Ownership and Management of the FirmAnother Look: The Effects of the Separation Hypothesis on Performance Policies Utility and Profit Maximization Empirical Evidence Dividend Policy Management Policy Summary and Conclusions REFERENCES

This financial, economic, and organizational behavior literatures have been reviewed in order to evaluate three competing theories regarding ownership and management of the firm: 1) firms are not of affected in terms of performance and policy by control status; 2) owner controlled firms attempt to provide larger dividend payouts; and 3) owner-controlled firms tend to have smaller dividend payouts. No generalizations regarding either the superiority or the equality of employee-owned firms to professionally-managed firms can be drawn.