par Hamelin, Anaïs
Référence Journal of banking & finance, 35, 3, page (613-626)
Publication Publié, 2011-03
Article révisé par les pairs
Résumé : This paper investigates the influence that a firm's distance from control has on its performance, using balance sheet information and a unique data set on small business ownership. This study fills a gap in the empirical governance literature by investigating whether there is expropriation of minority shareholders in small business groups. Contrary to observations for large business groups, results show a positive relationship between the separation of control from ownership and firm performance. Results also underline that tunneling promotes controlling shareholders' profit stability rather than profit maximization in small business groups. © 2010 Elsevier B.V.