Small business groups enhance performance and promote stability, not expropriation. Evidence from French SMEs

Anaies Hamelin

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Small business groups enhance performance and promote stability, not expropriation. Evidence from French SMEs

机译：小型企业集团可以提高绩效，促进稳定性，而不是没收。来自法国中小企业的证据

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This paper investigates the influence that a firm's distance from control has on its performance, using balance sheet information and a unique data set on small business ownership. This study fills a gap in the empirical governance literature by investigating whether there is expropriation of minority shareholders in small business groups. Contrary to observations for large business groups, results show a positive relationship between the separation of control from ownership and firm performance. Results also underline that tunneling promotes controlling shareholders' profit stability rather than profit maximization in small business groups.

机译：本文使用资产负债表信息和有关小企业所有权的独特数据集，研究了企业离控制权的距离对其绩效的影响。本研究通过调查小型企业集团中是否存在对小股东的没收，填补了实证治理文献中的空白。与对大型企业集团的观察相反，结果表明控制权与所有权的分离与企业绩效之间存在正相关关系。结果还强调，隧道化可提高控股股东的利润稳定性，而不是小型企业集团的利润最大化。

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来源
《Journal of banking & finance》 |2011年第3期|p.613-626|共14页
作者
Anaies Hamelin;
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作者单位

LaRGE, Institut d'etudes Politiques, Universite de Strasbourg and CEB, Solvay Brussels School of Economics and Management, Universite Libre de Bruxelles, 47 Avenue de la Foret-Noire,67082 Strasbourg Cedex, France;

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正文语种 eng
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关键词
ownership; control; tunneling; small business; performance;

机译：所有权;控制;隧道;小型企业;绩效;

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Small business groups enhance performance and promote stability, not expropriation. Evidence from French SMEs

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