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Cấu trúc sở hữu và hiệu suất tài chính của các công ty dịch vụ cảng ở Tây Ban Nha
Tóm tắt
Hệ thống cảng Tây Ban Nha đại diện cho khoảng 20% GDP của ngành vận tải. Chúng tôi phân tích tác động của cấu trúc sở hữu, đặc biệt là các đặc điểm gia đình của các công ty dịch vụ cảng Tây Ban Nha, đến khả năng sinh lợi. Nghiên cứu của chúng tôi tiết lộ rằng sự sở hữu của các công ty này rất tập trung, với hơn 80% có một cổ đông chi phối, trong khi hơn 60% nằm trong tay của một gia đình, mà trong hầu hết các trường hợp là cổ đông duy nhất. Trong số các dịch vụ cảng, chúng tôi phát hiện dịch vụ dẫn đường là dịch vụ có khả năng sinh lợi cao nhất, với tỷ suất lợi nhuận trên tài sản (RoA) trung bình là 26%, trong khi dịch vụ cảng có khả năng sinh lợi thấp nhất là bốc dỡ hàng hoá (7.8%); các dịch vụ còn lại có tỷ suất lợi nhuận tương tự, dao động từ 12 đến 14%. Về mối quan hệ giữa sở hữu và khả năng sinh lợi, kết quả dẫn chúng tôi đến kết luận rằng các công ty có một cổ đông duy nhất hoặc cổ đông chính có khả năng sinh lợi cao hơn. Chúng tôi chỉ ra rằng khả năng sinh lợi giảm khi cổ đông duy nhất là một thành viên trong gia đình. Chúng tôi cũng nhận thấy rằng các công ty trong đó gia đình duy trì quyền sở hữu qua các thế hệ thứ hai hoặc tiếp theo có khả năng sinh lợi cao hơn so với thế hệ thứ nhất. Những kết quả này cho thấy sự tồn tại của các cổ đông khác, không phải gia đình, làm giảm ảnh hưởng tiêu cực của gia đình, và rằng mức độ chuyên nghiệp hóa cao hơn của các nhà quản lý ở thế hệ thứ hai và tiếp theo góp phần cải thiện kết quả của các doanh nghiệp gia đình. Chúng tôi tin rằng các kết quả của chúng tôi có thể áp dụng cho các doanh nghiệp gia đình khác ngoài lĩnh vực cảng.
Từ khóa
#cổng #cấu trúc sở hữu #khả năng sinh lợi #công ty dịch vụ cảng #doanh nghiệp gia đìnhTài liệu tham khảo
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