The separation of ownership and control and investment decisions in Mexican manufacturing firms
We study how the ownership and control structures may explain investment decisions of Mexican manufacturing firms. We study them with aggregate indexes and the assessment of several regression sets. We use measures of ownership, management and agency costs. The econometric analysis uses longitudinal census data for 182 industries. Our findings support the claim that agency costs, as a measure of the separation of management and control, and firms` size can explain investment decisions. Furthermore the estimations support the necessity to include investment opportunities and cash flow as control variables. The coefficients of all variables are mostly significant and positive.
|Date of creation:||20 Sep 2010|
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- Antonio Ruiz Porras & William Henry Steinwascher Sacio, 2008.
"Gobierno corporativo, diversificación estratégica y desempeño empresarial en México,"
Revista de Administración, Finanzas y Economía (Journal of Management, Finance and Economics),
Tecnológico de Monterrey, Campus Ciudad de México, vol. 2(1), pages 58-73.
- Ruiz-Porras, Antonio & Steinwascher, William, 2007.
"Gobierno corporativo, diversificación estratégica y desempeño empresarial en México
[Corporate governance, strategic diversification and performance of firms in Mexico]," MPRA Paper 3819, University Library of Munich, Germany.
- Ruiz-Porras, Antonio & Steinwascher, William, 2007. "Gobierno corporativo, diversificación estratégica y desempeño empresarial en México
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- Stijn Claessens, 2006. "Corporate Governance and Development," World Bank Research Observer, World Bank Group, vol. 21(1), pages 91-122.
- Franklin Allen, 2005. "Corporate Governance in Emerging Economies," Oxford Review of Economic Policy, Oxford University Press, vol. 21(2), pages 164-177, Summer.
- Brian Cheffins and Steven Bank, 2009. "Is Berle and Means Really a Myth?," Business History Review, Harvard Business School, vol. 83(3), pages 443-474, September.
- Cheffins, Brian & Bank, Steven, 2009. "Is Berle and Means Really a Myth?," Business History Review, Cambridge University Press, vol. 83(03), pages 443-474, September.
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