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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.
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Corporate governance insider ownership ownership concentration profitability