期刊名称：Journal of Eastern European and Central Asian Research
印刷版ISSN：2328-8272
电子版ISSN：2328-8280
出版年度：2018
卷号：5
期号：1
页码：18-18
DOI：10.15549/jeecar.v5i1.186
出版社：IEECA
摘要：Does ownership structure have any effect on efficient use of company assets? If so, what are the ownership-related determinants of asset utilization efficiency? In this study we are seeking answers to these questions for firms operating in emerging and developing Eastern Europe. Our results support the view that ownership structure has a determinant role in efficient use of company assets. Main findings from our sample are as follows. Assets are used more efficiently in owner-managed firms than outsider-managed firms both for large-sized companies and medium-sized companies. For large-sized companies, efficiency increases with the ownership share of executives and the controlling family ownership, while decreasing with the number of non-manager shareholders and the ownership share of non-manager block holders. For medium-sized companies, efficiency increases with the controlling family ownership.
关键词：Asset Utilization Efficiency; Agency Costs; Ownership Structure; Emerging and Developing Eastern European Companies
