메뉴 건너뛰기




Volumn 21, Issue 6, 2000, Pages 689-705

Ownership structure and economic performance in the largest European companies

Author keywords

Europe; Ownership structure; Performance

Indexed keywords


EID: 0000251280     PISSN: 01432095     EISSN: None     Source Type: Journal    
DOI: 10.1002/(SICI)1097-0266(200006)21:6<689::AID-SMJ115>3.0.CO;2-Y     Document Type: Article
Times cited : (842)

References (69)
  • 1
    • 0000589044 scopus 로고
    • Production, information costs, and economic organization
    • Alchian AA, Demsetz H. 1972. Production, information costs, and economic organization. American Economic Review 62(5): 777-795.
    • (1972) American Economic Review , vol.62 , Issue.5 , pp. 777-795
    • Alchian, A.A.1    Demsetz, H.2
  • 2
    • 0019610159 scopus 로고
    • Risk reduction as a managerial motive for conglomerate mergers
    • Amihud Y, Lev B. 1981. Risk reduction as a managerial motive for conglomerate mergers. Bell Journal of Economics 12: 605-617.
    • (1981) Bell Journal of Economics , vol.12 , pp. 605-617
    • Amihud, Y.1    Lev, B.2
  • 3
    • 0001898803 scopus 로고
    • The organization of economic activity: Issues pertinent to the choice of market versus non-market allocation
    • U.S. Joint Economic Committee, 91st Congress, 1st Session, U.S. Print Office: Washington, DC
    • Arrow KJ. 1969. The organization of economic activity: issues pertinent to the choice of market versus non-market allocation. In The Analysis and Evaluation of Public Expenditure: The PPB System, Vol. 1 : U.S. Joint Economic Committee, 91st Congress, 1st Session, U.S. Print Office: Washington, DC; 47-64.
    • (1969) The Analysis and Evaluation of Public Expenditure: The PPB System , vol.1 , pp. 47-64
    • Arrow, K.J.1
  • 4
    • 0000599109 scopus 로고
    • Vertical integration and communication
    • Arrow KJ. 1975. Vertical integration and communication. Bell Journal of Economics 6: 173-183.
    • (1975) Bell Journal of Economics , vol.6 , pp. 173-183
    • Arrow, K.J.1
  • 5
    • 84989102145 scopus 로고
    • Size and relatedness of units sold
    • Bergh DD. 1995. Size and relatedness of units sold. Strategic Management Journal 16(3): 221-240.
    • (1995) Strategic Management Journal , vol.16 , Issue.3 , pp. 221-240
    • Bergh, D.D.1
  • 6
    • 7044272175 scopus 로고
    • The determinants of corporate ownership: An empirical study on Swedish data
    • Bergström C, Rydqvist K. 1990. The determinants of corporate ownership: an empirical study on Swedish data. Journal of Banking and Finance 14(2): 237-253.
    • (1990) Journal of Banking and Finance , vol.14 , Issue.2 , pp. 237-253
    • Bergström, C.1    Rydqvist, K.2
  • 9
    • 0000221466 scopus 로고
    • Comparing the profitability of firms in Germany, Japan and the United States
    • Blaine M. 1994. Comparing the profitability of firms in Germany, Japan and the United States. Management International Review 34(2): 125-148.
    • (1994) Management International Review , vol.34 , Issue.2 , pp. 125-148
    • Blaine, M.1
  • 10
    • 0000426451 scopus 로고
    • Capital market information and industrial performance: The role of West German banks
    • Cable J. 1985. Capital market information and industrial performance: the role of West German banks. Economic Journal 95(377): 118-132.
    • (1985) Economic Journal , vol.95 , Issue.377 , pp. 118-132
    • Cable, J.1
  • 13
    • 0004203461 scopus 로고
    • Harvard University Press: Cambridge MA
    • Chandler AD. 1990. Scale and Scope. Harvard University Press: Cambridge MA.
    • (1990) Scale and Scope
    • Chandler, A.D.1
  • 15
    • 0031633952 scopus 로고    scopus 로고
    • Ownership structure, investment, and the corporate value: An empirical analysis
    • Cho M. 1998. Ownership structure, investment, and the corporate value: an empirical analysis. Journal of Financial Economics 47(1): 103-121.
