Ownership structure and firm performance: The Chilean case

被引：0

作者：

Espinosa Mendez, Christian ^{[1
]}

机构：

[1] Univ Diego Portales, Escuela Auditoria, Fac Econ & Empresas, Santiago, Chile

来源：

ACADEMIA-REVISTA LATINOAMERICANA DE ADMINISTRACION | 2009年 / 43期

关键词：

ownership structure; panel data; generalized method of moments; CORPORATE-OWNERSHIP; AGENCY COSTS;

D O I：

暂无

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This article studies the relation between ownership structure and performance of 204 Chilean firms for the period 1998-2007. In contrast to what was reported by Demsetz (1983), Demsetz and Lehn (1985) and Demsetz and Villalonga (2001), ownership structure is related to the performance of the firm. The empirical analysis shows a negative relation between ownership structure and performance, characterized by non linearity and it is statistically significant. In summary, Chilean firms ownership is highly concentrated, which is apparently motivated by the possibility of extracting wealth by the major shareholder.

引用

页码：41 / 62

页数：22

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