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MUTUAL VERSUS PROPRIETARY OWNERSHIP: AN EMPIRICAL STUDY FROM THE UK UNIT TRUST INDUSTRY WITH A COMPANY‐PRODUCT MEASURE
Author(s) -
Shinozawa Yoshikatsu
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.1467-8292.2010.00411.x
Subject(s) - business , unit (ring theory) , product (mathematics) , unit trust , empirical research , strategic business unit , accounting , metric (unit) , empirical evidence , measure (data warehouse) , industrial organization , marketing , finance , computer science , database , philosophy , geometry , mathematics , mathematics education , epistemology , market liquidity
** : In the debate of the relative merits of differing ownership forms, most empirical studies examine either corporate performance or the product characteristics of the financial products that are available in the financial services industry. Based on the UK unit trust industry, this paper assesses which ownership form, mutual or proprietary is more efficient in managing unit trust operations and providing high return generating unit trusts. Using a combined corporate performance and product range performance metric, this study reveals no significant differences between the two ownership forms in terms of the corporate‐product performance score. The results indicate that the owner‐customer fused role in the mutual organization must be considered in the mutual versus proprietary ownership debate.