    • (1998) Journal of Financial Economics , vol.47 , Issue.1 , pp. 103-121
    • Cho, M.1
  • 16
    • 77956416599 scopus 로고
    • The effect of shareholding dispersion on the degree of control in British companies: Theory and measurement
    • Cubbin J, Leech D. 1983. The effect of shareholding dispersion on the degree of control in British companies: theory and measurement. Economic Journal 93(370): 351-369.
    • (1983) Economic Journal , vol.93 , Issue.370 , pp. 351-369
    • Cubbin, J.1    Leech, D.2
  • 17
    • 0029533360 scopus 로고
    • European capitalism: Between freedom and social justice
    • de Jong H. 1995. European capitalism: between freedom and social justice. Review of Industrial Organization 10: 399-419.
    • (1995) Review of Industrial Organization , vol.10 , pp. 399-419
    • De Jong, H.1
  • 18
    • 0001763518 scopus 로고
    • The structure of ownership and the theory of the firm
    • Demsetz H. 1983. The structure of ownership and the theory of the firm. Journal of Law and Economics 26(2): 375-394.
    • (1983) Journal of Law and Economics , vol.26 , Issue.2 , pp. 375-394
    • Demsetz, H.1
  • 19
    • 84935941592 scopus 로고
    • The structure of corporate ownership: Causes and consequences
    • Demsetz H, Lehn K. 1985. The structure of corporate ownership: causes and consequences. Journal of Political Economy 93(6): 1155-1177.
    • (1985) Journal of Political Economy , vol.93 , Issue.6 , pp. 1155-1177
    • Demsetz, H.1    Lehn, K.2
  • 20
    • 0039646787 scopus 로고    scopus 로고
    • Agency problems, equity ownership and corporate diversification
    • Denis DD, Denis DK, Atulya S. 1998. Agency problems, equity ownership and corporate diversification. Journal of Finance 52(1): 135-160.
    • (1998) Journal of Finance , vol.52 , Issue.1 , pp. 135-160
    • Denis, D.D.1    Denis, D.K.2    Atulya, S.3
  • 21
    • 0000806744 scopus 로고
    • Agency problems and the theory of the firm
    • Fama E. 1980. Agency problems and the theory of the firm. Journal of Political Economy 88(2): 288-307.
    • (1980) Journal of Political Economy , vol.88 , Issue.2 , pp. 288-307
    • Fama, E.1
  • 23
    • 0001683216 scopus 로고
    • Organizational forms and investment decisions
    • Fama EF, Jensen MC. 1985. Organizational forms and investment decisions. Journal of Financial Economics 14(1): 101-119.
    • (1985) Journal of Financial Economics , vol.14 , Issue.1 , pp. 101-119
    • Fama, E.F.1    Jensen, M.C.2
  • 24
    • 84965455419 scopus 로고
    • Ownership, strategy and performance: Is the dichotomy sufficient?
    • Gedajlovich E. 1993. Ownership, strategy and performance: is the dichotomy sufficient? Organization Studies 14(5): 731-752.
    • (1993) Organization Studies , vol.14 , Issue.5 , pp. 731-752
    • Gedajlovich, E.1
  • 25
    • 0001240280 scopus 로고    scopus 로고
    • Management and ownership effects: Evidence from 5 countries
    • Gedajlovic E, Shapiro D. 1998. Management and ownership effects: evidence from 5 countries. Strategic Management Journal 19(6): 533-555.
    • (1998) Strategic Management Journal , vol.19 , Issue.6 , pp. 533-555
    • Gedajlovic, E.1    Shapiro, D.2
  • 26
    • 0346047310 scopus 로고    scopus 로고
    • The structure of corporate control and ownership in a regulatory environment unbiased toward one-share-one-vote
    • Gerson J, Barr G. 1996. The structure of corporate control and ownership in a regulatory environment unbiased toward one-share-one-vote. Corporate Governance 4(2): 78-93.
    • (1996) Corporate Governance , vol.4 , Issue.2 , pp. 78-93
    • Gerson, J.1    Barr, G.2
  • 27
    • 84989040574 scopus 로고
    • Determinants of corporate restructuring: The relative importance of corporate governance, takeover threat, and free cash flow
    • Gibbs PA. 1993. Determinants of corporate restructuring: the relative importance of corporate governance, takeover threat, and free cash flow. Strategic Management Journal Summer Special Issue 14: 51-68.
