%0 Journal Article %1 Hamelin2011 %A Hamelin, A. %D 2011 %J Journal of Banking and Finance %K accionistas finanzas %N 3 %P 613-626 %T Small business groups enhance performance and promote stability, not expropriation. Evidence from French SMEs %V 35 %X This paper investigates the influence that a firm's distance from control has on its performance, using balance sheet information and a unique data set on small business ownership. This study fills a gap in the empirical governance literature by investigating whether there is expropriation of minority shareholders in small business groups. Contrary to observations for large business groups, results show a positive relationship between the separation of control from ownership and firm performance. Results also underline that tunneling promotes controlling shareholders' profit stability rather than profit maximization in small business groups. © 2010 Elsevier B.V.

@article{Hamelin2011, abstract = {This paper investigates the influence that a firm's distance from control has on its performance, using balance sheet information and a unique data set on small business ownership. This study fills a gap in the empirical governance literature by investigating whether there is expropriation of minority shareholders in small business groups. Contrary to observations for large business groups, results show a positive relationship between the separation of control from ownership and firm performance. Results also underline that tunneling promotes controlling shareholders' profit stability rather than profit maximization in small business groups. © 2010 Elsevier B.V.}, added-at = {2011-11-13T04:52:20.000+0100}, author = {Hamelin, A.}, biburl = {https://www.bibsonomy.org/bibtex/2848dfe043e7c035c2e37192b134ac277/edwardyanquen}, interhash = {445f81da0273fe0f50dc0a5202fbf4ce}, intrahash = {848dfe043e7c035c2e37192b134ac277}, journal = {Journal of Banking and Finance}, keywords = {accionistas finanzas}, number = 3, pages = {613-626}, timestamp = {2011-11-13T04:52:21.000+0100}, title = {Small business groups enhance performance and promote stability, not expropriation. Evidence from French SMEs}, volume = 35, year = 2011 }