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The objective of the paper is to assess ownership and control links in the GCC corporate sector. The analysis focuses on the integrated ownership and network arising from ownership data available in Bloomberg and GCC stock exchanges. The paper finds that ownership is concentrated in GCC public sector institutions, holding companies, financial institutions, and family groups. The paper then considers the effect of different definitions of control on the distribution of consolidated debt. Debt concentration is maximized when the wedge between ownership and control is the largest. This is the case when the largest shareholder has at least 5 percent of total shares as defined in Zingales (1994).

Business enterprises --- Corporate governance --- Corporate debt --- Corporations --- Debt --- Debt financing (Corporations) --- Governance, Corporate --- Industrial management --- Directors of corporations --- Business organizations --- Businesses --- Companies --- Enterprises --- Firms --- Organizations, Business --- Business --- Finance --- Gulf Cooperation Council. --- Gulf Co-operation Council --- Co-operation Council for the Arab States of the Gulf --- States of Gulf Co-operation Council --- Golf-Rat --- GCC --- G.C.C. --- Majlis al-Taʻāwun al-Khalījī --- Majlis al-Taʻāwun al-Khalījī al-ʻArabī --- GKR --- Kooperationsrat Arabischer Staaten am Golf --- Cooperation Council for the Arab States of the Gulf --- Duwal Majlis al-Khalīj --- Gŏlpʻŭ Hyŏmnyŏk Wiwŏnhoe --- Kŏlpʻŭ Hyŏmnyŏk Wiwŏnhoe --- Majlis al-Taʻāwun li-Duwal al-Khalīj al-ʻArabīyah --- Golfkooperationsrat --- AGCC --- A.G.C.C. --- Duwal Majlis al-Taʻāwun al-Khalījī --- Sovet sotrudnichestva arabskikh gosudarstv Persidskogo zaliva --- SSAGPZ --- Arab Gulf Cooperation Council --- مجلس التعاون الخليجي --- مجلس التعاون لدول الخليج العربية --- Shūrā-yi Hamkārī-i Khalīj-i Fārs --- شوراى همکارى خليج فارس --- Persian Gulf Cooperation Council --- PGCC --- Conseil de coopération du Golfe --- Gulf Cooperative Council --- Consiglio di cooperazione del Golfo --- Ccg --- Banks and Banking --- Corporate Finance --- Finance: General --- Macroeconomics --- Criminology --- Corporate Governance --- Corporate Finance and Governance: Government Policy and Regulation --- General Financial Markets: General (includes Measurement and Data) --- Public Enterprises --- Public-Private Enterprises --- Corporate Finance and Governance: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Illegal Behavior and the Enforcement of Law --- Civil service & public sector --- Ownership & organization of enterprises --- Banking --- Corporate crime --- white-collar crime --- role & responsibilities of boards & directors --- Stock markets --- Public sector --- Corporate sector --- Illicit financial flows --- Financial markets --- Economic sectors --- Crime --- Stock exchanges --- Finance, Public --- Banks and banking --- Money laundering --- Saudi Arabia --- Role & responsibilities of boards & directors --- White-collar crime