Ownership structure and economic performance in the largest european companies
研究了435家欧洲最大公司的所有权结构对经济绩效的影响，发现所有权集中度对股东价值和盈利能力有正向作用，但高持股比例时效果减弱，且大股东身份（如家族、银行、机构投资者等）对绩效有不同影响。
The paper examines the impact of ownership structure on company economic performance in 435 of the largest European companies. Controlling for industry, capital structure and nation effects we find a positive effect of ownership concentration on shareholder value (market-to-book value of equity) and profitability (asset returns), but the effect levels off for high ownership shares. Furthermore we propose and support the hypothesis that the identity of large owners—family, bank, institutional investor, government, and other companies—has important implications for corporate strategy and performance. For example, compared to other owner identities, financial investor ownership is found to be associated with higher shareholder value and profitability, but lower sales growth. The effect of ownership concentration is also found to depend on owner identity. Copyright © 2000 John Wiley & Sons, Ltd.