The effects of a seperation of ownership from control on UK listed firms: an empirical analysis.

Crossan, Kenny (2011) The effects of a seperation of ownership from control on UK listed firms: an empirical analysis. Management and Decision Economics, 32 (5). pp. 293-304.

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There has been a wide‐ranging debate concerning the effects of the separation of
management and ownership of large firms. Given recent issues concerning corporate
remuneration, this debate is as relevant and possibly more so today as it has ever been.
Theoretically, as the ownership of a firm becomes more diverse, the management of the
firm will have more discretion and opportunity to act in accordance with their own interests
at the expense of those of the shareholders.
This paper considers the effect of a separation of ownership from control on 406 UK
listed firms. Simultaneous equations are used to test for a relationship between the
percentage of shares owned by significant outsiders and insiders and the performance of the
firm. A number of authors have suggested that there may be a significant relationship
between these variables. The analysis conducted in this study supports the view that there is
a relationship between ownership structure and firm performance.

Item Type: Article
Electronic ISSN: 1099-1468
Uncontrolled Keywords: Management; ownership structure; large business; corporate remuneration; control; firm performance;
University Divisions/Research Centres: The Business School > School of Management
Dewey Decimal Subjects: 600 Technology > 650 Management & public relations > 658 General management
Library of Congress Subjects: H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management
Item ID: 4954
Depositing User: Mrs Lyn Gibson
Date Deposited: 31 Jan 2012 13:10
Last Modified: 29 Nov 2012 14:26

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