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Maciej Dzierżanowski, Piotr Tamowicz



With the company-level data on listed and unlisted companies we analyse ownership and control of Polish corporations. We find that voting control in listed corporations is remarkably concentrated with the median size of the largest block amounting to 39,5%. A sustainable concentration trend has been observed over the whole last decade. Other companies and individuals/families (mostly founders) dominate among the largest block-holders of Polish corporations. Banks’ involvement in control is below common expectations. It is also observed that – especially in smaller firms – managerial ownership is quite large. Frequently, managers are also the company founders and first or second largest block-holder. The extent of ownership and control separation is very modest with dual-class shares being the most popular device to leverage control over ownership; control through subsidiaries is applied to a lesser extent. The presence of large blockholders in listed corporations puts the minority rights and conflict of interests among stakeholders on the top of the policy agenda. Our analysis shows that the Polish capital market may be in desperate need of improvement in this respect.

Keywords: Ownership, Control, Corporate Governance, Poland

How to cite this paper: Dzierżanowski, M., & Tamowicz, P. (2004). Ownership and control of Polish corporations. Corporate Ownership & Control, 1(3), 20-30 . http://doi.org/10.22495/cocv1i3p2