Utilize este identificador para referenciar este registo: http://hdl.handle.net/10362/23224
Título: The impact of ownership structure on firm performance
Outros títulos: evidence from Europe
Autor: Freitas, José
Orientador: Letterie, Wilko
Ferreira, Miguel
Palavras-chave: Ownership structure
Ownership concentration
Owner identity
Agency theory
Continental europe
R&D investment
Firm performance
Data de Defesa: 20-Jan-2017
Resumo: The ownership structure of a company has been identified as a key mechanism in corporate governance. The present study investigates the impact of ownership concentration and ownership identity on company economic performance. The sample consists of a unique database of 749 listed Continental European companies. The empirical results show that ownership concentration has a U-shaped relationship with firm performance. The effect of ownership concentration on corporate performance is also found to be negatively mediated by R&D investment and to vary across different legal settings. Furthermore, this research proposes and supports the hypothesis that the identity of the controlling shareholder has implications for corporate strategy and performance. In fact, corporate and state ownership have a positive and negative impact, respectively, on firm performance. Thus, the findings of this study suggest that ownership structure matters, particularly in a Continental European institutional setting.
URI: http://hdl.handle.net/10362/23224
Designação: A Work Project, presented as part of the requirements for the Award of a Masters Degree in Management from the NOVA – School of Business and Economics
Aparece nas colecções:NSBE: Nova SBE - MA Dissertations

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