It is widely recognised that the formal institutional context affects firm ownership concentration. However, the impact of the informal institutional context has received less research attention. Drawing from institutional theory, we tested our hypothesis that both the formal and informal (cultural) institutional contexts simultaneously influence firm ownership concentration. Based on a firm-level database of the largest 600 listed companies in 19 European countries for the period 2009–2015, we found that both formal and informal institutional contexts, considered independently from each other, affect the level of firm ownership concentration. However, when these institutional contexts are considered together, the significance of the formal institutional context's effect on ownership concentration disappears while the informal (cultural) institutional context remains significant. Specifically, our findings indicate that high power distance, collectivism, uncertainty avoidance, restraint, and short-term orientation favour firm ownership concentration. Overall, our findings demonstrate that the diversity in European cultures explains firms' different levels of ownership concentration across European firms, signalling that the European Union's efforts towards a common regulatory frame may not necessarily lead to a convergence of European firms' ownership structures and, consequently, of corporate governance practices.

人们普遍认为，正式的制度环境会影响公司所有权集中度。然而，非正式制度环境的影响却很少受到研究关注。从制度理论出发，我们检验了我们的假设，即正式和非正式（文化）制度环境同时影响公司所有权集中度。基于 2009 年至 2015 年期间 19 个欧洲国家最大的 600 家上市公司的公司级数据库，我们发现，相互独立考虑的正式和非正式制度环境都会影响公司所有权集中度。然而，当这些制度背景一起考虑时，正式制度背景的重要性' 对所有权集中度的影响消失了，而非正式（文化）制度环境仍然显着。具体来说，我们的研究结果表明，高权力距离、集体主义、不确定性规避、约束和短期导向有利于公司所有权集中。总体而言，我们的研究结果表明，欧洲文化的多样性解释了公司在欧洲公司中不同程度的所有权集中度，这表明欧盟为建立共同监管框架所做的努力可能不一定会导致欧洲公司所有权结构的趋同，因此, 公司治理实践。短期导向有利于企业所有权集中。总体而言，我们的研究结果表明，欧洲文化的多样性解释了公司在欧洲公司中不同程度的所有权集中度，这表明欧盟为建立共同监管框架所做的努力可能不一定会导致欧洲公司所有权结构的趋同，因此, 公司治理实践。短期导向有利于企业所有权集中。总体而言，我们的研究结果表明，欧洲文化的多样性解释了公司在欧洲公司中不同程度的所有权集中度，这表明欧盟为建立共同监管框架所做的努力可能不一定会导致欧洲公司所有权结构的趋同，因此, 公司治理实践。