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A Meta-Analytic Vision of the Effect of Ownership Structure on Firm Performance


*University of Murcia, Accounting and Finance, Campus Espinardo, Facultad Economía y Empresa, Murcia, 30100, Spain. Email:


There is a considerable volume of research on the effects of ownership structure on firm performance. However, the empirical results in this field are often conflicting and inconsistent. A meta-analysis based on 33 studies allows an integration of the results on the association between insider ownership, ownership concentration and firm performance. The findings show that governance system, measurement of performance, and control for endogeneity moderate the effect of ownership on firm performance.