Abstract
The strategy literature has long examined the effects of ownership on a wide variety of firm outcomes (Foss et al., 2021; Klein et al., 2019; Boyd and Solarino, 2016; Hansmann, 2000; Jensen and Meckling, 1976). While early contributions focus on the impacts of ownership over efficiency-based outcomes such as firm profitability (Grossman and Hart, 1986; Hart and Moore, 1990; Ramaswamy, 200…