Does the ownership structure affect firms' performance? We first theoretically show that in an inefficient market, investors motivate managers to pursue a higher return on equity, the short-term performance indicator instead of a higher return on asset, the long-term indicator and encourage...

Does the ownership structure affect firms' performance? We first theoretically show that in an inefficient market, investors motivate managers to pursue a higher return on equity, the short-term performance indicator instead of a higher return on asset, the longterm indicator and encourage...