The effect of changes in ownership structure on performance: Evidence from the thrift industry

• 成果类型: Article
• 署名作者: Cole, RA; Mehran, H
• 署名单位: Northwestern University
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/S0304-405X(98)00039-7
• 发表日期: 1998
• 页码: 291-317
• 关键词: Corporate control; regulation; Ownership structure; anti-takeover provisions

摘要

Restrictions on stock ownership may harm a company's performance, because restrictions prevent owners from choosing an optimal structure. We examine the stock-price performance and ownership structure of a sample of thrift institutions that converted from mutual to stock ownership. We find that after conversion and the expiration of ownership-structure restrictions, firm performance improves significantly, and the portions of the firm owned by managers and the firm's employee stock ownership plan increase. Changes in performance are positively associated with changes in ownership by managers, but negatively associated with changes in ownership by employee stock ownership plans. (C) 1998 Elsevier Science S.A. All rights reserved. JEL classification: G21; G28; C32; G38.