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Ownership structure and economic performance in the largest european companies

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Tag12Value
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001  MAP20071501144
003  MAP
005  20080418122652.0
007  hzruuu---uuuu
008  001009e20000601gbr|||| | |00010|eng d
040  ‎$a‎MAP‎$b‎spa
084  ‎$a‎922.111.1
1001 ‎$0‎MAPA20080117689‎$a‎Thomsen, Steen
24510‎$a‎Ownership structure and economic performance in the largest european companies‎$c‎Steen Thomsen and Torben Pedersen
5208 ‎$a‎The paper examines the impact of ownership structure on company economic performance in 435 of the largest European companies. Controlling for industry, capital structure and nation effects we find a positive effect of ownership concentration on shareholder value (market-to-book value of equity) and profitability (asset returns), but the effect levels off for high ownership shares. Furthermore we propose and support the hypothesis that the identity of large owners --family, bank, institutional investor, government, and other companies-- has important implications for corporate strategy and performance. For example, compared to other owner identities, financial investor ownership is found to be associated with higher shareholder value and profitability, but lower sales growth. The effect of ownership concentration is also found to depend on owner identity
65011‎$0‎MAPA20080606114‎$a‎Estructura empresarial
65011‎$0‎MAPA20080608781‎$a‎Sociedades mercantiles
65011‎$0‎MAPA20080563608‎$a‎Organización
65011‎$0‎MAPA20080540975‎$a‎Europa
7001 ‎$0‎MAPA20080173999‎$a‎Pedersen, Torben
7730 ‎$w‎MAP20077100307‎$t‎Strategic management journal‎$d‎Chichester [etc.] : Wiley‎$g‎Vol. 21, nº 6, June 2000 ; p. 689-705