| Nome: | Descrição: | Tamanho: | Formato: | |
|---|---|---|---|---|
| 314.41 KB | Adobe PDF |
Autores
Orientador(es)
Resumo(s)
This paper analyzes the causal relationship between the ownership concentration, insider ownership and operational
performance using a sample of 4.163 Portuguese SMEs and panel data models. The main results show an
endogenous and dynamic relationship between those variables. The quadratic specification established between
ownership concentration and operational 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
performance.
Descrição
Palavras-chave
ownership concentration insider ownership operational performance non-linear effects SMEs dynamic panel data
Contexto Educativo
Citação
Editora
sciedu.ca