    • (1993) Strategic Management Journal Summer Special Issue , vol.14 , pp. 51-68
    • Gibbs, P.A.1
  • 29
    • 0004252521 scopus 로고    scopus 로고
    • Belknap Press of Harvard University Press: Cambridge: MA
    • Hansmann H. 1996. The Ownership of Enterprise. Belknap Press of Harvard University Press: Cambridge: MA.
    • (1996) The Ownership of Enterprise
    • Hansmann, H.1
  • 30
    • 0000328264 scopus 로고
    • The market mechanism as an incentive scheme
    • Hart O. 1983. The market mechanism as an incentive scheme. Bell Journal of Economics 74: 366-382.
    • (1983) Bell Journal of Economics , vol.74 , pp. 366-382
    • Hart, O.1
  • 32
    • 0002682850 scopus 로고
    • Effects of ownership and control on corporate productivity
    • Hill CWL, Snell SA. 1989. Effects of ownership and control on corporate productivity. Academy of Management Journal 32(1): 25-46.
    • (1989) Academy of Management Journal , vol.32 , Issue.1 , pp. 25-46
    • Hill, C.W.L.1    Snell, S.A.2
  • 33
    • 0000165393 scopus 로고
    • The role of majority shareholders in publicly held-corporations
    • Holderness C, Sheehan D. 1988. The role of majority shareholders in publicly held-corporations. Journal of Financial Economics 20(1): 317-346.
    • (1988) Journal of Financial Economics , vol.20 , Issue.1 , pp. 317-346
    • Holderness, C.1    Sheehan, D.2
  • 34
    • 0000026346 scopus 로고
    • Banking, monitoring and investment, evidence from the changing structure of Japanese corporate banking relationships
    • Hubbard GR (ed.). University of Chicago Press: Chicago, IL
    • Hoshi T, Kashyap A, Sharfstein D. 1990a. Banking, monitoring and investment, evidence from the changing structure of Japanese corporate banking relationships. In Asymmetric Information, Corporate Finance and Investment, Hubbard GR (ed.). University of Chicago Press: Chicago, IL; 105-126.
    • (1990) Asymmetric Information, Corporate Finance and Investment , pp. 105-126
    • Hoshi, T.1    Kashyap, A.2    Sharfstein, D.3
  • 35
    • 0002432433 scopus 로고
    • The role of banks in reducing the costs of financial distress in Japan
    • Hoshi T, Kashyap A, Sharfstein D. 1990b. The role of banks in reducing the costs of financial distress in Japan. Journal of Financial Economics 27(1): 67-88.
    • (1990) Journal of Financial Economics , vol.27 , Issue.1 , pp. 67-88
    • Hoshi, T.1    Kashyap, A.2    Sharfstein, D.3
  • 36
    • 0002308919 scopus 로고
    • Corporate structure, liquidity and investment, evidence from Japanese industrial groups
    • Hoshi T, Kashyap A, Sharfstein D. 1991. Corporate structure, liquidity and investment, evidence from Japanese industrial groups. Quarterly Journal of Economics 106(1): 35-60.
    • (1991) Quarterly Journal of Economics , vol.106 , Issue.1 , pp. 35-60
    • Hoshi, T.1    Kashyap, A.2    Sharfstein, D.3
  • 37
    • 21844505035 scopus 로고
    • Corporate divestiture intensity in restructuring firms: Effects of governance, strategy and performance
    • Hoskisson RE, Johnson JRA, Moesel DD. 1994. Corporate divestiture intensity in restructuring firms: effects of governance, strategy and performance. Academy of Management Journal 37(5): 1207-1238.
    • (1994) Academy of Management Journal , vol.37 , Issue.5 , pp. 1207-1238
    • Hoskisson, R.E.1    Johnson, J.R.A.2    Moesel, D.D.3
  • 38
    • 0000878793 scopus 로고    scopus 로고
    • The effects of the keiretsu on the export performance of Japanese companies: Help or hindrance?
    • Hundley G, Jacobson CK. 1998. The effects of the keiretsu on the export performance of Japanese companies: help or hindrance? Strategic Management Journal 19(10): 927-937.
    • (1998) Strategic Management Journal , vol.19 , Issue.10 , pp. 927-937
    • Hundley, G.1    Jacobson, C.K.2
  • 39
    • 0001066475 scopus 로고
    • Agency costs of free cash flow, corporate finance and takeovers
    • Jensen M. 1986. Agency costs of free cash flow, corporate finance and takeovers. American Economic Review 76: 323-329.
