Separation of Ownership and Control

The purpose of this research is to analyse the effects of ownership structures on the managerial efficiency in the corporate governance. A sample of 171 publicly listed firms in the Benelux from 2013 until 2015 is used to measure the overall effect. An analysis is conducted in which the ownership concentration and the heterogeneity among the concentration of shareholders are regressed against the firm performance. Besides, the effects of two different types of ownership identity are tested, family ownership and institutional ownership. The only systematic relation found in this research is between ROE and the concentration of shareholders, which is significant at a significance level of 10%. In this research no strong support is found to argue a significant relationship between ownership structures and the performance measurements ROE, ROA and Tobin’s q.