Analysis of the Influence of the Owners and the Executives on the Managerial Results: An Empirical Study Across the Theory of Agency

Abstract

Purpose: The verification that in the firms, property and direction, they are separated functions justifies the study of how influence the decisions of the executives and of the owners on the aims of the firm, being one of the principal aims the managerial results that the organizations reach. Methodology: This study has two purposes. First, to realize brief bibliographical review of the theory of agency, as of the economic results, and secondly, contrast if the presence of the executives or the owners influence the results obtained by the firms. The contrast is realized on a complete

panel of chilean manufacturing firms, using the National Industrial Annual Survey (ENIA) for the period 2 001-2 007. Findings: Using descriptive analyses and panel data techniques there is discovered that in presence of executives the results of the firms are top, in relation to the obtained results when the firm is guided by his owners. Originality / value of paper: This study contributes applying the fundamental beginning of the theory of agency to a sample of chilean firms, considering that the majority of these studies is applied usually to the developed countries. In adittion updates the traditionally investigated period and introduces a paragraph in which there teaches itself the form in which the programming is realized in R, that allows to obtain the results of the study.