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DIFFERENCES IN FINANCIAL PERFORMANCE AMONGST SPANISH SMES ACCORDING TO THEIR CAPITAL‐OWNERSHIP STRUCTURE: A DESCRIPTIVE ANALYSIS
Author(s) -
Melgarejo Zuray,
Simon Katrin,
Arcelus Francisco J.
Publication year - 2010
Publication title -
annals of public and cooperative economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.526
H-Index - 37
eISSN - 1467-8292
pISSN - 1370-4788
DOI - 10.1111/j.1467-8292.2009.00407.x
Subject(s) - business , descriptive statistics , capital (architecture) , finance , capital structure , accounting , statistics , geography , debt , mathematics , archaeology
** : The purpose of this paper is to assess whether financial performance differences between labour‐managed (LOFs) and mercantile (PCFs) firms are due to differences in their capital‐ownership configuration or to the particular measurement indexes commonly used to quantify performance. The empirical evidence rests upon a 1994–2003 data set of LOFs and PCFs that operate in the Industrial and Services sectors of the economy of Navarre, Spain. The results do not detect significant differences in financial performance between LOFs and PCFs, especially in the long‐term and suggest the need to develop performance indices more akin to the special nature of the LOFs.