This financial, economic, and organizational behavior literatures have been reviewed in order to evaluate three competing theories regarding ownership and management of the firm: 1) firms are not affected in terms of performance and policy by control status; 2) owner-controlled firms attempt to provide larger dividend payouts; and 3) owner-controlled firms tend to have smaller dividend payouts. No generalizations regarding either the superiority or the equality of employee-owned firms to professionally-managed firms can be drawn.