Corporate governance, ownership and firm value: Drivers of ownership as a good corporate governance mechanism

被引：46

作者：

Belen Lozano, M. ^{[1
]}

Martinez, Beatriz ^{[2
]}

Pindado, Julio ^{[1
,3
]}

机构：

[1] Univ Salamanca, IME, Family Business Ctr, Campus Miguel de Unamuno, E-37007 Salamanca, Spain

[2] Univ Liverpool, Sch Management, Liverpool L69 7ZH, Merseyside, England

[3] Univ Leeds, Sch Business, Moorland Rd, Leeds LS6 1AN, W Yorkshire, England

来源：

INTERNATIONAL BUSINESS REVIEW | 2016年 / 25卷 / 06期

关键词：

Corporate governance; Young family-owned business; Main owner; Expropriation; Firm value; FAMILY OWNERSHIP; LARGE SHAREHOLDERS; PERFORMANCE EVIDENCE; EMPIRICAL-EVIDENCE; AGENCY COSTS; LONE-FOUNDER; MANAGEMENT; SUCCESSION; BUSINESS; ORIENTATION;

D O I：

10.1016/j.ibusrev.2016.04.005

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This study analyses the role of ownership as a good corporate governance mechanism. We study cross-national differences between companies with different level of investor protection. In addition, we account for the type of owner (young family vs. non-young family businesses) and the owner's relationship with a second significant shareholder (monitoring vs. collusion). When the main owner has effective control over the firm (i.e., absolute control or less than absolute control but without the control of a second significant shareholder), the relation between ownership concentration and firm value is U-shaped. Our findings also suggest that the conflicts between majority and minority shareholders are weaker for companies with higher investor protection and young family-owned businesses. (C) 2016 Elsevier Ltd. All rights reserved.

引用

页码：1333 / 1343

页数：11

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