The body of property rights literature provides a general framework for analyzing the determinants of corporate share ownership The literature emphasizes the roles of customs, social norms, and law and legal systems in shaping the structure of property rights and their governance systems. Corporate share ownership can be viewed as a property rights arrangement through which the owner of the share is entitled to three categories of property rights. First, the owner has the decision right of deploying corporate assets, ., the control or voting right. Second, the owner has the right to earn income, ., the cash flow right. And third, the owner has the.
