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How Much Does Ownership Form Matter?

机译:所有权形式有多重要?

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Research summary: Previous studies have emphasized firm and industry effects on variation in firm performance, but the relationship between forms of ownership and firm performance has been the focus of limited research. This article examines the extent to which ownership form (i.e., public or private ownership) and ownership structure (including diffused ownership and blockholding) affect firm performance. The results of an analysis of 30,525 European Union (EU) firms indicate that form of ownership is an important explanatory factor in the difference in performance among firms. These results underscore the need to study firms characterized by different ownership arrangements and to provide empirical evidence for the study of firm ownership in strategic management.Managerial summary: Motivated by growing evidence on the involvement of different types of owners in the strategies of firms, we studied the extent to which a firm's ownership form (type of legal incorporation, such as public and private ownership forms) and ownership structure (diffused ownership and blockholding) affect its performance. Our study of more than 30,000 firms from the European Union shows that ownership form differences explain some of the performance differences between firms. Our results also indicate that firms with different ownership forms are differently affected by their competitive environment. Overall, the study suggests that choosing the right ownership form can have important strategic consequences. Copyright (c) 2017 John Wiley & Sons, Ltd.
机译:研究摘要:先前的研究强调了公司和行业对公司绩效变化的影响,但是所有权形式和公司绩效之间的关系一直是有限研究的重点。本文研究了所有权形式(即公共或私有所有权)和所有权结构(包括分散所有权和大宗所有权)在多大程度上影响了公司绩效。对30,525家欧盟(EU)公司的分析结果表明,所有权形式是影响公司之间绩效差异的重要解释因素。这些结果强调了研究具有不同所有权安排特征的公司的必要性,并为研究战略管理中的公司所有权提供经验证据。管理摘要:受越来越多关于不同类型所有者参与公司战略的证据的激励,我们研究了公司的所有权形式(法律成立类型,例如公共和私人所有权形式)和所有权结构(分散所有权和所有权)对企业绩效的影响程度。我们对来自欧盟的30,000多家公司的研究表明,所有权形式的差异解释了公司之间的绩效差异。我们的结果还表明,不同所有制形式的公司受竞争环境的影响也不同。总体而言,该研究表明选择正确的所有权形式可能会产生重要的战略后果。版权所有(c)2017 John Wiley&Sons,Ltd.

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