An analysis of majority owner-managed companies in the UK

Accounting and Finance

Volumn 48, Issue 4, 2008, Pages 603-623

  Hillier, David ^a   McColgan, Patrick ^b  

^a UNIVERSITY OF LEEDS   (United Kingdom)

^b UNIVERSITY OF STRATHCLYDE   (United Kingdom)

Author keywords

Corporate control; Corporate governance; Majority held; Owner managed

Indexed keywords

EID: 54849409710     PISSN: 08105391     EISSN: 1467629X     Source Type: Journal    
DOI: 10.1111/j.1467-629X.2007.00253.x     Document Type: Article

References (38)

1. Anderson, R. C. D. M. Reeb, 2003, Founding-family ownership and firm performance: evidence from the S&P 500, Journal of Finance 58, 1301 1328.
2. Ang, J. S., R. A. Cole J. W. Lin, 2000, Agency costs and ownership structure, Journal of Finance 55, 81 106.
3. Barclay, M. J., C. G. Holderness D. P. Sheehan, 2007, Private placements and managerial entrenchment, Journal of Corporate Finance 13, 461 484.
4. Barontini, R. L. Caprio, 2006, The effect of family control on firm value and performance: evidence from continental Europe, European Financial Management 12, 689 723.
5. Boone, A. L., L. Casares Field, J. M. Karpoff C. G. Raheja, 2007, The determinants of corporate board size and composition: an empirical analysis, Journal of Financial Economics 85, 66 101.
6. Cadbury, A., 1992, Codes of Best Practice, Report from the Committee on Financial Aspects of Corporate Governance (Gee Publishing, London).
7. Cho, M. H., 1998, Ownership structure, investment, and corporate value: an empirical analysis, Journal of Financial Economics 47, 103 121.
8. Coles, J. L., J. F. Meschke M. L. Lemmon, 2006, Structural models and endogeneity in corporate finance: the link between managerial ownership and corporate performance, working paper (Arizona State University, Phoenix, AZ).
9. Conyon, M. J. A. Florou, 2002, Top executive dismissal, ownership and corporate performance, Accounting and Business Research 32, 209 225.
10. Dahya, J., A. Lonie D. Power, 1998, Ownership structure, firm performance and top executive change: an analysis of UK firms, Journal of Business Finance and Accounting 25, 1089 1118.
11. Dahya, J., J. J. McConnell N. G. Travlos, 2002, The Cadbury Committee, corporate performance and top management turnover, Journal of Finance 57, 461 483.
12. DeAngelo, H. L. DeAngelo, 1985, Managerial ownership of voting rights: a study of public corporations with dual classes of common stock, Journal of Financial Economics 14, 33 69.
13. Demsetz, H. K. Lehn, 1985, The structure of corporate ownership: causes and consequences, Journal of Political Economy 93, 1155 1177.
14. Demsetz, H. B. Villalonga, 2001, Ownership structure and corporate performance, Journal of Corporate Finance 7, 209 233.
15. Denis, D. J. D. K. Denis, 1994, Majority owner-managers and organizational efficiency, Journal of Corporate Finance 1, 91 118.
16. Denis, D. J. A. Sarin, 1999, Ownership and board structure in publicly traded corporations, Journal of Financial Economics 52, 187 223.
17. Denis, D. J., D. K. Denis A. Sarin, 1997, Ownership structure and top executive turnover, Journal of Financial Economics 45, 193 221.
18. Fama, E. F. M. C. Jensen, 1983, Separation of ownership and control, Journal of Law and Economics 88, 301 325.
19. Franks, J. R., C. Mayer L. Renneboog, 2001, Who disciplines management in poorly performing companies? Journal of Financial Intermediation 10, 209 248.
20. Hampel, R., 1998, Committee on Corporate Governance: Final Report (Gee Publishing, London).
21. Hermalin, B. E. M. S. Weisbach, 1991, The effects of board composition and direct incentives on firm performance, Financial Management 20, 101 112.
22. Holderness, C. G. D. P. Sheehan, 1988, The role of majority shareholders in publicly held corporations: an exploratory analysis, Journal of Financial Economics 20, 317 346.
23. Huson, M., R. Parrino L. T. Starks, 2001, Internal monitoring and CEO turnover: a long-term perspective, Journal of Finance 56, 2265 2297.
24. Jensen, M. C. W. H. Meckling, 1976, Theory of the firm: managerial behavior, agency costs and ownership structure, Journal of Financial Economics 3, 305 360.
25. Kang, J. K. A. Shivdasani, 1995, Firm performance, corporate governance and top executive turnover in Japan, Journal of Financial Economics 38, 29 58.
26. Klein, A., 1998, Firm performance and board committee structure, Journal of Law and Economics 41, 275 303.
27. Kothare, M., 1997, The effects of equity issues on ownership concentration and stock liquidity, a comparison of rights and public offerings, Journal of Financial Economics 43, 131 148.
28. Lasfer, M. A., 2006, The interrelationship between managerial ownership and board structure, Journal of Business Finance and Accounting 33, 1006 1033.
29. Lehn, K., S. Patro M. Zhao, 2007, Governance indexes and valuation: which causes which? Journal of Corporate Finance 13, 907 928.
30. McConnell, J. J. H. Servaes, 1990, Additional evidence on equity ownership and corporate value, Journal of Financial Economics 27, 595 612.
31. Miller, D., I. Le Breton-Miller, R. H. Lester A. A. Cannella Jr., 2007, Are family firms really superior performers? Journal of Corporate Finance 13, 829 858.
32. Morck, R., A. Shleifer R. W. Vishny, 1988, Management ownership and market valuation: an empirical analysis, Journal of Financial Economics 20, 293 315.
33. Peasnell, K. V., P. F. Pope S. Young, 2003, Managerial equity ownership and the demand for outside directors, European Financial Management 9, 231 250.
34. Perez-Gonzalez, F., 2006, Inherited control and firm performance, American Economic Review 96, 1559 1588.
35. Slovin, M. B., M. E. Sushka K. W. L. Lai, 2000, Alternative flotation methods, adverse selection, and ownership structure: evidence from seasoned equity issuance in the UK, Journal of Financial Economics 57, 157 190.
36. Stulz, R. M., 1988, Managerial control of voting rights: financing policies and the market for corporate control, Journal of Financial Economics 20, 25 54.
37. Weisbach, M. S., 1988, Outside directors and CEO turnover, Journal of Financial Economics 20, 431 460.
38. Yermack, D., 1996, Higher market valuation of companies with a small board of directors, Journal of Financial Economics 40, 185 211.