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CORPORATE GOVERNANCE, CONTROL TYPE, AND PERFORMANCE: THE NEW ZEALAND STORY
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Jianguo Chen 
, Dar-Hsin Chen, Ping He
Abstract
This study investigates the ownership structure of New Zealand non-financial companies in terms of both ownership and management control and examines the effect of ownership structure on corporate governance and firms’ performance. The Berle and Mean’s hypothesis of separation of ownership and control does not find support in New Zealand. Further analysis tests the proposition that the diffusion of corporate ownership has allowed corporate managers to pursue goals other than profit maximization. The findings do provide evidence of a non-monotonic relation between managerial shareholdings and firm performance. This result indicates the complex nature of the relationship between ownership structure and firm value.
Keywords: Corporate Governance, Ownership structure, Agency cost, Corporate Finance
How to cite this paper: Chen, J., & Chen, D.-H., He, P. (2008). Corporate governance, control type, and performance: the New Zealand story. Corporate Ownership & Control, 5(2), 24-35. https://doi.org/10.22495/cocv5i2p3
