Journal Article10.1146/ANNUREV.SOC.25.1.121
Ownership organization and firm performance
David L. Kang,Aage B. Sørensen +1 more
190
TL;DR: In this article, the authors use a property rights approach to synthesize sociological, organizational, legal, and economic research that has examined the effect of ownership organization on firm performance.
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Abstract: ▪ Abstract This essay reviews research on the type and degree of fragmentation of firm ownership with an emphasis on the consequences of ownership organization for firm performance. We use a property rights approach to synthesize sociological, organizational, legal, and economic research that has examined the effect of ownership organization on firm performance. Agency theorists generally assume that shareholders are homogenous and that their influence on firm performance is directly proportional to the percentage of equity they hold. However, empirical research following this approach has failed to produce definitive evidence. Class analysis perspectives interpret these inconclusive results as demonstrating that, regardless of ownership organization, firms are run to serve the capitalist class. An alternative interpretation is that shareholders are not homogeneous but that certain types of shareholders use their formal authority, social influence, and expertise to “capture” property rights and strongly i...
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Citations
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The Diffusion of Ideas over Contested Terrain: The (Non)adoption of a Shareholder Value Orientation among German Firms:
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TL;DR: In this article, the authors unpack the heterogeneity of interests and preferences across and within types of shareholders and senior managers over time in an analysis of the adoption of a shareholder value orientation among contemporary German firms.
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