    • (1986) American Economic Review , vol.76 , pp. 323-329
    • Jensen, M.1
  • 40
    • 0003191078 scopus 로고
    • Eclipse of the public corporation
    • Jensen M. 1989. Eclipse of the public corporation. Harvard Business Review 67(5): 61-75.
    • (1989) Harvard Business Review , vol.67 , Issue.5 , pp. 61-75
    • Jensen, M.1
  • 41
    • 84993848601 scopus 로고
    • The modern industrial revolution, exit and the failure of internal control systems
    • Jensen M. 1993. The modern industrial revolution, exit and the failure of internal control systems. Journal of Finance 48(3): 481-531.
    • (1993) Journal of Finance , vol.48 , Issue.3 , pp. 481-531
    • Jensen, M.1
  • 42
    • 44649197264 scopus 로고
    • Theory of the firm: Managerial behaviour, agency costs, and ownership structure
    • Jensen MC, Meckling WH. 1976. Theory of the firm: managerial behaviour, agency costs, and ownership structure. Journal of Financial Economics 3: 305-360.
    • (1976) Journal of Financial Economics , vol.3 , pp. 305-360
    • Jensen, M.C.1    Meckling, W.H.2
  • 43
    • 0000374318 scopus 로고
    • An analysis of the stock price reaction to sudden executive deaths: Implications for the managerial labour market
    • Johnson WB, Macgee RP, Nagarajan NJ, Newman HA. 1985. An analysis of the stock price reaction to sudden executive deaths: implications for the managerial labour market. Journal of Accounting and Economics 7(1): 151-174.
    • (1985) Journal of Accounting and Economics , vol.7 , Issue.1 , pp. 151-174
    • Johnson, W.B.1    Macgee, R.P.2    Nagarajan, N.J.3    Newman, H.A.4
  • 44
    • 0002858241 scopus 로고
    • Industrial groups as systems of contractual governance
    • Kester CW. 1992. Industrial groups as systems of contractual governance. Oxford Review of Economic Policy 8(3): 24-44.
    • (1992) Oxford Review of Economic Policy , vol.8 , Issue.3 , pp. 24-44
    • Kester, C.W.1
  • 46
    • 0001059711 scopus 로고    scopus 로고
    • Agency problems as antecedents to unrelated mergers and diversification: Amihud and Lev reconsidered
    • Lane PJ, Cannella Jr. AA, Lubatkin MH. 1998. Agency problems as antecedents to unrelated mergers and diversification: Amihud and Lev reconsidered. Strategic Management Journal 19(6): 555-578.
    • (1998) Strategic Management Journal , vol.19 , Issue.6 , pp. 555-578
    • Lane, P.J.1    Cannella A.A., Jr.2    Lubatkin, M.H.3
  • 48
    • 0000396860 scopus 로고
    • Ownership structure, control type classifications and the performance of large British companies
    • Leech D, Leahy J. 1991. Ownership structure, control type classifications and the performance of large British companies. Economic Journal 101(409): 1418-1437.
    • (1991) Economic Journal , vol.101 , Issue.409 , pp. 1418-1437
    • Leech, D.1    Leahy, J.2
  • 49
    • 0040316585 scopus 로고
    • Ownership and control of large industrial firms: Some new evidence
    • Levin SM, Levin SL. 1982. Ownership and control of large industrial firms: some new evidence. Review of Business and Economic Research 14: 37-49.
    • (1982) Review of Business and Economic Research , vol.14 , pp. 37-49
    • Levin, S.M.1    Levin, S.L.2
  • 50
    • 0000421833 scopus 로고    scopus 로고
    • The moderating effect of environmental dynamism on the ownership and performance relationship
    • Li M, Simerly R. 1998. The moderating effect of environmental dynamism on the ownership and performance relationship. Strategic Management Journal 19(2): 169-179.
    • (1998) Strategic Management Journal , vol.19 , Issue.2 , pp. 169-179
    • Li, M.1    Simerly, R.2
  • 51
    • 0038933186 scopus 로고
    • The effect of the degree of ownership control on firm diversification, market value, and merger activity
    • Lloyd WP, Hand JH, Modani NK. 1987. The effect of the degree of ownership control on firm diversification, market value, and merger activity. Journal of Business Research 15(4): 303-312.
