Management and ownership effects: evidence from five countries
研究了加拿大、法国、德国、英国和美国五个国家中所有权集中度与公司盈利能力的关系，发现这种关系因国家公司治理体系的不同而存在显著差异。
Despite the growing recognition in the corporate governance literature that the relationship between ownership concentration and profitability is context dependent, this issue has not yet been subjected to direct empirical investigation using a single cross-national sample. This study empirically examines the ownership concentration–performance relationship across the nations of Canada, France, Germany, the United Kingdom, and the United States. Essentially, we argue that the correlation (if any) between ownership concentration and firm profitability differs across countries in a systematic way determined by the national system of corporate governance. Results indicate that important and statistically significant differences do in fact exist across the countries studied. © 1998 John Wiley & Sons, Ltd.