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Omistajuus ja yritysten menestyminen: analyysia suomalaisella aineistolla


  • Pajarinen, Mika
  • Ylä-Anttila, Pekka


This study analyzes ownership and firm performance. Ownership categories include family ownership, listed companies with decentralized ownership, state-owned companies, and foreign-owned companies. We utilize both univariate and multivariate methods in the analysis. In the multivariate analysis various firm characteristics, such as industry, size, age, and innovativeness are controlled for. Using data on top 500 Finnish firms over 19862004 we find that the rate of return on capital, as well as debt-equity ratio in family firms are equal to those in foreign-owned, listed non-family, and state-owned companies. In addition, foreign-owned firms seem to have higher rate of return on capital than state-owned and listed non-family companies. On the other hand, they have grown slower than the other three firm groups, on average. We also find some evidence that small firms have performed on average better than large ones.

Suggested Citation

  • Pajarinen, Mika & Ylä-Anttila, Pekka, 2006. "Omistajuus ja yritysten menestyminen: analyysia suomalaisella aineistolla," Discussion Papers 1007, The Research Institute of the Finnish Economy.
  • Handle: RePEc:rif:dpaper:1007

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    References listed on IDEAS

    1. Günseli Baygan, 2003. "Venture Capital Policy Review: United Kingdom," OECD Science, Technology and Industry Working Papers 2003/1, OECD Publishing.
    2. Gil Avnimelech & Morris Teubal, 2004. "Venture capital start-up co-evolution and the emergence & development of Israel's new high tech cluster," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 13(1), pages 33-60.
    3. Avnimelech, Gil & Teubal, Morris, 2006. "Creating venture capital industries that co-evolve with high tech: Insights from an extended industry life cycle perspective of the Israeli experience," Research Policy, Elsevier, vol. 35(10), pages 1477-1498, December.
    4. Paul Gompers & Josh Lerner, 2001. "The Venture Capital Revolution," Journal of Economic Perspectives, American Economic Association, vol. 15(2), pages 145-168, Spring.
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    More about this item


    Omistajuus; omistusrakenne; yritykset; yritysten menestyminen;

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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