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Mutual Versus Proprietary Ownership: An Empirical Study From The Uk Unit Trust Industry With A Company‐Product Measure

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  • Yoshikatsu Shinozawa

Abstract

ABSTRACT**: In the debate of the relative merits of differing ownership forms, most empirical studies examine either corporate performance or the product characteristics of the financial products that are available in the financial services industry. Based on the UK unit trust industry, this paper assesses which ownership form, mutual or proprietary is more efficient in managing unit trust operations and providing high return generating unit trusts. Using a combined corporate performance and product range performance metric, this study reveals no significant differences between the two ownership forms in terms of the corporate‐product performance score. The results indicate that the owner‐customer fused role in the mutual organization must be considered in the mutual versus proprietary ownership debate.

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  • Yoshikatsu Shinozawa, 2010. "Mutual Versus Proprietary Ownership: An Empirical Study From The Uk Unit Trust Industry With A Company‐Product Measure," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 81(2), pages 247-280, June.
    • Handle: RePEc:bla:annpce:v:81:y:2010:i:2:p:247-280
    DOI: 10.1111/j.1467-8292.2010.00411.x
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    Cited by:

    1. Emmanuel Mamatzakis & Bingrun Xu, 2021. "Does ownership structure affect performance? Evidence from Chinese mutual funds," Review of Quantitative Finance and Accounting, Springer, vol. 56(4), pages 1399-1435, May.

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