Profitability, Risk, and the Separation of Ownership from Control
研究了所有权与控制权分离对企业盈利和风险的同时影响，利用资本资产定价模型分析经理控制与所有者控制企业的差异，发现现有研究因忽略两者关联而结论矛盾。
IT has frequently been hypothesized that the separation of corporate ownership from control could have an important influence on both profits and risk, ever since the phenomenon was first documented by Berle and Means [2]. Following mostly from the work of Baumol [i], Williamson [27], and Monsen and Downs [I7], two primary hypotheses have developed in the literature. Briefly, the first managerial hypothesis states that executives of manager-controlled firms are less likely to engage in strictly profit-maximizing behavior than are executives of owner-controlled firms. The second states that executives of manager-controlled firms are also likely to exhibit more risk-averse behavior due to asymmetries in managerial reward structures, with the implication that such firms will consequently be less risky investments for equity holders. In spite of the fact that these two hypotheses are related, most empirical studies attempt to determine only the impact of the type of control on interfirm differences in profitability without regard to the possibly simultaneous impact on the degree of investors' risk exposure. Other studies consider the impact on risk, but without regard to the level of firm profits. Not surprisingly, the available evidence from these studies about either hypothesis is conflicting and inconclusive. This paper, by integrating the Capital Asset Pricing Model (CAPM) developed by Sharpe [22] and Lintner [I5] directly into a market structure-performance equation, allows for the simultaneous impact of the separation of ownership from control on both risk and profit. In section II some previous empirical studies are briefly surveyed. Section III reviews the CAPM and uses it to develop a new specification of the relationship between the type of corporate control and economic performance which includes the effects of portfolio risk and the corporate income tax. The data are discussed and the results of the analysis are reported in section IV. A short summary is presented in section V.