Bøhren, Øyvind; Josefsen, Morten G. - In: Journal of Banking & Finance 37 (2013) 11, pp. 4073-4086
This 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...