    • (1987) Journal of Business Research , vol.15 , Issue.4 , pp. 303-312
    • Lloyd, W.P.1    Hand, J.H.2    Modani, N.K.3
  • 53
    • 0039132356 scopus 로고    scopus 로고
    • Corporate control and the market for managerial labour: On the decision to go public
    • Maug E. 1996. Corporate control and the market for managerial labour: on the decision to go public. European Economic Review 40(3): 1049-1057.
    • (1996) European Economic Review , vol.40 , Issue.3 , pp. 1049-1057
    • Maug, E.1
  • 54
    • 0011088442 scopus 로고
    • Additional evidence on equity ownership and corporate value
    • McConnell JJ, Servaes H. 1990. Additional evidence on equity ownership and corporate value. Journal of Financial Economics 27(2): 595-612.
    • (1990) Journal of Financial Economics , vol.27 , Issue.2 , pp. 595-612
    • McConnell, J.J.1    Servaes, H.2
  • 55
    • 33645896609 scopus 로고
    • Management ownership and market valuation: An empirical analysis
    • Morck R, Shleifer A, Vishny R. 1988. Management ownership and market valuation: an empirical analysis. Journal of Financial Economics 20(1): 293-315.
    • (1988) Journal of Financial Economics , vol.20 , Issue.1 , pp. 293-315
    • Morck, R.1    Shleifer, A.2    Vishny, R.3
  • 58
    • 84989104593 scopus 로고
    • The influence of ownership on performance: An empirical study
    • Oswald SL, Jahera Jr. JS. 1991. The influence of ownership on performance: An empirical study. Strategic Management Journal 12(4): 321-326.
    • (1991) Strategic Management Journal , vol.12 , Issue.4 , pp. 321-326
    • Oswald, S.L.1    Jahera J.S., Jr.2
  • 61
    • 62249101054 scopus 로고    scopus 로고
    • Economic and systemic explanations of ownership concentration among Europe's largest companies
    • Pedersen T, Thomsen S. 1999. Economic and systemic explanations of ownership concentration among Europe's largest companies. International Journal of the Economics of Business 6(3): 367-381.
    • (1999) International Journal of the Economics of Business , vol.6 , Issue.3 , pp. 367-381
    • Pedersen, T.1    Thomsen, S.2
  • 62
    • 84993897561 scopus 로고
    • Did J. P. Morgan's men add liquidity? Corporate investment, cash flow, and financial structure at the turn of the twentieth century
    • Ramirez CD. 1995. Did J. P. Morgan's men add liquidity? Corporate investment, cash flow, and financial structure at the turn of the twentieth century. Journal of Finance 50(2): 661-678.
    • (1995) Journal of Finance , vol.50 , Issue.2 , pp. 661-678
    • Ramirez, C.D.1
  • 63
    • 0039556901 scopus 로고
    • Public enterprise: Criteria and cases
    • de Jong HW (ed.). Kluwer: Dordrecht
    • Shepherd WG. 1989. Public enterprise: criteria and cases. In The Structure of European Industry, de Jong HW (ed.). Kluwer: Dordrecht; 355-388.
    • (1989) The Structure of European Industry , pp. 355-388
    • Shepherd, W.G.1
  • 64
  • 65
    • 0001026456 scopus 로고    scopus 로고
    • A survey of corporate governance
    • Shleifer A, Vishny RW. 1997. A survey of corporate governance. Journal of Finance 52(2): 737-783.
    • (1997) Journal of Finance , vol.52 , Issue.2 , pp. 737-783
    • Shleifer, A.1    Vishny, R.W.2
  • 66
    • 84993901807 scopus 로고
    • Ownership, control, financial structure and the performance of firms
    • Short H. 1994. Ownership, control, financial structure and the performance of firms. Journal of Economic Surveys 8(3): 203-249.
    • (1994) Journal of Economic Surveys , vol.8 , Issue.3 , pp. 203-249
    • Short, H.1
  • 69
    • 0003255407 scopus 로고
    • Are large shareholders effective monitors? An investigation of share ownership and corporate performance
    • Hubbard GR (ed.). University of Chicago Press: Chicago, IL
    • Zeckhouser R, Pound J. 1990. Are large shareholders effective monitors? An investigation of share ownership and corporate performance. In Asymmetric Information, Corporate Finance and Investment, Hubbard GR (ed.). University of Chicago Press: Chicago, IL; 149-180.
    • (1990) Asymmetric Information, Corporate Finance and Investment , pp. 149-180
    • Zeckhouser, R.1    Pound, J.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.