In this paper we investigate the relative importance of firm and market effects on the profitability of a sample of independent, unquoted U.K. firms over the period 1991–1993. Specifically, we attempt to isolate the effects of internal governance, given that the typical firm is closely held in terms of its shareholdings and has a high degree of owner control. Our findings suggest that there is no short-run growth – profit trade-off of the type outlined by Marris. In fact growth and profits move in parallel. Further, there is a significant degree of profits persistence.
Small Business Economics – Springer Journals
Published: Oct 18, 2004
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