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Abstract. The notion that the separation of ownership from control may create a divergence of interests between managers and shareholders has led to a large number of studies which investigate the influence of ownership structures upon a firm's financial structure and its performance. The purpose of this paper is to review and critically evaluate the literature that empirically analyses the effects of ownership and control structures on both the financial structure and the performance of the firm. In addition, further consideration is given to the dynamic relationships between ownership, control, financing and firm performance.
Helen Short (1994) studied this question.