文章基本信息

标题：The separation of ownership and control and investment decisions in Mexican manufacturing firms
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作者：Antonio Ruiz-Porras ; Celina López-Mateo
期刊名称：International Business Research
印刷版ISSN：1913-9004
电子版ISSN：1913-9012
出版年度：2010
卷号：4
期号：1
页码：51
DOI：10.5539/ibr.v4n1p51
语种：English
出版社：Canadian Center of Science and Education
摘要：We study how the ownership and control structures may explain investment decisions of Mexican manufacturing firms. We use measures of ownership, management and agency costs. The econometric analysis uses 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 estimators support the necessity to include investment opportunities and cash flow as control variables. The coefficients of such variables are mostly significant and positive.