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This paper addresses the following crucial question: What might influence the decision of a blockholder to enter or exit a firm? Within a concentrated ownership context, such as Canada, we investigate impact of corporate governance, firm’s risk, debt, liquidity and size on increase in number of blockholders. This study contributes to research topic by shedding light on endogeneity and dynamic nature of ownership structure. In order to take into account discreteness of additional blockholders’ number, we used four Count Data models, namely Poisson, Negative Binomial, Zero-Inflated Poisson, and Zero-Inflated Negative Binomial models. Our findings show that while excessive high level of risk, free cash-flow, firm size, institutional and insiders’ ownership dissuade shareholders from getting large stakes, moderately high levels of risk and firm leverage encourage them to join Blockholders’ list.

What Might Drive Block Ownership In Canadian Firms? Evidence Through Count Data Models