Does ownership influence performance? Evidence from Europe

Lisboa, Inês

http://hdl.handle.net/10400.8/116

Use this identifier to reference this record.

Name:	Description:	Size:	Format:
DissertaçãoMestrado InesLx.pdf		354.41 KB	Adobe PDF	Download

Send Feedback

Authors

Lisboa, Inês

Abstract(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.