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Publicação
Does ownership influence performance? Evidence from Europe
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Autores
Orientador(es)
Resumo(s)
We provide new evidence on the impact of ownership over firm performance, using a
panel data of 853 corporate firms from 9 Continental European countries from 2000 to
2004. We confirm that owner-manager is significantly better performer than
professional manager, due to the convergence effect. Moreover, this impact was found
to be much more significant than ownership, whose link with performance could not be
established. Additionally, ownership structure is not an endogenous variable as it does
not vary in order to maximize the firm’s performance, remaining relatively stable over
time. Finally, we find evidence of several country and industry effects.
Descrição
Dissertação de Mestrado apresentada à Escola de Gestão do ISCTE para obtenção do grau de Mestre em Finanças.
Palavras-chave
Ownership structure Insider ownership Firm performance Europe