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dc.contributor.authorBøhren, Øyvind
dc.contributor.authorJosefsen, Morten G.
dc.date.accessioned2013-11-12T10:13:28Z
dc.date.available2013-11-12T10:13:28Z
dc.date.issued2013
dc.identifier.issn1872-6372 (e-utg)
dc.identifier.urihttp://hdl.handle.net/11250/93842
dc.descriptionThis is the authors’ accepted manuscript to the article. Also published at http://www.ssrn.com/no_NO
dc.description.abstractThis paper explores whether ownership matters in a fundamental sense by comparing the performance of stockholder-owned firms with the much less analyzed nonprofit firms. No stakeholder has residual cash flow rights in nonprofit firms, and the control rights are held by customers, employees, and community citizens. Accounting for differences in size and risk and comparing only firms in the same industry, we find that stockholder-owned firms do not outperform nonprofit firms. This result is consistent with the notin that the monitoring function of stockholders may be successfully replaced by other mechanisms. We find evidence that product market competition may play this role as a substitute monitoring mechanism.no_NO
dc.language.isoengno_NO
dc.publisherElsevierno_NO
dc.subjectCorporate governanceno_NO
dc.subjectStakeholdersno_NO
dc.subjectOwnershipno_NO
dc.subjectNonprofitsno_NO
dc.subjectCompetitionno_NO
dc.subjectBanksno_NO
dc.titleStakeholder rights and economic performance: the profitability of nonprofitsno_NO
dc.typeJournal articleno_NO
dc.typePeer reviewedno_NO
dc.source.pagenumber4073-4086no_NO
dc.source.volume37no_NO
dc.source.journalJournal of Banking and Financeno_NO
dc.source.issue11no_NO
dc.identifier.doihttp://dx.doi.org/10.1016/j.jbankfin.2013.07.021


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