股权结构与企业绩效：来自以色列的证据外文翻译.docVIP

外文翻译 Ownership Structure and Firm Performance: Evidence from Israel Material Source: / Author: Christoph Kaserer AE Benjamin Moldenhauer 1. Abstract The study examines the effect of ownership structure on firm performance. We distinguish between family firms, firms controlled by partnerships of individuals, concern controlled firms, and firms where block holders have less than 50% of the vote. The empirical work analyzes data on 280 Israeli firms and employs the technique of Data Envelopment Analysis. It is found that owner-manager firms are less efficient in generating net income than firms managed by a professional (non-owner) manager, and that family firms run by their owners perform (relatively) the worst. This evidence suggests that the modern form of business organization, namely the open corporation with disperse ownership and non-owner managers, promotes firm performance 2. Introduction For many years and in many economies, most of the business activity was conducted by proprietorships, partnerships or closed corporations. In these forms of business organization, a small and closely related group of individuals belonging to the same family or cooperating in business for lengthy periods runs the firm and shares its profits. However, over the recent century, a new form of business organization flourished as non-concentrated-ownership corporations emerged. The modern diverse-ownership corporation has broken the link between the ownership and active management of the firm. Modern corporations are run by professional managers who typically own only a very small fraction of the shares. In addition, ownership is disperse, that is the corporation is owned by and its profits are distributed among Many stock holders. The advantages of the modern corporation are numerous. It relieves financing problems, which enables the firm to assume larger-scale operations and utilize Economies of scale. It also facilitates complex-operations allowing the most skilled or expert ma