Abstract
This paper is an attempt to deepen the relationships between firms and their ownership, where the latter is characterised by a mixture of interests belonging to different subjects who are able to exert pressure on the firm’s management. A model is derived from the analysis of the extant literature. The model intends to describe how the established ownership structure might affect corporate performance, taking into account the expectations and the prerogatives of firm’s shareholders. In this vein, the model is not only intended to explore the multiple relationships that tie together firms to their ownership but also to clarify how these relationships affect, given the institutional environment and the established governance mechanisms, firms’ performance.
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