Ownership concentration and firm performance: the moderating effect of the monitoring and provision of resources board roles

• Jaime Guerrero-Villegas ^[1] ; Pilar Giráldez-Puig ^[2] ; Leticia Pérez-Calero Sánchez ^[1] ; José Manuel Hurtado-González ^[1]
  1. [1] Universidad Pablo de Olavide

     Universidad Pablo de Olavide

     Sevilla, España

     
  2. [2] Department of Financial Economics and Accounting, Universidad Pablo de, Seville
• Localización: Revista española de financiación y contabilidad, ISSN 0210-2412, Vol. 47, Nº 4, 2018, págs. 464-484
• Idioma: inglés
• DOI: 10.1080/02102412.2018.1449722
• Títulos paralelos:
  • Concentración de la propiedad y rendimiento de la empresa: el efecto moderador de la supervisión y la provisión de recursos proporcionados por el consejo de administración
• Texto completo no disponible (Saber más ...)
• Resumen
  • español

    Este trabajo explora el efecto de la supervisión y la provisión de recursos proporcionados por el consejo de administración en la relación existente entre la concentración de la propiedad y los resultados de la empresa. La muestra está compuesta por 579 empresas europeas registradas en el índice STOXX Europe 600 durante el período 2002-2011. Los resultados muestran que la supervisión ejercida por el consejo influye positivamente en el efecto que tiene la concentración de la propiedad en los resultados. El trabajo también pone de manifiesto que la provisión de recursos del consejo tiene una influencia positiva en el rendimiento de la empresa en casi todos los niveles de la concentración de la propiedad, disminuyendo y teniendo efectos ligeramente negativos cuando los niveles de concentración son extremadamente altos.

  • English

    This paper explores the effect that the monitoring and the provision of resources board roles have on the relationship between ownership concentration and firm performance. The sample of this study is made up of 579 European firms registered on the STOXX Europe 600 index during the period 2002–2011. The results of this study show that the monitoring provided by the board positively influences the effect that ownership concentration has on performance. The results also highlight that the moderating effect of the provision of resources role has a positive influence on firm performance concerning almost all levels of ownership concentration, diminishing and having slightly negative effects when the concentration levels are extremely high.

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