Utilize este identificador para referenciar este registo: http://hdl.handle.net/10400.19/2369
Título: Ownership structure and performance: An empirical application with panel data in the context of Portuguese SMEs
Autor: Pinto, António
Augusto, Mário
Gama, Paulo
Palavras-chave: Corporate governance
insider ownership
ownership concentration
profitability
Data: Jun-2013
Resumo: This paper analyzes the causal relationship between the ownership concentration, insider ownership and profitability using a sample of 4163 Portuguese SMEs and panel data methodology. The results show an endogenous and dynamic relationship between the variables. The quadratic specification established between ownership concentration and profitability suggests that for low levels of control rights the expropriation hypothesis prevails and for high levels the supervision hypothesis prevails. It was also possible to validate the effect of entrenchment and convergence of interests in the relationship established between the insider ownership and profitability. The relationships established suggest a reciprocal causality between the variables, as well as an interdependence expressed by the relevance of the estimators obtained in the simultaneous equations model. Thus, each of the attributes – ownership concentration, insider ownership and profitability – is a function of the others.
Peer review: yes
URI: http://hdl.handle.net/10400.19/2369
Aparece nas colecções:ESTGV - DG - Documentos de congressos (comunicações, posters, actas)



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