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Managerial Performance Differences between Labor-Owned and Participatory Capitalist Firms

2013; Wiley; Volume: 52; Issue: 4 Linguagem: Inglês

10.1111/jsbm.12056

0047-2778

F.J. Arcelus, Zuray Melgarejo, Katrin Simón,

Entrepreneurship Studies and Influences

Journal of Small Business ManagementVolume 52, Issue 4 p. 808-828 Regular Article Managerial Performance Differences between Labor-Owned and Participatory Capitalist Firms Francisco Arcelus, Francisco ArcelusFrancisco Arcelus is Emeritus professor in Gestión de Empresas, Universidad Pública de Navarra and University of New Brunswick, New Brunswick, Canada.Search for more papers by this authorZuray Melgarejo, Zuray MelgarejoZuray Melgarejo is associate in Economía, Universidad Nacional de Colombia.Search for more papers by this authorKatrin Simón, Corresponding Author Katrin SimónKatrin Simón is associate professor in Gestión de Empresas, Universidad Pública de Navarra.Address correspondence to: K. Simon, Gestión de Empresas, Universidad Pública de Navarra. Campus Arrosadia, Pamplona 31006, Spain. E-mail: [email protected].Search for more papers by this author Francisco Arcelus, Francisco ArcelusFrancisco Arcelus is Emeritus professor in Gestión de Empresas, Universidad Pública de Navarra and University of New Brunswick, New Brunswick, Canada.Search for more papers by this authorZuray Melgarejo, Zuray MelgarejoZuray Melgarejo is associate in Economía, Universidad Nacional de Colombia.Search for more papers by this authorKatrin Simón, Corresponding Author Katrin SimónKatrin Simón is associate professor in Gestión de Empresas, Universidad Pública de Navarra.Address correspondence to: K. Simon, Gestión de Empresas, Universidad Pública de Navarra. Campus Arrosadia, Pamplona 31006, Spain. E-mail: [email protected].Search for more papers by this author First published: 16 September 2013 https://doi.org/10.1111/jsbm.12056Citations: 4 Read the full textAboutPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL Share a linkShare onEmailFacebookTwitterLinkedInRedditWechat Abstract This paper tests for differences in the managerial performance of micro and small firms, classified by capital-ownership configuration, be they labor-owned or participatory capitalist firms. Measures of managerial performance comprise indices of economic performance, profitability, financial structure, worker remuneration, and solvency. Explanators of these differences include the age of the firm, its economic sector of operations, its capital-ownership configuration and an ordinal measure of strategic risk. The evidence rejects Gibrat's law of proportional effects, in favor of the life cycle hypothesis. It also leads to inconclusive short-term effects and to a nondifferential role of the type of key capital-ownership configuration in a firm's long-term prospects. References Aidis, R., S. Estrin, and T. M. MicKiewicz (2012). "Size Matters: Entrepreneurial Entry and Government," Small Business Economics 39, 119–139. Arauzo-Carod, J. M., and A. Segarra-Blasco (2005). "The Determinants of Entry Are Not Independent of Start-up Size: Some Evidence from Spanish Manufacturing," Review of Industrial Organization 27, 147–165. Arellano, M., and S. Bond (1991). 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