Ownership Structure, Control Type Classifications and the Performance of Large British Companies

摘要: Ownership structure among 470 U.K. listed companies is described by concentration indices and "control type," the latter defined using both a fixed percentage shareholding "degree of control." The authors also test for possible controlling coalitions groups shareholders. Control-type effects on performance are tested reduced-form equations valuation ratio, profit margin, return capital, growth rates, directors' pay. There no clear evidence to support managerial theories. analyzed with results that greater size capital cost (beta) imply dispersion. A probit model control type gives weak results. Copyright 1991 Royal Economic Society.