Monopoly Power, Ownership Control, and Corporate Performance

Miron Stano

70 citations0/0 files storedThe Bell Journal of Economics

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Abstract

The performance criterion receiving the closest attention in the literature on "managerialism" is the rate of return on stockholders' equity. It is argued here that of more immediate concern to the shareholder is the rate of return on his investment in the stock of the firm. The determinants of ex post stock return are examined for evidence of managerial discretion. When the means by which managerial discretion may be manifested is correctly specified, the results show that the decisions of executives of management-controlled firms have conflicted with the interests of these firms' shareholders. Shareholders of owner-controlled firms have been provided with a significantly higher rate of return than shareholders of management-controlled firms.

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References

1933The Modern Corporation and Private Property 1965The Economics of Discretionary Behavior: Managerial Objectives in a Theory of the Firm 1962Business Behavior, Value and Growth.1967Firm Size and Profitability 1968The Effect of Separation of Ownership and Control on the Performance of the Large Firm 1965A Theory of Large Managerial Firms 1970Management control and the large corporation 1968Factors Affecting Differences among Rates of Return on Investments in Individual Common Stocks

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