✦ LIBER ✦
Ownership structure and firm performance: Some empirical evidence from Spain
✍ Scribed by Carmen Galve Górriz; Vicente Salas Fumás
- Publisher
- John Wiley and Sons
- Year
- 1996
- Tongue
- English
- Weight
- 896 KB
- Volume
- 17
- Category
- Article
- ISSN
- 0143-6570
No coin nor oath required. For personal study only.
✦ Synopsis
The 'managerial' and the 'contractual' theories of the firm imply different causes and consequences for the relationship between ownership and performance of firms. This paper provides a test of the two conflicting theories, using ownership and performance data from a sample of Spanish family-and non-family-controlled firms. We find evidence in support of the contractual theory of the firm, according to which firms choose their ownership structure maximizing economic value, net of contractual costs.