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The influence of ownership on performance: An empirical study
Author(s) -
Oswald Sharon L.,
Jahera John S.
Publication year - 1991
Publication title -
strategic management journal
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 11.035
H-Index - 286
eISSN - 1097-0266
pISSN - 0143-2095
DOI - 10.1002/smj.4250120407
Subject(s) - principal–agent problem , context (archaeology) , business , agency (philosophy) , sample (material) , sample size determination , work (physics) , empirical research , measure (data warehouse) , econometrics , industrial organization , economics , finance , statistics , corporate governance , mathematics , computer science , sociology , mechanical engineering , paleontology , chemistry , chromatography , database , engineering , biology , social science
Abstract This research examines the relationship between ownership structure and financial performance in the context of the agency theory. It improves upon previous research by presenting an improved risk‐adjusted performance measure, by using a larger sample size than prior work and also by controlling for firm size differences. The results suggest that ownership is significantly related to firm financial performance even after controlling for size.