Productividad en empresas con diferentes tipos de propietarios: el caso de las sociedades de garantía recíproca españolas/Productivity in companies with different types of owners: The case of Spanish mutual guarantee societies

Mutual Guarantee Societies (MGS) are instruments aimed at facilitating financial access for small and medium sized companies (SMEs) through the provision of guarantees. There are two different types of owners: participating partners, the same SMEs that are granted a guarantee, and protecting partners who include, in many cases, local and regional governments who are interested in promoting economic activities through guarantees. We study how MGS achieve the objectives of the two types of owners through the estimation of productivity, as well as the extent to which the objectives of both partners are complementary. Furthermore, given that there are no owners with a major stake in the MGS, and capital is fragmented, we determine whether MGS are also achieving the interests of managers rather than owners.