Abstract
This study provides new evidence on the way in which ownership concentration and insider ownership influence non-listed firms performance, differentiating the behaviour of family and non-family firms using data on 586 non-listed Spanish firms. The empirical evidence shows that for family firms the relationship between ownership concentration and firm performance differs depending on which generation manages the firms. Confirmation is found of the monitoring effect and also the expropriation effect for the very highest ownership concentration in non-listed Spanish family firms. Concerning insider ownership, our evidence supports both the convergence of interest and the entrenchment effects, and suggests that Spanish family firms’ insiders become entrenched at higher ownership levels.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
