Private versus Public Corporate Ownership: Implications for Future Long-Term Changes in Profitability
Private versus Public Corporate Ownership: Implications for Future Long-Term Changes in Profitability
复制标题
私人与上市公司所有权：对未来盈利能力长期变化的影响
DOI：
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发表时间：
2015
期刊：
影响因子：
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通讯作者：
T. Yohn
中科院分区：
文献类型：
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作者：
Kristian D. Allee;Brad A. Badertscher;T. Yohn
长期以来，人们一直在争论公司制与私有制的利弊；然而，很少有实证研究对这个问题提供深入的见解。我们通过检查公共和私营公司的大截面以及公共和私营公司的倾向匹配样本来研究公有制与私有制对未来盈利能力的影响。我们发现强有力的证据表明，在控制了公司规模、当前盈利能力、增长和盈利能力的组成部分后，与私营公司相比，上市公司在未来3年和5年的运营盈利能力显著降低。我们还发现，上市公司与私营公司未来盈利能力的差异主要是由未来利润率驱动的，对于短期关注和高度竞争行业的公司来说，上市公司未来盈利能力较低之间的联系更为明显。最后，我们发现上市公司的未来收益比私营公司更平稳。研究结果揭示了上市公司与私营公司未来盈利能力的差异以及影响盈利能力差异的因素。
The advantages and disadvantages of public versus private corporate ownership have long been debated; however, little empirical research has provided insight into the issue. We investigate the consequences of public versus private ownership on future profitability by examining a large cross-section of public and private firms as well as a propensity-matched sample of public and private firms. We find robust evidence that public firms are associated with significantly lower operating profitability three and five years into the future when compared with private firms after controlling for firm size, current profitability, growth, and components of profitability. We also find that the differential future profitability of public versus private firms is driven primarily by future profit margins and the association between the lower future profitability of public firms is more pronounced for firms in short-term focused and highly competitive industries. Finally, we find that public firms are associated with smoother future earnings than private firms. The results provide insight into the differential future profitability of public versus private firms and the factors that influence the differential profitability.
影响因子：
5.9
作者：
E. Dedman;C. Lennox
通讯作者：
E. Dedman;C. Lennox