Corporate ownership, capital structure and investment

"The study on corporate ownership structure has been centered around the belief that the separation of ownership from control decreases the value of the firm. Management's objectives are assumed to be partially contrary to those of the shareholders, and monitoring by large shareholders is belived to diminish this problem. However, in the light of empirical evidence, firms with a concentrated ownership structure are no more profitable than firms that have only small atomistic shareholders."--Introd.