Impact Of Ownership Structure On Performance Of Firms Evidence From Kse 100 Index Firms
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Impact Of Ownership Structure On Performance Of Firms Evidence From Kse 100 Index Firms
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Author : Hassan Raza Syed
language : en
Publisher:
Release Date : 2009
Impact Of Ownership Structure On Performance Of Firms Evidence From Kse 100 Index Firms written by Hassan Raza Syed and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
This study deals with ownership concentration and mix and shows their effects on financial and market performance of firm. The analysis is performed on the data from listed companies of Karachi Stock Exchange of Pakistan. By using OLS regression model and descriptive statistics, firstly it is found that ownership concentration has positive but insignificant effect on financial performance of firms, whereas it has negative and significant effect on the market performance of firms. Secondly, It is revealed that the fraction of state ownership, legal person ownership and the individual person ownership is irrelevant to the firm performance as all has the same effects.
Does Ownership Structure Affect Firm S Performance Empirical Evidence From Pakistan
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Author : Farman Khan
language : en
Publisher:
Release Date : 2017
Does Ownership Structure Affect Firm S Performance Empirical Evidence From Pakistan written by Farman Khan and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
In Pakistan, the ownership of majority of the firms is characterized by the concentration of different groups including family members, associated firms, institutional investors and insiders. The present study aims to investigate whether different ownership structure including family ownership, associated ownership, institutional ownership, concentrated ownership, managerial ownership, block holding, and foreign ownership contribute to the financial performance of non- financial firms listed at the Pakistan Stock Exchange (PSX). Findings suggest that a firm's performance increases significantly in the presence of associated ownership, concentrated ownership, institutional ownership and block holding. This indicates that these ownership structures add value and help in reducing agency problems. On the other hand, family and managerial ownership have a negative relationship with firm performance. These findings are consistent with the hypothesis of minority shareholder expropriation which states that when family ownership and managers' involvement is higher in a firm, they exploit the funds of minor shareholders. Similarly, foreign ownership also does not add value.
The Relationship Between Corporate Performance And Ownership Structure
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Author : Hicabi Ersoy
language : en
Publisher:
Release Date : 2017
The Relationship Between Corporate Performance And Ownership Structure written by Hicabi Ersoy and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
This study investigates the effects of ownership structure on the performance of the listed companies in BorsaIstanbul Stock Exchange 30 Firms (BIST 30). The main hypothesis of our study is that there is a significant relationship between companies' performances and their ownership structures. The statistical population includes 19 non-financial companies in the period of years between 2008 and 2013. The results show that, the concentration of the large shares of companies one or a few shareholders has a negative effect on related firm's performance.
Firm Performance And Corporate Governance Through Ownership Structure
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Author : Mahmood Osman Imam
language : en
Publisher:
Release Date : 2013
Firm Performance And Corporate Governance Through Ownership Structure written by Mahmood Osman Imam and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
This paper examines how corporate governance is practiced through ownership structure and how firm's performance as well as its dividend payout policy is influenced by different ownership pattern. In doing so, this paper attempts to investigate the pattern of ownership mix and ownership concentration scenario towards sponsorship in Bangladesh, the relationship between the ownership structure and firm performance and finally the impact of ownership structure upon firm's dividend payout policy. An analysis has been made as evidence taking all listed non-financing firms from the Dhaka Stock Exchange. There are several alternative corporate governance mechanisms, which may play an important role to improve firm's performance. Here ownership structure has been considered as an effective tool of corporate governance. In this study, the relations between firm's return and value with ownership variables along with firm's specific variables controlling the industry effects have been examined. Using the data from two sample points of 2000 and 2003, it is shown that a large fraction of cross-sectional variation in performance, found in several studies, is explained by unobserved firm heterogeneity, rather than the shareholders holding. Our empirical results provide evidence that foreign holding is positively and significantly related to the firm performance as measured by firm's holding period returns and Tobin's Q, and the relationship is a monotonic one. We also provide empirical evidence that firms with high institutional ownership and firms with concentrated ownership pay high and less dividend payout respectively.
Choice Of Ownership Structure And Firm Performance
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Author : derek c. jones, panu kalmi and niels mygind
language : en
Publisher:
Release Date : 2003
Choice Of Ownership Structure And Firm Performance written by derek c. jones, panu kalmi and niels mygind and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with categories.
Ownership Structure Corporate Governance And Firm Performance
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Author : Vedat Mizrahi
language : en
Publisher: LAP Lambert Academic Publishing
Release Date : 2011-08
Ownership Structure Corporate Governance And Firm Performance written by Vedat Mizrahi and has been published by LAP Lambert Academic Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-08 with categories.
