purpose of this study is to explain, both theoretically and empirically,
the selection of ownership structure by Finnish listed companies beginning in 1997, based
on the sample of 51 companies used in the study. Employing investment theory and re-
search surveys, the study attempts to explain companies’ ownership concentration and the
reasons behind the growth in foreign ownership. The research surveys were supplemented
with attendance at shareholders’ meetings, public information published by the examined
companies and expert interviews. The theoretical section of the study is, in some parts, ana-
lytical and therefore attempts to explain the concepts of the subject matter in exact terms.
However, two theoretical chapters are presented using mostly verbal and illustrative expla-
nations, making the study mostly descriptive in nature. The empirical section of the paper is
comparative in nature.
The concentration of company ownership
Stock ownership and voting rights were quite concentrated in the listed companies exa-
mined in the study. The largest holder of voting rights has over 35 percent of the voting
rights in 22 companies and over 50 percent in as many as 13 companies. The ten largest
holders of voting rights had over 50 percent of the voting rights in 44 companies and over
90 percent in 12 companies. According to theory, concentration is a company’s inexpensi-
ve means of attaining economic and operational efficiency. Hence, we can assume that the
necessary operational preconditions exist for the large holder of voting rights to monitor the
leadership and general decision making in its company.
Foreign ownership of listed companies and the reasons for its growth
For the most part, international capital markets are made up of institutional investors, such
as pension and mutual funds. According to the study, administratively registered foreign in-
vestors’ market value share of the Helsinki Stock Exchange was approximately 38 percent.
The most important factors contributing to the growth in foreign ownership are the follo-
wing: the efficient exchange of investment-related information, the removal of barriers ai-
med at foreign stock ownership, the internationalization process of companies, the increase
in the number of Finnish stocks officially quoted in foreign stock markets and certain
macroeconomic factors, such as the reduction and stabilization of interest rates, as well as
the improvement in Finnish creditworthiness and its maintenance at high levels.
This study is based on a master’s thesis prepared for the Turku School of Economics. The
views presented are those of the author, who takes responsibility for possible errors and
omissions.