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A cross-country comparison of the relationship between ownership concentration and firm performance: does judicial system efficiency matter?

机译：股权集中度与公司绩效之间关系的跨国比较：司法系统效率重要吗？

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Purpose - The purpose of this paper is to analyze the relationship between ownership structure and firm performance, including judicial system efficiency as a moderator to investigate the joint effects of both explanatory variables. Although prior studies have considered judicial system efficiency by examining de jure investor protection, this study identifies another useful proxy and explores de facto legal protection. Design/methodology/approach - Ordinary least square multiple regression models were used to examine the influence of judicial efficiency, which was measured using the disposition time (DT) and legal origin, as a moderator of the relationship between ownership concentration and firm performance for a sample of 565 non-financial companies listed in Italy, France, Germany and Spain in 2013. Findings - This paper shows that de facto investor protection ensured by an efficient judicial system is relevant to the relationship between firm performance and ownership structure. As a moderator variable, DT strengthens the intensity of this relationship in countries with low judicial efficiency, showing that ownership concentration leads to a better enhancement of firm performance and is, therefore, a more efficient governance mechanism in countries in which investor protection is weak. Originality/value - The evidence presented expands the understanding of the link between firm performance and ownership structure. The institutional deficiencies suggest that internal governance mechanisms may substitute for external mechanisms in facilitating efficient governance. This study corroborates policymakers' concerns regarding the efficiency of judicial systems and their role in protecting the rights of minority shareholders. The results suggest a need for more efficient external mechanisms of investor protection to facilitate investment in equity capital. Moreover, this study shows that DT is a more accurate measure of investor protection than the traditional measure of de jure legal protection.
机译：目的-本文的目的是分析所有权结构与公司绩效之间的关系，包括司法系统效率作为主持人，以研究两个解释变量的共同影响。尽管先前的研究已经通过考察法律上的投资者保护来考虑司法系统的效率，但是本研究找到了另一种有用的替代方法，并探讨了事实上的法律保护。设计/方法/方法-普通最小二乘多元回归模型用于检验司法效率的影响，该影响是使用处置时间（DT）和法律渊源来衡量的，作为主持人所有权集中度和公司绩效之间关系的调节者。 2013年在意大利，法国，德国和西班牙上市的565家非金融公司的样本。结果-本文显示，有效的司法系统确保的事实上的投资者保护与公司绩效与所有权结构之间的关系有关。作为主持人变量，DT在司法效率低的国家中加强了这种关系的强度，表明所有权集中可以更好地提高公司绩效，因此，在投资者保护薄弱的国家中，DT是更有效的治理机制。原创性/价值-提出的证据扩大了对公司绩效与所有权结构之间联系的理解。制度上的缺陷表明，在促进有效治理方面，内部治理机制可能会替代外部机制。这项研究证实了决策者对司法系统效率及其在保护小股东权益中的作用的关注。结果表明，需要一种更有效的外部投资者保护机制，以促进对股权资本的投资。此外，这项研究表明，与传统的法律上的法律保护措施相比，DT是一种更准确的投资者保护措施。

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