Hierarchical structures Sample Clauses

Hierarchical structures. We have rst looked at regularities in the shape of the hierarchical structures organized by parent companies. These seem to be organized in `inverted' pyramids: the rst hier- archical layers are more densely populated of subsidiaries with respect to the lower ones. This characteristic is displayed in Table 4, which reports the mean number of subsidiaries by control layer across BGs characterized by di erent hierarchical structures. Table 4 shows that the mean number of subsidiaries in the last layer of each type of BG is often around 3, while the gure sizeably increases for the rst layers. As the distribution of subsidiaries in the sample is highly skewed, with most BGs encom- passing only one a liate, we replicate the analysis excluding 1, 963, 206 HQs controlling only one subsidiary: in this case we obtain a mean of 2.7 a liates (vs. 1.3) for those BGs organized around only one hierarchical layer. All these results are robust if Business Groups are reconstructed from data following the Network approach (please refer to Table 13 Recall that complete data on rms for a given year, including ownership, become progressively available once the balance sheets have been approved and made public in the subsequent year.
Sample 1
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Related to Hierarchical structures

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