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OWNERSHIP STRUCTURE AND PERFORMANCE: EMPIRICAL EVIDENCE FROM CHILEAN FIRMS
Download This ArticleAbstract
This paper analyses the effect of ownership structure (represented by the concentration of the economic rights of the majority shareholder, and the affiliation to a business group) on performance. From a crosssection of publicly traded Chilean firms in the year 2000, we find evidence that the effects on performance depend on ownership concentration in a non-linear way, showing the changing balance of two opposing economic forces: value creation and value expropriation by the controlling shareholder. For the entire sample, the mere fact that a firm is owned by a business group does not affect performance.
Keywords: Ownership Structure, Business Groups
How to cite this paper: Silva, F., Majluf, N., & Paredes, R. D. (2006). Ownership structure and performance: Empirical evidence from Chilean firms. Corporate Ownership & Control, 3(4-1), 175-183. https://doi.org/10.22495/cocv3i4c1p3