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Corporate Ownership, Control, and Firm Performance: Evidence from a Nascent and Unregulated Market

Citation
Acheson G, Campbell G, Turner JD & Vanteeva N (2016) Corporate Ownership, Control, and Firm Performance: Evidence from a Nascent and Unregulated Market, Journal of Economic History, 76 (1), pp. 1-40.

Abstract
Scholars have long debated whether ownership matters for firm performance. The standard view regarding Victorian Britain is that family-controlled companies had a detrimental effect on performance. In this article, we examine this view using a hand-collected corporate ownership dataset. Our main finding is that it was not necessarily the broad structure of corporate ownership that mattered for performance, but whether family blockholders had a governance role. Large active blockholders tended to increase operating performance, implying that they reduced managerial expropriation. Contrastingly, we find that directors who were independent of large owners were more likely to increase shareholder value.

StatusPublished
AuthorsAcheson Graeme, Campbell Gareth, Turner John D, Vanteeva Nadia
Publication date03/2016
Publication date online25/02/2016
PublisherCambridge University Press for the Economic History Association
ISSN 0022-0507
LanguageEnglish

Journal
Journal of Economic History: Volume 76, Issue 1

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