This study highlights the ownership structure of 1120 Canadian listed firms. The chains of ownership and control are traced back to the ultimate controlling owners, and related to some corporate features. Families are the most prevalent type of controlling shareholder. Pyramids, multiple classes...

This paper investigates the governance role of multiple large shareholders (MLS, henceforth), as evidenced by their impact on the valuation of cash holdings. For a sample of 2,723 firms from 22 countries, we find that the presence of MLS enhances the valuation of firms’ cash holdings. In...