Do corporate governance practices affect firm performance? Are shareholders willing to pay a premium for higher governance standards? How does the ownership structure of a firm affect its corporate governance practices and firm performance? This book investigates whether differences in the quality of firm-level corporate governance affects firm performance. Constructing a broad corporate governance index for listed Turkish companies, it is documented that there is a positive relationship between governance scores and Tobin's Q as a measure for firm performance. Firms with better corporate governance scores in the model used in this book have higher firm values, which implies that firms can increase shareholder value by restructuring their corporate governance standards. The analysis also sheds light on the impact of ownership structure on stock performance. Listed companies withhigher corporate governance scores and higher foreign ownership ratios experienced a smaller reduction in their share prices during the equity market crash in Turkey parallel to the global equity markets between 2008 and 2009.
Corporate Ownership Structure And Firm Performance
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Author : Meysam Foroughi
language : en
Publisher:
Release Date : 2013
Corporate Ownership Structure And Firm Performance written by Meysam Foroughi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
Corporate governance as a mechanism helps to align management's goals with those of the stakeholders which are to increase firm performance. The relevant literature suggests that ownership structure is one of the main corporate governance mechanisms influencing the scope of a firm performance. Therefore, the aim of this study is to answer this question: ''is there any relationship between ownership concentration and firm performance?'' Based on stratified random sampling of listed firms on Tehran Stock Exchange and applying the panel least squared with cross-section weights as the underlying statistical test, it is found that firm performance is negatively related to ownership concentration of Iranian listed firms. In addition, the impact of ownership structure on firm performance depends on industry.
Ownership Structure As A Determinant Of Capital Structure An Empirical Study Of Dax Companies
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Author : Christian Funke
language : en
Publisher: GRIN Verlag
Release Date : 2007-07
Ownership Structure As A Determinant Of Capital Structure An Empirical Study Of Dax Companies written by Christian Funke and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-07 with Business & Economics categories.
Diploma Thesis from the year 2003 in the subject Business economics - Investment and Finance, grade: 1,1 (A), European Business School - International University Schlo Reichartshausen Oestrich-Winkel (Endowed-Chairf for Corporate Finance and Capital Markets), language: English, abstract: The idea that the general characteristics of a firm's ownership structure can affect performance has achieved considerable attention and related research brought forward relatively consistent empirical evidence e.g. on the positive impact of managerial ownership on firm performance. However, the evidence on the relation between ownership and capital structure is less consistent and numerous, although there are good reasons to believe that there may be such a relationship. Since the capital structure irrelevance propositions of MODIGLIANI/MILLER economists have devoted considerable time to studying cross-sectional and time-series variations in capital structure. More recent work following the seminal contribution by JENSEN/MECKLING has employed an agency theory perspective in the search for an explanation of capital structure variations. With this managerial perspective capital structure is not only explained by variations in internal and external contextual factors of the firm, but also by the values, goals, preferences and desires of managers. Corporate financing decisions are influenced by managers' incentives and the incentives for managers to act opportunistically can be influenced by the ownership structure of the firm. However, most empirical work analyzing a firm's capital structure in cross-sectional and time-series studies ignores the equity ownership structure as a possible explanatory variable. This can be partly explained by problems associated with the availability of ownership data, when compared to readily available accounting and market data on other relevant variables. Notwithstanding, it entails a problem of model misspecification as omitting a relevant variable
Does Ownership Structure Affect Firm Value Evidence From The Egyptian Stock Market
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Author : Dr. Shahira F. Abdel Shahid
language : en
Publisher:
Release Date : 2003
Does Ownership Structure Affect Firm Value Evidence From The Egyptian Stock Market written by Dr. Shahira F. Abdel Shahid and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with categories.
Corporate governance addresses the checks and balances placed in the system to prevent abuse of power. Such power may reside in a Chief Executive Officer, if ownership of a company is widely dispersed (as in the case of US or UK) or it may rest in the hands of an individual or a group(s) with controlling shareholding as more happens in markets dominated by family ownership. Thus, who owns the firm's equity and how does ownership affect firm value has been a topic investigated by researchers for decades. Thus, the impact of ownership structure on firm performance has been widely tackled in various developed markets and more recently in emerging markets, but was not addressed before, in Egypt. The paper aims to explore if there are dominant certain types of owners of actively listed and traded companies on Cairo amp; Alexandria Stock Exchanges. Further, it investigates whether the ownership type affects some key accounting and market performance indicators of listed firms. The 90 most actively listed companies on CASE, that constitute the bulk of trading, were chosen to constitute the sample of the study as of end of 2000. The findings indicate the presence of highly concentrated ownership structure in the Egyptian market. The results of the regression analyses indicate that the dispersed ownership percentage influences certain dimensions of accounting performance indicators (i.e. ROA and ROE) but not stock market performance indicators (i.e. P/E and P/BV ratios), which indicate that there might be other factors (economic, political, contextual) affecting firms performance other than ownership structure, which supports the findings of Heracleous (2001) that researches must develop methodologies that can account for multiple, systemic and multi-directional influences on firm performance and avoid models that attempt to correlate only one element such as ownership structure with firm performance.
Development Of Ownership Structure And Its Effect On Performance
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Author : Evžen Kočenda
language : en
Publisher:
Release Date : 2002
Development Of Ownership Structure And Its Effect On Performance written by Evžen Kočenda and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Business enterprises categories.