股权结构与公司绩效

IF 2.8 Q2 BUSINESS

Corporate Communications Pub Date : 2001-04-11 DOI:10.2139/ssrn.266101

H. Demsetz, Belén Villalonga

{"title":"股权结构与公司绩效","authors":"H. Demsetz, Belén Villalonga","doi":"10.2139/ssrn.266101","DOIUrl":null,"url":null,"abstract":"This paper investigates the relation between the ownership structure and the performance of corporations if ownership is made multi-dimensional and also is treated as an endogenous variable. To our knowledge, no prior study has treated the corporate control problem this way. We find no statistically significant relation between ownership structure and firm performance. This finding is consistent with the view that diffuse ownership, while it may exacerbate some agency problems, also yields compensating advantages that generally offset such problems. Consequently, for data that reflect market-mediated ownership structures, no systematic relation between ownership structure and firm performance is to be expected.","PeriodicalId":47357,"journal":{"name":"Corporate Communications","volume":null,"pages":null},"PeriodicalIF":2.8000,"publicationDate":"2001-04-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"2412","resultStr":"{\"title\":\"Ownership Structure and Corporate Performance\",\"authors\":\"H. Demsetz, Belén Villalonga\",\"doi\":\"10.2139/ssrn.266101\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"This paper investigates the relation between the ownership structure and the performance of corporations if ownership is made multi-dimensional and also is treated as an endogenous variable. To our knowledge, no prior study has treated the corporate control problem this way. We find no statistically significant relation between ownership structure and firm performance. This finding is consistent with the view that diffuse ownership, while it may exacerbate some agency problems, also yields compensating advantages that generally offset such problems. Consequently, for data that reflect market-mediated ownership structures, no systematic relation between ownership structure and firm performance is to be expected.\",\"PeriodicalId\":47357,\"journal\":{\"name\":\"Corporate Communications\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":2.8000,\"publicationDate\":\"2001-04-11\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"2412\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Corporate Communications\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/ssrn.266101\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"BUSINESS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Corporate Communications","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.266101","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"BUSINESS","Score":null,"Total":0}

引用次数: 2412

摘要

本文研究了股权结构与公司绩效之间的关系，并将股权结构视为一个内生变量。据我们所知，目前还没有研究以这种方式处理公司控制问题。我们发现股权结构与公司绩效之间没有统计学上显著的关系。这一发现与分散所有权的观点是一致的，尽管它可能加剧一些代理问题，但也产生了通常抵消这些问题的补偿性优势。因此，对于反映市场介导的所有权结构的数据，所有权结构与公司绩效之间没有系统的关系。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

Ownership Structure and Corporate Performance

This paper investigates the relation between the ownership structure and the performance of corporations if ownership is made multi-dimensional and also is treated as an endogenous variable. To our knowledge, no prior study has treated the corporate control problem this way. We find no statistically significant relation between ownership structure and firm performance. This finding is consistent with the view that diffuse ownership, while it may exacerbate some agency problems, also yields compensating advantages that generally offset such problems. Consequently, for data that reflect market-mediated ownership structures, no systematic relation between ownership structure and firm performance is to be expected.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Corporate Communications BUSINESS-

CiteScore

3.90

自引率

20.00%

发文量

期刊介绍： Corporate Communications: An International Journal addresses the issues arising from the increased awareness that an organisation''s communications are part of the whole organisation, and that the relationship an organisation has with its external public requires careful management. The responsibility for communications is increasingly being seen as part of every employee''s role and not simply the function of the marketing/PR departments. This journal will illustrate why communications are important and how best to implement a strategic communications plan.