Búsqueda

Ownership structure and economic performance in the largest european companies

<?xml version="1.0" encoding="UTF-8"?><modsCollection xmlns="http://www.loc.gov/mods/v3" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.loc.gov/mods/v3 http://www.loc.gov/standards/mods/v3/mods-3-8.xsd">
<mods version="3.8">
<titleInfo>
<title>Ownership structure and economic performance in the largest european companies</title>
</titleInfo>
<name type="personal" usage="primary" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080117689">
<namePart>Thomsen, Steen</namePart>
<nameIdentifier>MAPA20080117689</nameIdentifier>
</name>
<name type="personal" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080173999">
<namePart>Pedersen, Torben</namePart>
<nameIdentifier>MAPA20080173999</nameIdentifier>
</name>
<typeOfResource>text</typeOfResource>
<originInfo>
<place>
<placeTerm type="code" authority="marccountry">gbr</placeTerm>
</place>
<dateIssued encoding="marc">2000</dateIssued>
<issuance>serial</issuance>
</originInfo>
<language>
<languageTerm type="code" authority="iso639-2b">eng</languageTerm>
</language>
<physicalDescription>
<form authority="marcform">print</form>
<form authority="marccategory">microform</form>
</physicalDescription>
<abstract>The 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</abstract>
<note type="statement of responsibility">Steen Thomsen and Torben Pedersen</note>
<subject authority="lcshac" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080606114">
<topic>Estructura empresarial</topic>
</subject>
<subject authority="lcshac" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080608781">
<topic>Sociedades mercantiles</topic>
</subject>
<subject authority="lcshac" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080563608">
<topic>Organización</topic>
</subject>
<subject authority="lcshac" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080540975">
<topic>Europa</topic>
</subject>
<classification authority="">922.111.1</classification>
<relatedItem type="host">
<titleInfo>
<title>Strategic management journal</title>
</titleInfo>
<originInfo>
<publisher>Chichester [etc.] : Wiley</publisher>
</originInfo>
<identifier type="local">MAP20077100307</identifier>
<part>
<text>Vol. 21, nº 6,  June 2000 ; p. 689-705</text>
</part>
</relatedItem>
<recordInfo>
<recordContentSource authority="marcorg">MAP</recordContentSource>
<recordCreationDate encoding="marc">001009</recordCreationDate>
<recordChangeDate encoding="iso8601">20080418122652.0</recordChangeDate>
<recordIdentifier source="MAP">MAP20071501144</recordIdentifier>
<languageOfCataloging>
<languageTerm type="code" authority="iso639-2b">spa</languageTerm>
</languageOfCataloging>
</recordInfo>
</mods>
</modsCollection>