Ownership structure and performance: evidence from Portugal

Lisboa, Inês; Esperança, José Paulo

http://hdl.handle.net/10400.8/3226

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Autores

Lisboa, Inês

Esperança, José Paulo

Resumo(s)

This paper provides new evidence on the impact of ownership over performance in small dimension markets. Analyzing the Portuguese firms we confirm the monitoring effect. Unlike previous studies, we also confirm the expropriation effect to low levels of ownership concentration. These results suggest that the free rider problem between the manager and the principal is significant in countries with small financial markets.