Ownership structure and firm performance: Some empirical evidence from Spain

Carmen Galve Górriz, Vicente Salas Fumás

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    79 Citations (Scopus)

    Abstract

    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. © 1996 John Wiley & Sons, Ltd.
    Original languageEnglish
    Pages (from-to)575-586
    JournalManagerial and Decision Economics
    Volume17
    Issue number6
    DOIs
    Publication statusPublished - 1 Jan 1996

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