The influence of ownership on performance: An empirical study

This research examines the relationship between ownership structure and financial performance in the context of the agency theory. It improves upon previous research by presenting an improved risk‐adjusted performance measure, by using a larger sample size than prior work and also by controlling for...

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Bibliographic Details
Published in:Strategic management journal 1991-05, Vol.12 (4), p.321-326
Main Authors: Oswald, Sharon L., Jahera, John S.
Format: Article
Language:English
Subjects:
Agency theory
Applied sciences
Business structures
Capital assets
Corporate profits
Decision making
Directors
Exact sciences and technology
Finance
Financial management
Firm modelling
Investment management companies
Investment return rates
Musical agency
Operational research and scientific management
Operational research. Management science
Ownership
Performance metrics
Portfolio management
Rates of return
Research Notes and Communications
Return on equity
Shareholders
Standard deviation
Statistical analysis
Stock exchanges
Stock ownership
Stockholders
Strategic management
Strategic planning
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Summary:This research examines the relationship between ownership structure and financial performance in the context of the agency theory. It improves upon previous research by presenting an improved risk‐adjusted performance measure, by using a larger sample size than prior work and also by controlling for firm size differences. The results suggest that ownership is significantly related to firm financial performance even after controlling for size.
ISSN:0143-2095
1097-0266
DOI:10.1002/smj.4250120407