Corporate ownership structure and economic growth/Estructura de propiedad corporativa y crecimiento economico/Structure de propriete des entreprises et croissance economique/Estrutura de propriedade corporativa e crescimento economico

In this document we evaluate the relationship between economic growth and firm ownership structure. We consider a sample of 26 countries with investment, openness, education and a measure of ownership structure that distinguishes between family and non-family firms as explanatory variables. The results suggest a significant and positive association between growth and the first three variables. With respect to the ownership measure, we find a negative relationship. That is, when family ownership prevails in a nation, the performance of the aggregate economy tends to be weak; compared with the case when ownership is dispersed.