Management and ownership effects: Evidence from five countries

• 成果类型: Article
• 署名作者: Gedajlovic, ER; Shapiro, DM
• 署名单位: Rutgers University System; Rutgers University New Brunswick; Simon Fraser University
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/(SICI)1097-0266(199806)19:6<533::AID-SMJ957>3.0.CO;2-#
• 发表日期: 1998
• 页码: 533-553
• 关键词: CORPORATE GOVERNANCE; ownership and control; MANAGERIAL DISCRETION; corporate performance; cross-national strategy

摘要

Despite the growing recognition in the corporate governance literature that the relationship between ownership concentration and profitability is context dependent, this issue has not yet been subjected to direct empirical investigation using a single cross-national sample. This study empirically examines the ownership concentration-performance relationship across the nations of Canada, France, Germany, the United Kingdom, and the United Stares. Essentially, we argue that the correlation (if any) between ownership concentration and firm profitability differs across countries in a systematic way determined by the national system of corporate governance. Results indicate that important and statistically significant differences do in fact exist across the countries studied. (C) 1998 John Wiley & Sons, Ltd.