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Table 11: One way anova for voting blocks and industry-specificity of corporations in
Belgium
Belgium industry 1 2 3 4 5 7 9 12
F: 2.623**
industry
1
2 -1.8
3 -7.0 -5.2
4 -0.1 1.7 6.9
5 -14.3 -12.5 -7.3 -14.2
7 -6.1 -4.3 0.9 -6.0 8.2
9 -12.6 -10.8 -5.6 -12.5 1.7 -6.5
12 -17.2 -15.4 -10.3 -17.1 -2.9 -11.1 -4.7
15 11.3 13.1 18.3 11.4 25.6 17.4 23.9 -28.5*
The numbers in the rows and columns of the table stand for specific industries and are described in table
4.
*: significant at 5%-level; **significant at 2%-level;
The German model is significant at the 1%-level. However, as for Belgium the number
of industry classes with significant higher or lower concentration levels is limited.
ÒOther financial servicesÓ(nr. 11) is the only class for which the industry average is
significantly smaller than the average of several other industry classes. Banks (1),
engineering & machinery (5), household goods & textiles (9) and insurance companies
(10) have a significantly larger shareholder. The difference of Òother financialsÓ with
the industry Òengineering & machineryÓ is 26%, with ÒbanksÓ 30.1%, with
Òhousehold goods and textilesÓ 33.9% and with the Òinsurance companiesÓ 35%.
Second the computer industry (4) has a significantly wider distribution of ownership
stakes than the sector household goods & textiles. This difference is more than 23%.
All the other differences are not significant at the 5%-level.
© Financial Law Institute 2001 18