|Salle C108 | Université Paris-Dauphine|
"Agency Costs and Firm Productivity"
This project exploits matched Finnish Longitudinal Owner-Employer-Employee data in order to study issues of separation between ownership and control. We are interested in investigating how firms’ output (say, total factor productivity) reacts to changes in the ownership and control structure of the firm, and in particular in instances in which ownership and control of the firm end up being in the same hands. Provided suitable identification strategies are employed, looking at how the productivity of the firm respond to these changes can shed light on the cost of separation between ownership and control, which lies at the heart of much of the corporate finance literature.