Ownership structure and performance: A comparison of different corporate governance systems
[EN] This paper analyses how the main institutional factors characterizing corporate governance systems around the world affect the relationship between ownership structure and firm performance. Our analysis gives rise to the following remarks. First, ownership concentration and insider ownership le...
| Authors: | , , |
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| Format: | article |
| Status: | Published version |
| Publication Date: | 2005 |
| Country: | España |
| Institution: | Universidad de Salamanca (USAL) |
| Repository: | GREDOS. Repositorio Institucional de la Universidad de Salamanca |
| OAI Identifier: | oai:gredos.usal.es:10366/149770 |
| Online Access: | http://hdl.handle.net/10366/149770 |
| Access Level: | Open access |
| Keyword: | Ownership Concentration Insider Ownership Corporate Governance Systems Firm Performance 5311 Organización y Dirección de Empresas 5311.06 Estudio de Mercado 5311.02 Gestión Financiera |
| Summary: | [EN] This paper analyses how the main institutional factors characterizing corporate governance systems around the world affect the relationship between ownership structure and firm performance. Our analysis gives rise to the following remarks. First, ownership concentration and insider ownership levels are determined by several institutional features such as investor protection, development of capital markets, activity of the market for corporate control, and effectiveness of boards. Second, the relationship between ownership concentration and performance is not directly affected by these institutional factors. Third, there is, however, a direct influence of corporate governance characteristics on the relationship between insider ownership and performance. |
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